COPYRIGHTED MATERIAL
ARE YOU FINANCIALLY LITERATE? CHAPTERS 9-11
Name: _____________________________________________________________________________
1. Match the word to the correct definition. invention
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an improvement on or significant contribution to an existing product, process or service which creates value. the creation of a product or introduction of a process for the first time.
innovation
Select True or False. Then explain or expand on your selection. _________ 2. Most successful innovations and inventions are the product of a single inventor/ innovator. ____________________________________________________________ ____________________________________________________________ _________ 3. Innovators frequently innovate in areas unrelated to their education and experience. ____________________________________________________________ ____________________________________________________________ _________ 4. Innovation is essential for economic growth, prosperity, and the advancement of civilization. ____________________________________________________________ ____________________________________________________________ _________ 5. Associational thinking involves making connections between questions, problems, or ideas from unrelated fields. ____________________________________________________________ ____________________________________________________________ _________ 6. Caution and meticulous planning is most certainly not a trait of a successful innovator. False False True True False Most innovations/inventions are the product of collaboration . Innovation is the lifeblood of commerce . When a society stops being innovative people suffer, jobs are lost, companies fail … It is a trait of a successful innovator which fuels creativity; also called cross-pollenization of ideas. Most innovations/inventions are accomplished by people working within their field of education and expertise . PRODUCT PREVIEW
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____________________________________________________________ ____________________________________________________________ ____________________________________________________________ R&D is expensive . Successful innovators don’t waste time or money. They plan and meticulously test and retest their product design .
Assessment 214
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