TEST BANK FOR
,! ,!
Entrepreneurship,! The,! Practice,! and,! Mindset,! 3th,! Edition,! by,! Heidi,! M.,!
Neck,,! Christopher,! P.,! Neck,,! Emma,! L.,! Murray
Chapter,! 1-16
CHAPTER, 1:,PRACTICING, ENTREPRENEURSHIP
! ! !
Multiple, Choice!
1. The,! authors,! define!! entrepreneurship!! as_____ _.
a. a!! way!! of!! thinking,!! acting,!! and!! being!! that!! combines!! the!! ability!! to!! find!! or!!
create!! new!! opportunities!! with!! the!! courage!! to!! act!! on!! them
b. starting!! a!! small!! business!! by!! finding!! investors!! and!! launching!! a!! product
c. developing!! a!! new!! market!! by!! creating!! a!! product!! that!! does!! not!! currently!! exist
d. a!! mindset!! that!! compels!! people!! to!! start!! multiple!! ventures!! throughout!! a!!
lifetime!! Ans:!! A
Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
2 ______ have!! touched!! every!! corner!! of!! our!! lives,!! affecting!! every!! aspect!! of!! the
way!! we!! live.
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
!! Ans:!! C
Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
3. What!! is!! the!! discipline!! that!! seeks!! to!! understand!! how!! opportunities!! are!!
discovered,!! created,!! and!! exploited,!! by!! whom,!! and!! with!! what!!
consequences?
a. imagineering
b. storyboarding
c. social!! engineering
d. entrepreneurship!
! Ans.!! D
,Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
4. Which!! of!! the!! following!! is!! a!! truth!! about!! entrepreneurship?
a. Entrepreneurship!! is!! not!! reserved!! for!! startups.
b. Entrepreneurship!!cannot!!be!!taught.
c. Entrepreneurs!! compete!! more!! than!! they!! collaborate.
d. Entrepreneurs!! have!! a!! special!! set!! of!! personality!!
traits.!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! May!! Be!! Different!! From!! What!! You!!
Think!! Difficulty!! Level:!! Easy
AACSB!! Standard:!! Analytical!! thinking
5. The!! media!! often!! cover!! the!! meteoric!! rise!! of!! entrepreneurs!! such!! as!! Bill!!
Gates!! (Microsoft)!! and!! Travis!! Kalanick!! (Uber).!! According!! to!! the!! text,!! these!!
stories
______.
a. are!! inspirational,!! but!! do!! little!! to!! represent!! the!! reality!! of!! entrepreneurship
b. are!! highly!! relatable
c. have!! not!! captured!! the!! public!! imagination
d. are!! accurate!! depictions!! of!! the!! reality!! of!!
entrepreneurship!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Comprehension
Answer!! Location:!! Media!! Images!! of!!
Entrepreneurs!! Difficulty!! Level:!! Medium
AACSB!! Standard:!! Contexts!! of!! organizations!! in!! a!! global!! society
6. A!! temporary!! organization!! in!! search!! of!! a!! scalable!! business!! model!! is!! known!!
as!! a(n)____.
a. startup
b. corporation
c. LLC
d. entrepreneur!
! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #1:!! Entrepreneurship!! Is!! Not!! Reserved!! for!! Startups
,Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
7. Effectuation!! is!! the!! idea!! that_____ _.
a. businesses!! should!! have!! a!! positive!! impact!! on!! people‘s!! lives
b. the!! effects!! of!! ideas!! can!! be!! studied!! over!! time
c. the!! future!! is!! unpredictable!! yet!! controllable
d. emotions!! can!! influence!! decision!!
making!! Ans.!! C
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Financial!! theories,!! analysis,!! reporting,!! and!! markets
8 ______ are!! people!! who!! start!! several!! businesses,!! whether!! at!! the!! same!! time!! or
one!! after!! the!! other.
a. Social!! entrepreneurs
b. Serial!!entrepreneurs
c. High-risk!!entrepreneurs
d. Low-risk!
entrepreneurs!! Ans:!! B
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Group!! and!! individual!! behaviors
9. Which!! of!! the!! following!! is!! true!! about!! effectual!! entrepreneurs?
a. They!! focus!! on!! creating!! a!! future!! rather!! than!! predicting!! it.
b. They!! find!! markets!! rather!! than!! make!! them.
c. They!! do!! not!! accept!! failure.
d. They!! focus!! on!! a!! single!! reliable!!
stakeholder.!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Analytical!! thinking
, 10. According!! to!! the!! authors,!! what!! is!! the!! precursor!! to!! entrepreneurial!! action?
a. a!! business!! process
b. the!! right!! mindset
c. an!! understanding!! that!! failure!! is!! probable
d. the!!acquisition!!of!!resources!!
Ans:!! B
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Application!! of!! knowledge
11. The!! entrepreneurial!! method!! requires!! consistent!! practice!! so!! that ______ can
be!! continuously!! developed!! and!! applied!! to!! future!! endeavors.
a. a!! strong!! business!! plan
b. education!!and!!application
c. business!! processes
d. knowledge!and!!expertise!!
Ans:!! D
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #3:!! Entrepreneurship!! Can!! Be!! Taught!! (It‘s!! a!! Method!! That!!
Requires!! Practice)
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
12. Successful!! entrepreneurs!! tend!! to!! follow!! which!! approach!! to!! collaboration?
a. They!! do!! not!! collaborate!! and!! work!! in!! isolation.
b. They!! collaborate!! with!! potential!! customers,!! but!! not!! with!! competitors.
c. They!! collaborate!! with!! both!! potential!! customers!! and!! competitors.
d. They!! collaborate!! with!! competitors,!! but!! not!! with!! potential!!
customers.!! Ans:!! C
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #5:!! Entrepreneurs!! Collaborate!! More!! Than!! They!! Compete!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
13. Research!! revealed!! what!! percentage!! of!! Inc.!! 500!! founders!! wrote!!
formal!! business!! plans!! prior!! to!! launching!! their!! companies?
a. more!! than!! 90%
b. more!! than!! 75%
,! ,!
Entrepreneurship,! The,! Practice,! and,! Mindset,! 3th,! Edition,! by,! Heidi,! M.,!
Neck,,! Christopher,! P.,! Neck,,! Emma,! L.,! Murray
Chapter,! 1-16
CHAPTER, 1:,PRACTICING, ENTREPRENEURSHIP
! ! !
Multiple, Choice!
1. The,! authors,! define!! entrepreneurship!! as_____ _.
a. a!! way!! of!! thinking,!! acting,!! and!! being!! that!! combines!! the!! ability!! to!! find!! or!!
create!! new!! opportunities!! with!! the!! courage!! to!! act!! on!! them
b. starting!! a!! small!! business!! by!! finding!! investors!! and!! launching!! a!! product
c. developing!! a!! new!! market!! by!! creating!! a!! product!! that!! does!! not!! currently!! exist
d. a!! mindset!! that!! compels!! people!! to!! start!! multiple!! ventures!! throughout!! a!!
lifetime!! Ans:!! A
Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
2 ______ have!! touched!! every!! corner!! of!! our!! lives,!! affecting!! every!! aspect!! of!! the
way!! we!! live.
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
!! Ans:!! C
Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
3. What!! is!! the!! discipline!! that!! seeks!! to!! understand!! how!! opportunities!! are!!
discovered,!! created,!! and!! exploited,!! by!! whom,!! and!! with!! what!!
consequences?
a. imagineering
b. storyboarding
c. social!! engineering
d. entrepreneurship!
! Ans.!! D
,Learning!! Objective:!! 1.1:!! Explain!! the!! importance!! of!! action!! and!! practice!! in!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! Requires!! Action!! and!! Practice!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
4. Which!! of!! the!! following!! is!! a!! truth!! about!! entrepreneurship?
a. Entrepreneurship!! is!! not!! reserved!! for!! startups.
b. Entrepreneurship!!cannot!!be!!taught.
c. Entrepreneurs!! compete!! more!! than!! they!! collaborate.
d. Entrepreneurs!! have!! a!! special!! set!! of!! personality!!
traits.!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Entrepreneurship!! May!! Be!! Different!! From!! What!! You!!
Think!! Difficulty!! Level:!! Easy
AACSB!! Standard:!! Analytical!! thinking
5. The!! media!! often!! cover!! the!! meteoric!! rise!! of!! entrepreneurs!! such!! as!! Bill!!
Gates!! (Microsoft)!! and!! Travis!! Kalanick!! (Uber).!! According!! to!! the!! text,!! these!!
stories
______.
a. are!! inspirational,!! but!! do!! little!! to!! represent!! the!! reality!! of!! entrepreneurship
b. are!! highly!! relatable
c. have!! not!! captured!! the!! public!! imagination
d. are!! accurate!! depictions!! of!! the!! reality!! of!!
entrepreneurship!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Comprehension
Answer!! Location:!! Media!! Images!! of!!
Entrepreneurs!! Difficulty!! Level:!! Medium
AACSB!! Standard:!! Contexts!! of!! organizations!! in!! a!! global!! society
6. A!! temporary!! organization!! in!! search!! of!! a!! scalable!! business!! model!! is!! known!!
as!! a(n)____.
a. startup
b. corporation
c. LLC
d. entrepreneur!
! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #1:!! Entrepreneurship!! Is!! Not!! Reserved!! for!! Startups
,Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
7. Effectuation!! is!! the!! idea!! that_____ _.
a. businesses!! should!! have!! a!! positive!! impact!! on!! people‘s!! lives
b. the!! effects!! of!! ideas!! can!! be!! studied!! over!! time
c. the!! future!! is!! unpredictable!! yet!! controllable
d. emotions!! can!! influence!! decision!!
making!! Ans.!! C
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Financial!! theories,!! analysis,!! reporting,!! and!! markets
8 ______ are!! people!! who!! start!! several!! businesses,!! whether!! at!! the!! same!! time!! or
one!! after!! the!! other.
a. Social!! entrepreneurs
b. Serial!!entrepreneurs
c. High-risk!!entrepreneurs
d. Low-risk!
entrepreneurs!! Ans:!! B
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Group!! and!! individual!! behaviors
9. Which!! of!! the!! following!! is!! true!! about!! effectual!! entrepreneurs?
a. They!! focus!! on!! creating!! a!! future!! rather!! than!! predicting!! it.
b. They!! find!! markets!! rather!! than!! make!! them.
c. They!! do!! not!! accept!! failure.
d. They!! focus!! on!! a!! single!! reliable!!
stakeholder.!! Ans:!! A
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Analytical!! thinking
, 10. According!! to!! the!! authors,!! what!! is!! the!! precursor!! to!! entrepreneurial!! action?
a. a!! business!! process
b. the!! right!! mindset
c. an!! understanding!! that!! failure!! is!! probable
d. the!!acquisition!!of!!resources!!
Ans:!! B
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #2:!! Entrepreneurs!! Do!! Not!! Have!! a!! Special!! Set!! of!!
Personality!! Traits
Difficulty!! Level:!! Easy
AACSB!! Standard:!! Application!! of!! knowledge
11. The!! entrepreneurial!! method!! requires!! consistent!! practice!! so!! that ______ can
be!! continuously!! developed!! and!! applied!! to!! future!! endeavors.
a. a!! strong!! business!! plan
b. education!!and!!application
c. business!! processes
d. knowledge!and!!expertise!!
Ans:!! D
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #3:!! Entrepreneurship!! Can!! Be!! Taught!! (It‘s!! a!! Method!! That!!
Requires!! Practice)
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
12. Successful!! entrepreneurs!! tend!! to!! follow!! which!! approach!! to!! collaboration?
a. They!! do!! not!! collaborate!! and!! work!! in!! isolation.
b. They!! collaborate!! with!! potential!! customers,!! but!! not!! with!! competitors.
c. They!! collaborate!! with!! both!! potential!! customers!! and!! competitors.
d. They!! collaborate!! with!! competitors,!! but!! not!! with!! potential!!
customers.!! Ans:!! C
Learning!! Objective:!! 1.2:!! List!! the!! seven!! lesser-known!! truths!! about!!
entrepreneurship.
Cognitive!! Domain:!! Knowledge
Answer!! Location:!! Truth!! #5:!! Entrepreneurs!! Collaborate!! More!! Than!! They!! Compete!!
Difficulty!! Level:!! Medium
AACSB!! Standard:!! Application!! of!! knowledge
13. Research!! revealed!! what!! percentage!! of!! Inc.!! 500!! founders!! wrote!!
formal!! business!! plans!! prior!! to!! launching!! their!! companies?
a. more!! than!! 90%
b. more!! than!! 75%
