Test Your Knowledge On Business

Explanation
After the September 11, 2001 attacks, the U.S. stock markets were closed for four trading days. This closure was a response to the unprecedented events and the need to assess the impact on the financial markets. The closure aimed to ensure stability and provide time for authorities to evaluate the situation and implement necessary measures.

Explanation
The price of gold is "fixed" daily in London. London is known for its long history and reputation as a global hub for financial markets, including the gold market. The London Bullion Market Association (LBMA) sets the price of gold twice a day through a process known as the London Gold Fixing. This fix is widely recognized and used by market participants around the world as a benchmark for gold prices. Therefore, London is the city where the price of gold is fixed daily.

Explanation
Nintendo manufactured playing cards before video games. This is a well-known fact about the company's history. Nintendo was originally founded in 1889 as a playing card company by Fusajiro Yamauchi. They produced a variety of playing cards, including the popular Hanafuda cards, which were used in traditional Japanese card games. It was only later, in the 1970s, that Nintendo shifted its focus to the video game industry and became the successful gaming company we know today.

Explanation
Sony introduced the "Watchman" following the success of their "Walkman" product. This suggests that Sony was building on the popularity and brand recognition of the Walkman by introducing a similar portable device, but this time for watching television. The naming convention also indicates that Sony wanted to create a recognizable and cohesive product line, further supporting the idea that Sony is the correct answer.

Explanation
Volvo's name is adapted from the Latin word "volvere," which means "I rolled." This name choice reflects the company's history of manufacturing ball bearings, which are used in rolling applications. The Latin word "volvere" is also related to the English word "revolve," further emphasizing the connection to rolling. Therefore, the correct answer is Volvo.

Explanation
WorldCom operated the world's largest internet network before it merged with MCI Communications.

Explanation
In 1956, the Ford Motor Company went public. This means that the company offered its shares to the public for the first time, allowing individuals to buy and trade its stock on the stock market. Going public is often seen as a significant milestone for a company, as it can provide access to capital and increase its visibility and credibility in the market.

Explanation
IBM, or International Business Machines Corporation, was incorporated as Computing Tabulating Recording Corporation in 1911. This company was initially formed through the merger of three separate companies: the Tabulating Machine Company, the International Time Recording Company, and the Computing Scale Company. In 1924, the company changed its name to IBM, which it has been known as ever since. IBM has a long history in the computer industry and is one of the world's largest technology companies.

Explanation
Henry Ford is the correct answer because he was indeed America's first billionaire. Ford was the founder of the Ford Motor Company and played a significant role in revolutionizing the automobile industry with the introduction of the Model T. His innovative production methods, such as the assembly line, allowed for mass production of cars, which made them more affordable and accessible to the general public. Ford's success in the automotive industry led to his accumulation of wealth, making him the first billionaire in America.

Explanation
Citicorp is the correct answer because it is a multinational investment banking and financial services corporation that has a wide range of assets including cash, securities, loans, and physical assets. It operates in various countries and has a significant presence in the global financial market, making it likely to have the most assets among the given options.

Explanation
In 1997, Wall Street's "circuit breakers" were first used. Circuit breakers are measures put in place to prevent extreme market volatility and large price declines. They are triggered when there is a significant drop in the stock market, causing trading to be halted temporarily. This mechanism was introduced after the 1987 stock market crash, in order to provide a cooling-off period and prevent panic selling.

Explanation
UCAR International paid the largest anti-trust penalty in history in 1998.

Explanation
In 1997, the largest Dow drop of over 554 points occurred.

Explanation
The Gulf War refers to the conflict that took place in 1990-1991 between Iraq and a coalition of nations led by the United States. This war had a significant impact on the Dow Jones Industrial Average (DJIA) as it propelled it past the 3000 mark. The uncertainty and volatility caused by the war led to fluctuations in the stock market, with some sectors benefiting from increased defense spending and others being negatively affected. Overall, the Gulf War had a profound impact on the global economy and financial markets, including the DJIA.

Explanation
The CDW Company sells electronics.