Entrepreneurship: The Practice and Mindset 1st Edition by Heidi M. Neck Test bank
Chapter 1: Entrepreneurship: A Global Social Movement
1. The authors define entrepreneurship as ______.
a. actions taken by an individual or a group to create something new
b. starting a business
c. developing a new market
d. a mindset
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: Reflective thinking
2. ______ are small, short-term loans to the impoverished who are perceived as ineligible to receive traditional bank loans to start their own businesses.
a. charitable contributions
b. microloans
c. short-term notes
d. miniloans
Ans: B
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: Financial theories, analysis, reporting and markets
3. The advice given to Keverian was to build a(n) ______ before going out on your own. Learn from the best, then go execute.
a. business plan
b. market analysis
c. overall business toolkit
d. start-up budget
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: Systems and processes in organizations
4. What social media forum did Keverian use for researching her market?
a. Snapchat
b. Facebook
c. LinkedIn
d. Twitter
Ans: B
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: 1.1 Entrepreneurship Requires Action and Practice
Difficulty Level: medium
AACSB Standard: Information technology
5. Keverian’s advice for fellow entrepreneurs is "You have to be ready to dedicate your ______ to getting that business off the ground. Always know you have the ______ of what your future holds."
a. finances; vision
b. full-time job; drive
c. finances; control
d. entire life; control
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: Easy
AACSB Standard: Reflective thinking
6. Entrepreneurs are ______.
a. overnight global sensations
b. lucky
c. successful only in the tech industries
d. experts in their fields
Ans: D
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Easy
AACSB Standard: Reflective thinking
7. Which of the following is NOT a truth about entrepreneurship?
a. Entrepreneurship is reserved for startups.
b. Entrepreneurship can be taught, as it is a method that requires practice.
c. Entrepreneurs collaborate more than they compete.
d. Entrepreneurship is a life skill.
Ans: A
Learning Objective: LO 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Easy
AACSB Standard: Reflective thinking
8. Entrepreneurs are not extreme risk-takers ______.
a. is not a true statement because the nature of starting something new, a business, is risky
b. is true because risk can be offset by planning and research
c. is a true statement because new businesses have a high rate of failure
d. because entrepreneurship has nothing to do with risk
Ans: B
Learning Objective: LO 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: Reflective thinking
9. ______ are people who start several businesses, sometimes at the same time or sometimes 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: Media Images of Entrepreneurs
test bank
Multiple Choice
1. The authors define entrepreneurship as ______.
a. actions taken by an individual or a group to create something new
b. starting a business
c. developing a new market
d. a mindset
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: Reflective thinking
2. ______ are small, short-term loans to the impoverished who are perceived as ineligible to receive traditional bank loans to start their own businesses.
a. charitable contributions
b. microloans
c. short-term notes
d. miniloans
Ans: B
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: Financial theories, analysis, reporting and markets
3. The advice given to Keverian was to build a(n) ______ before going out on your own. Learn from the best, then go execute.
a. business plan
b. market analysis
c. overall business toolkit
d. start-up budget
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: Systems and processes in organizations
4. What social media forum did Keverian use for researching her market?
a. Snapchat
b. Facebook
c. LinkedIn
d. Twitter
Ans: B
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: 1.1 Entrepreneurship Requires Action and Practice
Difficulty Level: medium
AACSB Standard: Information technology
5. Keverian’s advice for fellow entrepreneurs is "You have to be ready to dedicate your ______ to getting that business off the ground. Always know you have the ______ of what your future holds."
a. finances; vision
b. full-time job; drive
c. finances; control
d. entire life; control
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: Easy
AACSB Standard: Reflective thinking
6. Entrepreneurs are ______.
a. overnight global sensations
b. lucky
c. successful only in the tech industries
d. experts in their fields
Ans: D
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Easy
AACSB Standard: Reflective thinking
7. Which of the following is NOT a truth about entrepreneurship?
a. Entrepreneurship is reserved for startups.
b. Entrepreneurship can be taught, as it is a method that requires practice.
c. Entrepreneurs collaborate more than they compete.
d. Entrepreneurship is a life skill.
Ans: A
Learning Objective: LO 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Easy
AACSB Standard: Reflective thinking
8. Entrepreneurs are not extreme risk-takers ______.
a. is not a true statement because the nature of starting something new, a business, is risky
b. is true because risk can be offset by planning and research
c. is a true statement because new businesses have a high rate of failure
d. because entrepreneurship has nothing to do with risk
Ans: B
Learning Objective: LO 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: Reflective thinking
9. ______ are people who start several businesses, sometimes at the same time or sometimes 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: Media Images of Entrepreneurs