Step 1: Understanding the Concept
The axon is the long process that carries impulses away from the cell body.
Step 2: True statements
It is single, long and usually unbranched, it arises from the cyton at the axon hillock, and it carries messages away from the cyton.
Step 3: The wrong statement
A bundle of axons outside the CNS is called a nerve. The term tract is used for bundles inside the brain and spinal cord.
Final Answer:
The incorrect statement calls a peripheral bundle of axons a tract.
\[ \boxed{\text{(D) }\text{Bundle of axons outside the CNS is called `tract'}} \]