in Business & Finance

10 BUSINESS PRINCIPLES, EVERYONE MUST KNOW (Part One) – Business Quiz: No. 4

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Here are ten popular business, finance and economics principles/laws which everyone needs to know to get ahead in the commercial world. Enjoy completing this quiz. Afterwards; do leave your comments, score and up-vote in the section below. Thanks.

To view my other Business Posts: please click here: 1) Business Quiz: No. 1 – Click here: – 2) Business Quiz: No. 2 – Click here: – 3) Business Quiz: No. 3

  • Question of

    Which management principle states that: “In any organisation and its hierarchy, every employee tends to rise to his, or her, own level of incompetence”? (Note: Not competence!)

    • The Pareto Principle
    • The Peter Principle
    • The Parkinson’s Principle
  • Question of

    Which principle of business-writing, known as: ‘The Law of Headlines’ – states that: “Any headline which ends in a question mark can be answered by the word, – No -”?

    • Reilly’s law
    • Betteridge’s law
    • Benford’s law
  • Question of

    Which principle of personal development states that: “Everyone specializes in his or her own area of weakness”?

    • Benford’s law
    • Brandolini’s law
    • Rothbard’s law
  • Question of

    Which management principle provides: “that ineffective workers are to be moved to those duties where they can do the least damage to the organisation” This is a variation of the Peter Principle of employee advancement.

    • The Dilbert Principle
    • The Pareto Principle
    • The Parkinson’s Principle
  • Question of

    Which principle for improving effectiveness and productivity, is known as: ‘The 20:80 Rule”? This principle states that: “For most events (phenomena or situations); 80% of the consequences (effects or results) come from 20% of the causes (work-done/inputs)”.

    • The Parkinson’s Principle – by C. Northcote Parkinson (1909–1993)
    • The Peter Principle – by Dr. Laurence J. Peter (1919–1990)
    • The Pareto Principle – by Economist Vilfredo Pareto
  • Question of

    In economics: which principle proclaims that under certain conditions, it is perfectly rational for competitors in business to make their products (or services) to be as nearly identical as possible.

    • Hotelling’s law
    • Hauser’s law
    • Beckstrom’s law
  • Question of

    Which economics finance principle popularly states that: “Bad money drives good money out of circulation; if their exchange rate is set by law.”

    • Beckstrom’s law
    • Gresham’s law
    • Hauser’s law
  • Question of

    Which management principle states that: “Work expands to fill the time available for its completion”; and the corollary principle, that: “Expenditure rises to meet income”?

    • Rosenthal Principle
    • Parkinson’s Principle
    • Benford’s law
  • Question of

    Which marketing principle, known as: ‘The Law of Retail Gravitation’ – states that: “People generally patronize the largest shopping mall in any given area”?

    • Benford’s law
    • Reilly’s law
    • Say’s law
  • Question of

    Which staff performance/productivity principle, also known as: ‘The Pygmalion Effect’ – states that: “Higher expectations lead to an increase in performance; and low expectations lead to a decrease in performance”?

    • Okun’s law
    • Say’s law
    • Rosenthal’s law

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Written by Daniel Obiago

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