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. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






2. Sell more in existing markets - or enter new markets






3. Value - Exploit - Rare - Imitate - Substitute






4. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






5. 1. multinational 2. global 3. transnational






6. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






7. 1 Balance Scorecard






8. 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.






9. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






10. It is a system of moral principles and values that establish appropriate conduct.






11. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






13. They are used to condense and summarize large quantities of data for quick understanding.






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






15. Risk associated with macro-economic forces.






16. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






17. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






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






19. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






20. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






21. 1. information systems 2. logistics 3. HR






22. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






23. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






24. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






25. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






26. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






27. 1 Population 2 Sample 3 Normal Distribution






28. 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.






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






30. Processes and activities used to formulate HR objectives - practices - and policies.






31. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






32. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






33. 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)






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






35. primary activities and support activities






36. Specific - Measurable - Attainable - Realistic - Timely






37. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






38. Comparing operations in totally unrelated industries






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






40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






41. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






42. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






43. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






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






45. Identifies stakeholder expectations and power and helps in understanding political priorities.






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






47. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






48. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






49. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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