ENT 101 — WEEK 6 QUIZ
Introduction to Entrepreneurship
Toronto Metropolitan University | 2026 Update
Total Time: 30 Minutes | Total Points: 25
SECTION A: Multiple Choice — 15 Questions (1 point each)
1. A fintech startup at DMZ in the Financial District wants to test whether small
business owners would use an AI-powered expense tracker. They build a simple
spreadsheet that mimics the app's core features and show it to 20 potential users.
This is an example of:
A) A high-fidelity digital prototype
B) A low-fidelity paper prototype
C) A minimum marketable product (MMP)
D) A fully functional beta release
2. Which of the following BEST describes the purpose of rapid prototyping?
A) To create a perfect, polished product before showing it to anyone
B) To quickly test assumptions and gather feedback with minimal investment
C) To replace the need for customer interviews entirely
D) To secure venture capital funding before building anything
3. A healthtech startup at MaRS Discovery District builds a working app that
tracks medication adherence for seniors, but it only works on iPhones and has no
payment system yet. Users can set reminders and log doses. This is best
described as:
A) A complete product ready for mass market launch
B) A minimum viable product (MVP)
C) A high-fidelity prototype that cannot be tested
D) A minimum marketable product (MMP)
, 4. Think about what the customer actually needs here... A food delivery app
testing in St. Lawrence Market interviews 50 users who all say they "love the
idea," but only 3 actually place an order during the trial week. The founders
should be most concerned about:
A) False positives — people say they like it but don't actually use it
B) False negatives — people who hate the idea but didn't speak up
C) Sample size — 50 users is too small for meaningful feedback
D) Geographic bias — St. Lawrence Market isn't representative of all of Toronto
5. The "build-measure-learn" cycle is the core of which methodology?
A) Waterfall development
B) Agile methodology and lean startup
C) Traditional business planning
D) Six Sigma quality control
6. A Toronto-based edtech startup originally built a platform for university
students, but after testing, they discover that high school students are far more
engaged and willing to pay. They restructure their entire product for the high
school market. This is an example of which type of pivot?
A) Zoom-in pivot
B) Customer segment pivot
C) Business model pivot
D) Technology pivot
7. An MVP is NOT:
A) The simplest version of a product that delivers core value to early adopters
B) A fully-featured product with every possible function
C) A tool for testing assumptions with real users
D) A learning vehicle to validate or invalidate hypotheses
8. A startup at DMZ builds a chatbot for scheduling medical appointments. After 3
months, they realize their AI technology is solid, but clinics actually need help
with billing automation more than scheduling. They keep the same technology
but apply it to a different problem. This is a:
Introduction to Entrepreneurship
Toronto Metropolitan University | 2026 Update
Total Time: 30 Minutes | Total Points: 25
SECTION A: Multiple Choice — 15 Questions (1 point each)
1. A fintech startup at DMZ in the Financial District wants to test whether small
business owners would use an AI-powered expense tracker. They build a simple
spreadsheet that mimics the app's core features and show it to 20 potential users.
This is an example of:
A) A high-fidelity digital prototype
B) A low-fidelity paper prototype
C) A minimum marketable product (MMP)
D) A fully functional beta release
2. Which of the following BEST describes the purpose of rapid prototyping?
A) To create a perfect, polished product before showing it to anyone
B) To quickly test assumptions and gather feedback with minimal investment
C) To replace the need for customer interviews entirely
D) To secure venture capital funding before building anything
3. A healthtech startup at MaRS Discovery District builds a working app that
tracks medication adherence for seniors, but it only works on iPhones and has no
payment system yet. Users can set reminders and log doses. This is best
described as:
A) A complete product ready for mass market launch
B) A minimum viable product (MVP)
C) A high-fidelity prototype that cannot be tested
D) A minimum marketable product (MMP)
, 4. Think about what the customer actually needs here... A food delivery app
testing in St. Lawrence Market interviews 50 users who all say they "love the
idea," but only 3 actually place an order during the trial week. The founders
should be most concerned about:
A) False positives — people say they like it but don't actually use it
B) False negatives — people who hate the idea but didn't speak up
C) Sample size — 50 users is too small for meaningful feedback
D) Geographic bias — St. Lawrence Market isn't representative of all of Toronto
5. The "build-measure-learn" cycle is the core of which methodology?
A) Waterfall development
B) Agile methodology and lean startup
C) Traditional business planning
D) Six Sigma quality control
6. A Toronto-based edtech startup originally built a platform for university
students, but after testing, they discover that high school students are far more
engaged and willing to pay. They restructure their entire product for the high
school market. This is an example of which type of pivot?
A) Zoom-in pivot
B) Customer segment pivot
C) Business model pivot
D) Technology pivot
7. An MVP is NOT:
A) The simplest version of a product that delivers core value to early adopters
B) A fully-featured product with every possible function
C) A tool for testing assumptions with real users
D) A learning vehicle to validate or invalidate hypotheses
8. A startup at DMZ builds a chatbot for scheduling medical appointments. After 3
months, they realize their AI technology is solid, but clinics actually need help
with billing automation more than scheduling. They keep the same technology
but apply it to a different problem. This is a:
