Tara McDonald
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High School Principles of Business Quiz on POB 1.03 Review, created by Tara McDonald on 24/01/2017.

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Tara McDonald
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POB 1.03 Review

Question 1 of 25

1

Which factor has aided the most in creating a global business environment?

Select one of the following:

  • cultural change

  • technology

  • government

  • exchange rate

Explanation

Question 2 of 25

1

A 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?

Select one of the following:

  • Start by hiring an export management company.

  • Start by building facilities in the countries of interest.

  • Start by merging with a foreign business that can sell your products.

  • Start by renting facilities in the countries of interest and hiring foreign employees.

Explanation

Question 3 of 25

1

Which affects the business environment because it provides the most options for consumers?

Select one of the following:

  • command economy

  • international sanctions (penalty)

  • monopoly

  • global competition

Explanation

Question 4 of 25

1

Which is a factor that affects the global business environment?

Select one of the following:

  • industry competition

  • staff organization

  • information management

  • conflict negotiation

Explanation

Question 5 of 25

1

One reason that has caused the government's role in business to expand is that:

Select one of the following:

  • competition in the marketplace has increased.

  • products have become very technical.

  • costs of production have continued to increase.

  • people's attitudes have changed.

Explanation

Question 6 of 25

1

A U.S. company would decide to offer its products in other countries as a reason to:

Select one of the following:

  • subsidize developing countries.

  • sell obsolete, outdated products.

  • expand to new, untapped markets.

  • provide jobs to people in other countries.

Explanation

Question 7 of 25

1

Businesses that successfully adapt to current market situations often realize that:

Select one of the following:

  • cutting costs is important.

  • more financing is necessary.

  • diversification is the key.

  • change is an opportunity.

Explanation

Question 8 of 25

1

Which situation would most likely indicate the need to adapt to changes in the business environment?

Select one of the following:

  • The supply of materials used in manufacturing a product has decreased.

  • The number of the business's competitors has decreased.

  • The demand for the product is stable.

  • The business has experienced little employee turnover during the past year.

Explanation

Question 9 of 25

1

Which of the following is a disadvantage of globalization?

Select one of the following:

  • Consumers have access to foreign products

  • International development

  • Unfair working conditions

  • Cheaper resources

Explanation

Question 10 of 25

1

When two or more companies come together for a brief period of time to complete one business project this is called?

Select one of the following:

  • Joint venture

  • Franchising

  • Licensing

  • Partnership

Explanation

Question 11 of 25

1

Verizon 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:

Select one of the following:

  • Direct exporting

  • Greenfield investments

  • Turnkey projects

  • Piggybacking

Explanation

Question 12 of 25

1

Alaska 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?

Select one of the following:

  • Absolute

  • Comparative

  • Dual

  • State

Explanation

Question 13 of 25

1

United 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?

Select one of the following:

  • Absolute

  • Comparative

  • Dual

  • Service

Explanation

Question 14 of 25

1

Iran 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?

Select one of the following:

  • Quota

  • Tariff

  • Embargo

  • Ban

Explanation

Question 15 of 25

1

Which statement is true about balance of payment?

Select one of the following:

  • Balance of payment is favorable when a COMPANY pays more money out of it than it receives in it.

  • Balance of payment is favorable when a COMPANY receives more money into it than it pays out.

  • Balance of payment is favorable when a COUNTRY pays more money out of it than it receives in it.

  • Balance of payment is favorable when a COUNTRY receives more money into it than it pays out.

Explanation

Question 16 of 25

1

Which 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?

Select one of the following:

  • Monopoly

  • Oligopoly

  • Perfect Competition

  • Monopolistic Competition

Explanation

Question 17 of 25

1

Which type of market structure has some control over prices, has many firms (100s), are similar, demand is perfectly elastic, and not hard to open?

Select one of the following:

  • Perfect competition

  • Monopoly

  • Oligopoly

  • Monopolistic competition

Explanation

Question 18 of 25

1

Laos 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?

Select one of the following:

  • Geography

  • Economic Development

  • Political and Legal

  • Cultural

Explanation

Question 19 of 25

1

If a country is in a civil war and its government changes abruptly, this is an example of which factor that influences international currency exchange?

Select one of the following:

  • Political legal concerns

  • Economic development

  • Cultural

  • Geography

Explanation

Question 20 of 25

1

Which is an internal factor that might influence a business owner's decision making?

Select one of the following:

  • The economy

  • Laws

  • Customer base

  • SWOT analysis

Explanation

Question 21 of 25

1

The international trade organization that protects and promotes public health by regulating and supervising of food safety is called?

Select one of the following:

  • World Trade Organization

  • International Monetary Fund

  • Federal Trade Commission

  • Food and Drug Administration (FDA)

Explanation

Question 22 of 25

1

A 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?

Select one of the following:

  • Celler-Kefauver Act

  • Clayton Act

  • Sherman Act

  • Robinson-Patman Act

Explanation

Question 23 of 25

1

An 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?

Select one of the following:

  • International Monetary Fund

  • World Trade Organization

  • World Bank

  • Federal Trade Commission

Explanation

Question 24 of 25

1

Kenya’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?

Select one of the following:

  • Free Trade Zone

  • WTO

  • Joint Venture

  • Common market

Explanation

Question 25 of 25

1

Business ethics involve considering issues about what is:

Select one of the following:

  • Legal and illegal

  • Right and wrong

  • Positive and negative

  • Safe and unsafe

Explanation

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