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. Oil supplies withheld; large - non fuel efficient car; More japanese cars sold; Ford - Chevy - Chrysler






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






3. Transportation. Airline Act. Rail Act. Motor Carrier Act.






4. Inflation continued in the absence of robust economic growth.






5. Committed her life to social reform - immigrant committee






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






7. 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.






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






9. First college of business.






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






11. 1901 Mark Twain - referes to substantial growth in population in the united states and extravagant displays of wealth and excess of Americas upper class






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






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






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






15. A position of balance between investors - employees - consumers - competitors - and all others who may be interested in attitudes of management.






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






17. Setting of prices by mangers of large firms.






18. Most favored nation. Trade barriers raised.






19. Provided national advertising and mass production






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






21. Promote economic recovery in Europe.






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






23. Income people could do with as the pleased.






24. 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.






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






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






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






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






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






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






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






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






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






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






35. Reduction in diversification. Reduction in layers of management.






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






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






38. Creators of Microsoft






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






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






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






42. Let the people do as they please






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






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






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






46. Most women were stalled at middle management levels.






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






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






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






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