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. Risk associated with a particular business.






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






3. 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






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






5. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






6. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






8. Is the means by which a strategy can be pursued.






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






10. 1 Balance Scorecard






11. 1 Planning 2 Organizing 3 Directing 4 Controlling






12. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






13. 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.






14. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






15. Ensure that organization's strategy and operations are consistent with each other






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






17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






19. Information systems with a charter to achieve competitive superiority.






20. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






21. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






22. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






23. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






24. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






25. 1 Cost Leadership 2 Differentiation 3 Focus






26. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






27. They are often based on industry best practice.






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






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






30. 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






31. Comparing operations in totally unrelated industries






32. Risk associated with macro-economic forces.






33. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






34. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






35. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






37. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






38. 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.






39. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






40. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






42. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






44. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






45. 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






46. Cost savings accomplished by operating combined companies more efficiently.






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






48. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






49. 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)






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