AFM 132 Exam Questions & Answers 2023/2024
- ANSWER-
EQ (Emotional Quotient, also know as emotional intelligence) - ANSWER-Focuses on the strength of certain soft skills, and involves developing greater self-awareness and self-control, and developing the ability to empathize and see a varie...
EQ (Emotional Quotient, also know as emotional intelligence) - ANSWER-Focuses on the strength of
certain soft skills, and involves developing greater self-awareness and self-control, and developing the
ability to empathize and see a variety of perspectives.
Intrapreneurship - ANSWER-Entrepreneurial activity within a corporate setting, where one is able to help
grow their company by being creative to evolve processes or launch new products/services using the
company's existing resources and reputation.
Sustainability - ANSWER-Business practices that leave a positive impact on the environment to protect
the world for future generations.
Balance of trade - ANSWER-The relationship between importing and exporting
Favourable balance of trade (trade surplus) - ANSWER-When exports are greater than imports.
Unfavourable balance of trade (trade deficit) - ANSWER-When imports are greater than exports.
Business - ANSWER-An activity that you intend to carry on for profit (e.g., providing goods and services).
Comparative advantage - ANSWER-Countries should sell (export) what they can produce most efficiently,
and buy (import) when they cannot.
Contract manufacturing - ANSWER-Involves finding a foreign manufacturer to make your product and
then have your own brand name or trademark attached. Also known as outsourcing.
,Corporation - ANSWER-An incorporated business that's considered a separate legal entity apart from its
owners. Shareholders of the corporation are not personally liable for debts or acts of the corporation.
Crown corporation - ANSWER-A company owned by the federal or provincial government (also referred
to as publicly owned)
Embargo - ANSWER-A ban on the import or export of specific products.
Exporting - ANSWER-The sale of goods and services to another country.
Foreign direct investment (FDI) - ANSWER-Buying permanent property (or a business) and operating in a
foreign country.
Foreign subsidiary - ANSWER-A company that is owned by a parent company located in another country.
Franchising - ANSWER-Where someone with a business concept (the franchisor) sells the rights to use
the business name and to sell a product or service to another party (known as the franchisee).
Free market economy - ANSWER-Where the market determines what goods and services to produce and
who gets them.
Free trade - ANSWER-Where goods and services can be traded between countries without any political
or economic obstruction.
Importing - ANSWER-The purchase of goods and services from another country.
Import quota - ANSWER-A limit on the quantity of products that a country imports.
Joint venture - ANSWER-Two or more companies that form a partnership to take on a major project.
, Licensing - ANSWER-When a domestic company (known as the licensor) allows a foreign company
(known as the licensee) to make its product in exchange for a fee (typically a royalty).
Multinational corporations - ANSWER-Manufacture and market their products in many different
countries where they also have a physical presence.
Mixed economy - ANSWER-An economic system where some allocation of resources are made by the
market, and some are made by the various levels of government that play an active role in the economy.
Non-tariff barriers - ANSWER-Hinder trade and include regulations such as restrictive standards that
detail exactly how a product must be sold in a country.
Partnership - ANSWER-A business created with two or more people who can share knowledge and
resources in launching the business.
Privatization - ANSWER-The sale of a publicly-owned corporation.
Small business - ANSWER-An organization that
is independently owned and operated,
is not dominant in its field, and
meets certain standards of size (typically 1 to 99 employees).
Sole proprietorship - ANSWER-A business owned and operated by one person, and exists once you start
selling a product or service.
Strategic alliance - ANSWER-Two or more companies that form a long-term partnership to support each
other in building competitive market advantages.
Tariffs - ANSWER-Taxes on imports, which raise the price of imported products.
Trade protectionism - ANSWER-Limits the import of goods and services through the use of government
regulations.
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