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. First college of business.






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






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






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






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






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






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






8. Transportation. Airline Act. Rail Act. Motor Carrier Act.






9. 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.






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






11. Free trade between US - Canada - Mexico






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






13. Reduction in diversification. Reduction in layers of management.






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






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






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






17. Set of values that placed a higher priority on the use of good than on their production.






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






19. Started as a gun powder company - Rate of return.






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






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






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






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






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






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






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






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






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






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






30. Corporate offices






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






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






33. 1929 stock market crashed






34. Income people could do with as the pleased.






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






36. Increase consumer durables; increase service industries; trade - finance - transportation - and gov't






37. Interstate Commerce Commission was strengthened. Regulated rates.






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






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






40. Setting of prices by mangers of large firms.






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






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






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






44. Most favored nation. Trade barriers raised.






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






46. Sears.






47. Congress established a national banking system.






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






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






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