Test your basic knowledge |

Management 101: Business History

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. Father of Scientific Management. Studied individual tasks to make them more efficient. Used a stop watch to measure time it takes to complete a task.






2. Setting of the firms strategy according to realistic observations of available customers and then organizing the firm to coordinate production - distribution - sales and service according to these observations.






3. Close banks to keep people from withdrawing all of their money and collapsing the banks.






4. Items purchased by consumers for use over more than a year or two.






5. Goal was to represent the interests of American business in general.






6. Committed her life to social reform - immigrant committee






7. Workers would enjoy the rights of association and the ability to influence wage levels.






8. Companies organized their activities around a strategy that integrated careful observation of changing consumer tastes with design production and distribution.






9. Gold drain; exchange rates; free floating






10. Free trade between US - Canada - Mexico






11. Business - not independent trade unions should look after the best interest of the workers.






12. Worked divided by specific tasks. i.e. accounting - production - ect.






13. Setting of prices by mangers of large firms.






14. Few companies combines forces to control production of sale of a product.






15. Control all aspects of an industry from raw materials to retail.






16. Transportation. Airline Act. Rail Act. Motor Carrier Act.






17. Ultimate authority of nations economic well being shifted from private arena - to public arena.






18. Leader of the new school economists. Rejected Laissez faire. Did not believe in government run business.






19. Promote economic recovery in Europe.






20. 1929 stock market crashed






21. Most favored nation. Trade barriers raised.






22. Sears.






23. Trade associations fixed prices and thwarted competition in the interest of maximum efficiency.






24. Companies had the right to manage. Union leaders.






25. President;FDIC;Closed all banks on first day in office;only president to serve four terms.






26. Cooperative activity in the service of the public - exchanging information - eliminating waste - fostering labor management to improve the business system.






27. Restraints of trade. Railroads could not collaborate to fix prices. Wasn't used until the 20th century.






28. Oil refining business. He was the first billionaire.






29. Programs intended to stabilize the economy while maintaining individual autonomy.






30. First college of business.






31. American firms were poised to dominate economic activity in a system of free trade.






32. Management could hire whomever they wanted but after a period of time. All workers had to join the union.






33. Gov't involved in economy. Employment - interest money. Interest rates. Deficit spending.






34. Dominated the retail industry by mail order only selling.






35. Urged the gov't to control the money supply in order to control inflation.






36. Use borrowed money to buy company. Sometimes used to take 'stock private'






37. Congress established a national banking system.






38. Paper currency issued by the government to finance to civil war.






39. Panic of 1907 - 5 members - foreign transactions went through NY.






40. Set of attitudes and values that optimistically looked toward the erection of new institutions through which Americans would realize the good society.






41. President. Standard oil - american tobacco - us steel.






42. Alliance among public agencies - private firms and trade associations to handle international competitions.






43. Defense department became a significant source for scientific and engineering. Led by private firms and university.






44. Background in railroad business. 1872 entered steel business. Sold to JP Morgan for $480 million dollars.






45. Unemployment rose to 25%; 110 - 000 business failed; Bank Holidays






46. Influenced by Army. Staff officers-strategic decisions - Line officers-carried out orders in field.






47. Corporate offices






48. GM - Ford - and Chrysler dominated the market. GM=50% share






49. Companies with many different divisions - usually 8 or more that make up and sell unrelated products.






50. Purchases right to do business and usually pays a franchise fee plus royalty fee based on sales.