This sequential, mixed method, QUAN-QUAL study redefines the craft of teaching into the science ("what"), art ("how"), and the business of teaching to assess and prepare preservice teachers. It also measures the effectiveness of using theatrical elements as teaching strategies to effectively develop preservice teachers in the art of teaching. The first phase of this study consists of developing a learning-outcome based assessment to effectively evaluate the knowledge and skills of preservice teachers' abilities in the art, science, and business of teaching (Preservice Teacher Evaluation, PTE). Factor analysis confirmed the items in each domain. Internal reliability along with discriminant and content validity of this assessment revealed good reliability and validity (N = 100). The second phase utilizes the PTE to measure the effectiveness of using role-play to help preservice teachers feel more prepared for the classroom. The PTE was administered to 135 students, with 19 in the experimental group receiving two, half-hour periods of role-play, or attending an 8-hour workshop on the Art of teaching, and 116 students in the control group who did not experience role-play in their coursework. While statistical analysis revealed no significant change, Z = -1.258, p = 208, n[superscript 2] = 0.121, in the students' self-report on the PTE at the end of a 15 week course utilizing two half-hour applications of role-play, the effect size was medium-large. This suggests that with a larger sample size significance may be found. Qualitative results affirmed that students found role-play to be a positive and useful experience. Triangulation via, open-ended survey questions, observation, and instructor interview were used to develop themes which identified that through realistic practice students "felt better prepared for the classroom" and found that participation in role-play "increased their confidence in their teaching skills." Results of this study suggest that role-play is a successful teaching strategy to increase preservice teachers' confidence and skills in the Art, Science, and Business of teaching which may increase teacher retention. The PTE is a valid assessment to measure the effectiveness of teacher education programs in order to close the gap between the theoretical and the practical. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]