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






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






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






4. Gold drain; exchange rates; free floating






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






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






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






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






9. President. Standard oil - american tobacco - us steel.






10. Formalized business practices by standardized management practices.






11. Provided national advertising and mass production






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






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






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






15. Could only hire union workers. Illegal






16. Committed her life to social reform - immigrant committee






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






18. Reduction in diversification. Reduction in layers of management.






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






20. Most favored nation. Trade barriers raised.






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






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






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






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






25. Income people could do with as the pleased.






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






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






28. 1929 stock market crashed






29. Sec. of Treasury under lincoln. Father of national Banking system.






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






31. 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.






32. Transportation. Airline Act. Rail Act. Motor Carrier Act.






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






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






35. Free trade between US - Canada - Mexico






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






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






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






39. Interstate Commerce Commission was strengthened. Regulated rates.






40. Worlds largest provider of computer software for desktops.






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






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






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






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






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






46. Creators of Microsoft






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






48. Sears.






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






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