TEST BANK
Entrepreneurship: The Practice and Mindset
by Heidi M. Neck, Christopher P. Neck
3rd Edition
TE
S TS
O
LU
TI
O
N
, 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
TE
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
S
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
TS
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
O
AACSB Standard: Application of knowledge
2. ______ have touched every corner of our lives, affecting every aspect of the
way we live.
LU
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
Ans: C
Learning Objective: 1.1: Explain the importance of action and practice in
TI
entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice
Difficulty Level: Medium
O
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?
N
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
TE
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
S
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
TS
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
______.
O
a. are inspirational, but do little to represent the reality of entrepreneurship
b. are highly relatable
c. have not captured the public imagination
LU
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
TI
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) ______.
O
a. startup
b. corporation
c. LLC
N
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
TE
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
S
Personality Traits
Difficulty Level: Medium
AACSB Standard: Financial theories, analysis, reporting, and markets
TS
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
O
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about
entrepreneurship.
LU
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
TI
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.
O
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about
entrepreneurship.
N
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of
Personality Traits
Difficulty Level: Easy
AACSB Standard: Analytical thinking
Entrepreneurship: The Practice and Mindset
by Heidi M. Neck, Christopher P. Neck
3rd Edition
TE
S TS
O
LU
TI
O
N
, 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
TE
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
S
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
TS
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
O
AACSB Standard: Application of knowledge
2. ______ have touched every corner of our lives, affecting every aspect of the
way we live.
LU
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
Ans: C
Learning Objective: 1.1: Explain the importance of action and practice in
TI
entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice
Difficulty Level: Medium
O
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?
N
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
TE
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
S
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
TS
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
______.
O
a. are inspirational, but do little to represent the reality of entrepreneurship
b. are highly relatable
c. have not captured the public imagination
LU
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
TI
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) ______.
O
a. startup
b. corporation
c. LLC
N
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
TE
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
S
Personality Traits
Difficulty Level: Medium
AACSB Standard: Financial theories, analysis, reporting, and markets
TS
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
O
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about
entrepreneurship.
LU
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
TI
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.
O
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about
entrepreneurship.
N
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of
Personality Traits
Difficulty Level: Easy
AACSB Standard: Analytical thinking
