Entrepreneurship: The Practice and Mindset 1st Edition by Heidi M. Neck Test bank

Difficulty Level: Easy
AACSB Standard: Reflective thinking
 
10. Effectual entrepreneurs focus on ______.
a. being effective in their markets
b. creating a future rather than predicting it
c. the tech industry
d. establishing profitable, conservative businesses
Ans: B
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Medium
AACSB Standard: Reflective thinking
 
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: Reflective thinking
 
12. The risk component for entrepreneurs is ______.
a. unavoidable and entrepreneurship is ideal for extreme risk-takers
b. can be reduced with a good business plan
c. can be reduced with diversification
d. can be managed with the cycle of act–learn–build
Ans: D
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #4: Entrepreneurs are not extreme risk-takers
Difficulty Level: Medium
AACSB Standard: Reflective thinking
 
 
13. Entrepreneur is defined as "One who undertakes a project; a manufacturer; a master builder" and
a. dates back to 1780 in colonial America
b. is credited to Steven Jobs
c. is credited to the .com era
d. is credited to common French usage (1600)
Ans: D
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: Emergence of the Self-Made Man (Colonial America Before 1776)
Difficulty Level: Easy
AACSB Standard: Written and oral communication
 
14. During the______, everyone had a fairly equal chance of bing an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists.
a. First Industrial Revolution (1776–1865)
b. Second Industrial Revolution (1865–1920)
c. Interwar and Postwar America (1920–1975)
d. Knowledge Economy (1975– present)
Ans: A
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: An Entrepreneurial Nation (First Industrial Revolution 1776–1865)
Difficulty Level: Easy
AACSB Standard: Reflective thinking
 
15. Examples of the Second Industrial Revolution of meeting consumer needs to be more connected with others, live in comfort, and be more efficient include which of  the following?
a. telephone
b. cell phone
c. laptop
d. automobile
Ans: A
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: The Pinnacle of Entrepreneurship (Second Industrial Revolution 1865–1920)
Difficulty Level: Easy
AACSB Standard: Reflective thinking
 
16. By the ______, ______ had reached its height and a growing interest in information technology would set the scene for impending globalization.
a. 1970s; corporate entrepreneurship
b. 1770s; the war
c. 1990s; computer technology
d. year 2000; entrepreneurship
Ans: A
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: Rise of Institutional America (Interwar and Postwar America 1920–1975)
Difficulty Level: Easy
AACSB Standard: Reflective thinking
 
17. In the knowledge economy, ______.
a. patent laws were enacted to protect the legal ownership of intangible properties
b. changes in patent laws made it easier for entrepreneurs to register their inventions
c. libraries were created
d. cloud services were created
Ans: B
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: Confined Re-Emergence (Knowledge Economy 1.0, 1975–Present)
Difficulty Level: Medium
AACSB Standard: Analytical thinking
 
18. Corporate entrepreneurs ______.
a. are simply employees with an entrepreneurial spirit
b. cannot exist as corporations and are too huge to manage entrepreneurs