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






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






3. Congress established a national banking system.






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






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






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






7. Setting of prices by mangers of large firms.






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






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






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






11. 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.






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






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






14. 1901 Mark Twain - referes to substantial growth in population in the united states and extravagant displays of wealth and excess of Americas upper class






15. Sears.






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






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






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






19. Most favored nation. Trade barriers raised.






20. Corporate offices






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






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






23. Worlds largest provider of computer software for desktops.






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






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






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






27. Could only hire union workers. Illegal






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






29. Promote economic recovery in Europe.






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






31. Provided national advertising and mass production






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






33. Developed the assembly line. Anti Union. Model T.






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






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






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






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






38. 1929 stock market crashed






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






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






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






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






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






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






45. Interstate Commerce Commission was strengthened. Regulated rates.






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






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






48. 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.






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






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