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BBB4M - Exam prep Questions with Correct Answers
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BBB4M - Exam prep Questions with Correct Answers
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BBB4M - Exam prep Questions withCorrect Answers
Asia-Pacific Economic Co-operation (APEC) - Answer-A trade organization, created in
1989, that unites twenty-one of the countries surrounding the Pacific Ocean to co-
operate on regional trade. APEC is not established by treaties, but is based on
consensus, and commitments are voluntary.
Autocracy - Answer-A state governed by a single individual or a small group of people
with unlimited power.
Branch plant - Answer-A factory owned by a company based in another country. For
example, Kellogg's head office is in Battle Creek, Michigan, but it has a subsidiary
factory (a branch plant) in London, Ontario.
Business - Answer-The manufacturing and/or sale of goods and/or services to satisfy
the wants and needs of consumers to make a profit.
Business cycle - Answer-Recurring periods of increased and decreased economic
activity, or expansions and contractions. The business cycle is characterized by four
stages: recession, trough, expansion, and peak.
Business ethics - Answer-A set of rules or guidelines that management or individuals
follow when making decisions facing their company.
Business logistics - Answer-A process that ensures a steady flow of needed materials
and information to all parts of a business through a network of computer terminals,
transportation links, and storage facilities.
Centralized strategy - Answer-A marketing strategy in which all of a company's
manufacturing and marketing is performed in one location.
Centrally planned economy - Answer-Also known as communism or command
economy, an economic system in which the government controls all elements of the
economy, including prices, wages, and production.
Comparative advantage - Answer-The ability of a country to produce a good at a lower
opportunity cost than another country. Comparative advantage is the foundation for
specialization and trade.
Competitive advantage - Answer-The ability of a country or company to produce a
product more cheaply or efficiently than its competitors. The advantage may be based
on technology, access to raw materials, marketing, management, quality, price,
productivity, warranty, or service.
, Containerization - Answer-The use of standard-sized reusable metal boxes, designed to
fit on top of each other, to store and ship freight.
Corporate corruption - Answer-The involvement in illegal activities, such as bribery and
fraud, to further one's business interests.
Corporate social responsibility (CSR) - Answer-The duty of a company's management
to work in the best interests of the society it relies on for its resources (human, material,
and environmental), to advance the welfare of society, and to act as a good global
citizen through its policies.
Counterculture - Answer-A culture that has values or lifestyles that are in opposition to
those of the current accepted culture. Members of a counterculture openly reject the
established cultural values that surround them.
Cultural dimensions - Answer-Identified by Geert Hofstede, a Dutch anthropologist who
conducted a comprehensive study of how values in the workplace are influenced by
culture, the five cultural dimensions provide a framework for understanding the
differences between particular aspects of culture in different societies. They are: low
power distance versus high power distance; low uncertainty avoidance versus high
uncertainty avoidance; masculinity versus femininity; individualism versus collectivism;
and long-term orientation versus short-term orientation.
Cultural relativism - Answer-A view of culture based on the idea that a culture's different
values should be respected, as the ethics of one culture are not better than those of
another.
Culture - Answer-The knowledge, experience, beliefs, values, attitudes, religion,
symbols, and possessions acquired by a group of people who have lived in the same
region or country for generations. Culture is transmitted from one generation to the next
through education and by example.
Culture industry - Answer-Encompasses television, movies, books, and music created
within a particular region, and often supported by government grants and legislation.
Currency devaluation - Answer-The decrease in value of a currency because the supply
of that particular currency is greater than the demand for it.
Currency revaluation - Answer-The increase in value of a currency because the demand
for that particular currency is greater than the supply.
Currency speculating - Answer-Buying, holding, or selling foreign currency in
anticipation of its value changing in order to profit from fluctuations in the price of
currency.
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