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






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






3. Outlawed racial and gender discrimination; created equal employment opportunity; affected hiring; job security.






4. Burden of proof to raise rates was now the responsibility of the railroads.






5. Reduction in diversification. Reduction in layers of management.






6. Let the people do as they please






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






8. Formalized business practices by standardized management practices.






9. Eisenhower termed. Large companies received majority or military contracts. California boomed because of defense companies.






10. Dept. of Justice and Federal Trade Commission. Companies could seek approval from federal gov't.






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






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






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






14. 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.






15. Sought to break up the control of big business to create more opportunities.






16. Could only hire union workers. Illegal






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






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






19. Partnership between business and government. Solve problems through scientific investigation. Society of Harmony






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






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






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






23. Retailer - mail-order companies. Name brand products - advertising - catalogs.






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






25. Business leaders sought to achieve cooperation among business - labor and government.






26. Creators of Microsoft






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






28. Promote economic recovery in Europe.






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






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






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






32. A few firms dominate an industry. Price competition decreased.






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






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






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






36. Gold drain; exchange rates; free floating






37. Corporate offices






38. Interstate Commerce Commission was strengthened. Regulated rates.






39. Setting of prices by mangers of large firms.






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






41. Income people could do with as the pleased.






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






43. Employers can hire whoever they want. Both union and non union.






44. Lowest tariffs - easiest access to markets - and fewest restrictions. Granted any nation - had to be all nations.






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






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






47. Companies would act responsibility toward the American public on matters as truth in advertising. Hiring of woman.






48. Unsafe at any speed. Consumers should not automatically trust new products or the business that produced them.






49. Use of stock tender to offer to buy a company that did not want to sell.






50. 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.