Test your basic knowledge |

Business Strategy

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






2. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






3. 1 Balance Scorecard






4. The categories of activities within and around an organization which together create a product or service.






5. Quality of information and interpretation of it






6. A value creating strategy that creates more perceived value by primarily reducing costs






7. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






8. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






9. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






10. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






11. A strategy by which an organisation offers existing products to new markets.






12. It uses data already gathered by others and reported in various sources.






13. Comparing operations in totally unrelated industries






14. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






15. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






16. Value - Exploit - Rare - Imitate - Substitute






17. 1 Introduction 2 Growth 3 Maturity 4 Decline






18. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






19. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






20. Is the set of internationalization links and relationships that are necessary to create a product or service.






21. It is a system of moral principles and values that establish appropriate conduct.






22. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






23. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






24. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






25. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






26. It can be defined as principles of conduct within an organization that guide decision making and behavior.






27. The resources and competences of an organization needed for it to survive and prosper.






28. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






29. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






30. 1 Planning 2 Organizing 3 Directing 4 Controlling






31. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






32. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






33. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






34. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






35. They are used to condense and summarize large quantities of data for quick understanding.






36. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






37. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






38. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






39. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






40. Processes and activities used to formulate HR objectives - practices - and policies.






41. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






42. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






43. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






45. 1. information systems 2. logistics 3. HR






46. Risk associated with macro-economic forces.






47. When a corporation is able to combine similar primary value chain activities.






48. 1 Population 2 Sample 3 Normal Distribution






49. Describes the structure of product - service - and information flows and the role of participating parties.






50. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.