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BBB4M EXAM QUESTIONS WITH LATEST UPDATE
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BBB4M EXAM QUESTIONS WITH LATEST UPDATE
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BBB4M EXAM QUESTIONS WITHLATEST UPDATE
Domestic business - Answer-a business that makes its transactions within the country in
which it is based
International business - Answer-creating, shipping, and selling goods and services
across national borders
5 ways to be considered an international business - Answer-1. Own a retail or
distribution outlet in another country
2. Own a manufacturing plant in another country
3. Export to businesses in another country
4. Import from businesses in another country
5. Invest in businesses in another country
Fair trade - Answer-the voluntary practice of helping producers in developing countries
bypassing expensive middle men so they can sell goods in countries for fair profits
History of canadian trade - Answer--explorers from france and england landed in
canada in the 1600's and traded with first nations people
-Hudson's bay
History of european trade - Answer--permanent settlements to canada in 1700's
-demand for raw materials grew in europe
-major cities were made near ports to make trade easier
History of us trade - Answer--us invented steam engine
-canada supplied necessary raw materials
-us became canada's largest trading partner
History of asia trade - Answer--started trade after ww2
-china made inexpensive and well made products
History of mexico - Answer--started with nafta
-products enter canada duty free
History of middle east - Answer--limited trade
-several countries have made trading relationships with canadian businesses
History of asia trade - Answer--african imports to canada are low
-unstable
-rich in primary resources
, Foreign Direct Investments - Answer-controls some or all business operations in
another country
Advantages and disadvantages of trade (5 each) - Answer-advantages
-meeting our needs
-job creation
-attracts investments
-new technology and materials
-diverse products and services
disadvantages
-support of non-democratic systems
-cultural identity issues
-social welfare issues
-environmental issues
-political issues
Interdependence - Answer-the reliance of 2 or more nations on each other for products
and services
Primary Industries - Answer-the extraction of natural resources from the earth or sea
ex: agriculture
Secondary industries - Answer--creation of finished products
capital goods (products used by businesses) and consumer goods (products
purchased by individuals)
Tertiary industries (service sector) - Answer--providing services to consumers and other
businesses
ex. nike
Branch plants - Answer--a factory owned by a company based in another country
Canada's bank industry - Answer--the 'The Big Six'
-large and have big reserves (more money on hand)
Canada's cultural industry - Answer-theatre, music, art, film
Canada's technology industry - Answer-canada has a strong software and digital media
industry
ex: blackberry
Tax credit - Answer-ways of reducing taxes for an individual or business in exchange for
specific desirable actions or investments on their part
Foreign investments pros and cons - Answer-pros
-increases economic activity
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