Class notes
TMFQ (Ten Minutes of Freedom Quiz)
- Course
- BBB4M
- Institution
- 12th Grade
Document has questions and answers of every TMFQ done in class.
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Unit 1:Quiz 1:
February 7 2024:
1) Who were Canada’s first 2 trading partners? Canada’s first 2 trading partners were France and
England/Britain.
2) Who were Canada’s first traders, what products were traded? Canada’s first traders were First
nations people such as Ojibwe and Cree, they traded products such as food and fur.
3) In what decade did trade with Asia begin? Why? Trade with Asia began in the 1940's with
Japan and 1980’s with China because Japan’s business trade was closed and the doors were
forced open in the middle of world war 2.
4) Name 1 Canadian import from each of the following - The Middle East, India and Africa: One
import from the Middle East is oil, India is diamonds and Africa is gold.
5) What are 3 countries around the world that Canada should look to increase trade with? Why?
3 countries are India because potential is big, UAE because of possible prospects and Saudi
Arabia.
February 8 2024:
1) What is globalization? Globalization is the process whereby national and/or regional
economies and cultures have become integrated through new global communication
technologies, foreign direct investment, international trade, migration, new forms of
transportation and money flow.
2) What is the difference between the three types of interdependence and which is representative
of Canada? Primary interdependence extracts raw materials from the environment, secondary
interdependence creates products from raw materials and tertiary industries help people by
providing resources for knowledge in education, health etc. The type that is representative of
Canada is primary interdependence.
3) Provide 3 catalysts which have caused economies and cultures to become integrated. 3
catalysts are new global communication technologies, foreign direct investment and international
trade.
4) Provide 2 benefits to companies going global. 2 benefits are cheap labor and resources and
plenty of office space and manufacturing facilities.
5) Provide 2 negatives to companies going global. 2 negatives are it could cause a domino effect
of harm and there are cultural challenges.
Quiz 2:
February 14, 2024:
1) What are 6 reasons for trade from the slides? 6 reasons are growth, expanded customer base,
increased profits, inexpensive supplies, cheap labor and access to additional financing.
2) What is meant by foreign portfolio investment? Foreign portfolio investments are investments
in foreign companies through the use of stocks, bonds etc.
3) Define global sourcing. Global sourcing is purchasing items from another country such as
equipment, capital goods and raw materials because it costs less or it has better quality than
domestic goods.
4) What is the joint venture failure rate? The failure rate is 50%.
5) What is the difference between a licensing agreement and exclusive distribution rights?
Licensing agreement gives permission to another company to use a product, service, brand name
or patent while exclusive distribution rights gives permission to only one company to distribute a
product to an area.
, 6) Explain the concept of a franchise and provide an example. A franchise is an agreement
between 2 companies to use the name, servies, products and marketing of another company, an
example would be Casey’s.
7) What is the difference between a franchisee and a franchisor? A franchisee is an agreement
between 2 companies to use the name, servies, products and marketing of another company
while a franchisor charges a fee and provides support to the franchisee.
8) True or false: A joint venture is where 2 companies form a new company together. True
9) Name 3 Canadian owned franchises. 3 Canadian owned franchises are Casey’s, Kernels
popcorn and Second cup.
10) What is a foreign subsidiary? A foreign subsidiary is when the original company also known
as the parent company opens a branch plant in another country to be run as an independent entity.
February 15 2024:
1) Name 4 benefits of international trade for Canada. The 4 benefits are product variety, new
markets/jobs, foreign investment and new processes/technologies.
2) What is the difference between foreign direct investment and foreign portfolio investment? 3)
Provide an example of each. Foreign direct investment is investing directly in another company
outside of the domestic market, companies could have control of some or all operations. Foreign
portfolio investment is investment through the use of stocks and bonds. Some examples would
be Subway and CIBC.
3) What is the CRTC and what do they do? CRTC is a Canadian Radio Television and
Telecommunications commission, they establish restrictions on international entertainment
services to protect the government and people.
4) What is meant by the term economic destabilization? Economic destabilization is when the
economy of a country suffers as a result of restrictions and laws of another country.
5) What are 5 drawbacks to foreign ownership of Canadian companies? 5 drawbacks are foreign
companies have foreign loyalties, lack of research and development, reduced exports gives less
employment opportunities, revenue leaves Canada and economic destabilization.
Unit 2:
Quiz 1:
March 20, 2024:
1) Offer 1 example for each of the 8 components of culture with respect to Canadian culture.
Some examples are knowledge such as Canada day, experience, beliefs, values such as saying
thank you, attitudes, religion, symbols and possessions of a group of people in a certain area such
as a maple leaf.
2) How did cultural awareness play a role in the failure of Krispy kreme donuts in Canada?
Cultural awareness played a role because it was not aware of the eating habits that are present in
Canada, they brought their U.S plan to Canada and realized that Canadians don’t eat fried or fast
food items.
3) Explain the difference between subcultures and countercultures and offer an example of each
from Canada. Subculture immigrants maintain parts of their own culture such as Islam and
counterculture are groups that openly oppose the mainstream culture such as KKK.
4) A friend of yours operates a restaurant in Singapore and is looking to open a foreign
subsidiary in Canada. Provide 5 aspects of Canadian culture that you feel are the most important
for them to understand. The 5 aspects are multiculturalism, different languages, people eating
dinner early so be early, popular foods found here and taking care of governmental things.
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