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POB 1.03 Review
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Questions in this quiz (25)
1Which factor has aided the most in creating a global business environment?
- Acultural change
- Btechnology
- Cgovernment
- Dexchange rate
2A small-business owner whose business is a sole proprietorship is planning to “go global.” What method for going global would be best to recommend to the small-business owner?
- AStart by hiring an export management company.
- BStart by building facilities in the countries of interest.
- CStart by merging with a foreign business that can sell your products.
- DStart by renting facilities in the countries of interest and hiring foreign employees.
3Which affects the business environment because it provides the most options for consumers?
- Acommand economy
- Binternational sanctions (penalty)
- Cmonopoly
- Dglobal competition
4Which is a factor that affects the global business environment?
- Aindustry competition
- Bstaff organization
- Cinformation management
- Dconflict negotiation
5One reason that has caused the government's role in business to expand is that:
- Acompetition in the marketplace has increased.
- Bproducts have become very technical.
- Ccosts of production have continued to increase.
- Dpeople's attitudes have changed.
6A U.S. company would decide to offer its products in other countries as a reason to:
- Asubsidize developing countries.
- Bsell obsolete, outdated products.
- Cexpand to new, untapped markets.
- Dprovide jobs to people in other countries.
7Businesses that successfully adapt to current market situations often realize that:
- Acutting costs is important.
- Bmore financing is necessary.
- Cdiversification is the key.
- Dchange is an opportunity.
8Which situation would most likely indicate the need to adapt to changes in the business environment?
- AThe supply of materials used in manufacturing a product has decreased.
- BThe number of the business's competitors has decreased.
- CThe demand for the product is stable.
- DThe business has experienced little employee turnover during the past year.
9Which of the following is a disadvantage of globalization?
- AConsumers have access to foreign products
- BInternational development
- CUnfair working conditions
- DCheaper resources
10When two or more companies come together for a brief period of time to complete one business project this is called?
- AJoint venture
- BFranchising
- CLicensing
- DPartnership
11Verizon sells the OtterBox which is a case that protects iPhones from damage when mishandled. The fact that Verizon sells another company's product that compliments their services is an example of:
- ADirect exporting
- BGreenfield investments
- CTurnkey projects
- DPiggybacking
12Alaska produces more salmon cheaper than any other state that exports salmon because of its location and climate. This is an example of what type of ADVANTAGE?
- AAbsolute
- BComparative
- CDual
- DState
13United States has become globally known for its production of wheat more resourcefully than China. It can produce the product with less human resources. This is an example of what type of ADVANTAGE?
- AAbsolute
- BComparative
- CDual
- DService
14Iran raised the prices of imported oil in order to increase the trade of their own oil in their nation. This is an example of which international trade barrier?
- AQuota
- BTariff
- CEmbargo
- DBan
15Which statement is true about balance of payment?
- ABalance of payment is favorable when a COMPANY pays more money out of it than it receives in it.
- BBalance of payment is favorable when a COMPANY receives more money into it than it pays out.
- CBalance of payment is favorable when a COUNTRY pays more money out of it than it receives in it.
- DBalance of payment is favorable when a COUNTRY receives more money into it than it pays out.
16Which type of marketing structure has a lot of control over prices, has only a few firms (2-3), offers similar products, and is extremely difficult to create?
- AMonopoly
- BOligopoly
- CPerfect Competition
- DMonopolistic Competition
17Which type of market structure has some control over prices, has many firms (100s), are similar, demand is perfectly elastic, and not hard to open?
- APerfect competition
- BMonopoly
- COligopoly
- DMonopolistic competition
18Laos has limited infrastructure that will hinder international businesses to conduct transactions in it. This country depends heavily on the agricultural industry. Which main factor of the international business environment is this information about this country classified?
- AGeography
- BEconomic Development
- CPolitical and Legal
- DCultural
19If a country is in a civil war and its government changes abruptly, this is an example of which factor that influences international currency exchange?
- APolitical legal concerns
- BEconomic development
- CCultural
- DGeography
20Which is an internal factor that might influence a business owner's decision making?
- AThe economy
- BLaws
- CCustomer base
- DSWOT analysis
21The international trade organization that protects and promotes public health by regulating and supervising of food safety is called?
- AWorld Trade Organization
- BInternational Monetary Fund
- CFederal Trade Commission
- DFood and Drug Administration (FDA)
22A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
- ACeller-Kefauver Act
- BClayton Act
- CSherman Act
- DRobinson-Patman Act
23An organization assisted two countries on settling a trade disagreement on the amount of bananas to be traded. This action is an example of assistance provided by which international trade organization?
- AInternational Monetary Fund
- BWorld Trade Organization
- CWorld Bank
- DFederal Trade Commission
24Kenya’s Prime Minister meets with other government officials from Uganda, Ethiopia, and Somalia to agree to sell products and services tax free throughout their region in Africa. This an example of which international trade factor?
- AFree Trade Zone
- BWTO
- CJoint Venture
- DCommon market
25Business ethics involve considering issues about what is:
- ALegal and illegal
- BRight and wrong
- CPositive and negative
- DSafe and unsafe
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- Description
- High School Principles of Business Quiz on POB 1.03 Review, created by Tara McDonald on 24/01/2017.
- Author
- Tara McDonald
- Language
- English
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