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

AACSB Standard: Interpersonal relations and teamwork
 
46. Marilou was a student who had a special energy; she adapted to new conditions easily and took control of personal goals and ambitions. She ______.
a. is an example of being entrepreneurial which empowers to create opportunities and to reach goals
b. was an honor student
c. was a natural-born sales professional
d. was out of the ordinary
Ans: A
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Truth #7: Entrepreneurship Is a Life Skill
Difficulty Level: Medium
AACSB Standard: Interpersonal relations and teamwork
 
47. One of the traits of the self-made man in Colonial America before 1776 was ______.
a. that the self-made man was a farmer
b. reveling in the freedom of reinventing himself without the burden of class persecution. As a result new ventures, new markets, and new opportunities developed
c. focused on forging new iron tools to work with
d. negotiating with the Native Americans to learn new ways
Ans: B
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: Group and individual behaviors
 
48. A launching pad for creativity and innovation, the ______ provided the right to private property, access to a banking system, and protection in the form of patent laws.
a. Twelfth Amendment
b. Declaration of Independence
c. Sixteenth Amendment
d. US Constitution
Ans: D
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: Group and individual behaviors
 
49. In the Pinnacle of Entrepreneurship (Second Industrial Revolution), the entrepreneur ______.
a. was not well respected as all should be working in the factories resulting from the Industrial Revolution
b. were considered self-made men and were glorified in novels; their rags-to-riches stories captivated the soul of Americans
c. worked harder than even before
d. paid higher taxes than their neighbors working in the factories
Ans: B
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Comprehension
Answer Location: The Pinnacle of Entrepreneurship (Second Industrial Revolution 1865–1920)
Difficulty Level: Easy
AACSB Standard: Diverse and multicultural work environments
 
50. After World War II, the middle class rose. This meant meeting the growing needs of a growing nation, resulting in ______.
a. a decline in novel product development and an increase in big business
b. fast-food restaurants
c. an increase in entrepreneurial product development
d. the birth of network marketing
Ans: A
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Comprehension
Answer Location: Rise of Institutional America (Interwar and Postwar America 1920–1975)
Difficulty Level: Medium
AACSB Standard: Diverse and multicultural work environments
 
51. The confined re-emergence or the knowledge economy is characterized by ______.
a. an increase in outsourcing offshore
b. online universities
c. electric cars
d. information technology, biotech, medical research, and new materials creating new markets and opportunities
Ans: D
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Comprehension
Answer Location: Confined Re-Emergence (Knowledge Economy 1.0, 1975–Present)
Difficulty Level: Medium
AACSB Standard: Diverse and multicultural work environments
 
52. With the economy shifting from production and manufacturing to a service- and knowledge-based economy, the tech entrepreneur was born and characterized as ______.
a. the sons and daughters of prior generations of entrepreneurs
b. millennials who will make up 75% of the workforce by 2025 and will be the most educated and exposed to entrepreneurial education
c. a global citizen constantly seeking outsourcing opportunities
d. focused on developing the next app that will sweep the nation
Ans: B
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Comprehension
Answer Location: Confined Re-Emergence (Knowledge Economy 1.0, 1975–Present)
Difficulty Level: Medium