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BBB4M1 Exam Review Questions and Answers Latest Update
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BBB4M1 Exam Review Questions andAnswers Latest Update
Domestic Market - Answer-A business that makes most of its transactions within the
borders of the country in which it is based
Foreign Market - Answer-The customers of a business who live in a different country
than the one where the business operates
Trading Partner - Answer-An agreement drawn up by two parties that have agreed to
trade certain items or information to each other
Trade - Answer-The action of buying and selling goods and services
Trade Deficit - Answer-The amount of by which the cost of a country's imports exceeds
the value of its exports
Globalization - Answer-A movement of goods, services, technology, investments, ideas
and people throughout the world
Interdependence - Answer-The reliance of two more nations on each other for products
of services
Duty or Tariff - Answer-The most common type of trade barrier which raise the cost of
imports, so that locally manufactured products are less expensive and more appealing
to consumers
Primary industries - Answer-Economy characterized by the extraction of natural raw
resources from the earth or sea
Secondary industries - Answer-Creates a finished, usable product. It manufactures
capital goods and consumer goods
Tertiary industries - Answer-Provide necessary services to consumers and other
businesses
Rationalization - Answer-Any attempt to increase a company's effectiveness of
efficiency including downsizing, cutbacks, layoffs and relocating corporate functions and
activities to countries that have cheaper labour and few or no union problems
Global Sourcing - Answer-Practice of sourcing from the global market for goods and
services across geopolitical boundaries. It aims to exploit global efficiencies in the
delivery
, Importing - Answer-Receiving goods and services from countries for sale
Exporting - Answer-Sending goods and services out of countries for sale
Foreign Subsidiary - Answer-A branch of a company that is run as an independent
entity in a country outside of the one in which the parent company is located
Licensing Agreement - Answer-An agreement that grants permission to a company to
use a product, service, brand name, or patent in exchange for a fee or royalty.
Manufacturing agreements - Answer-A type of licensing agreement that is the right to
manufacture a product
Distribution agreements - Answer-A type of licensing agreement that the rights is to sell
a product
Franchising agreements - Answer-A type of licensing agreement that grants the
ownership of a manufacturing or distribution company to a local franchisee
Joint Venture - Answer-A new company shared ownership is forced by two businesses,
which is usually located in the country where the new company is established
Franchise - Answer-An agreement granted to an individual or group by a company to
use that company's name, service, products, and marketing
Trade Quotas - Answer-A government imposed limit on the amount of product that can
be imported in a certain period of time
- A form of protectionism
- Protects domestic producers
Trade Embargo - Answer-A government imposed ban on trade of a specific product or
with a specific country, often declared to pressure foreign governments to change their
policies
Exchange Rate - Answer-The amount of one country's currency in relation to the
currency of another country
Protectionism - Answer-The theory or practice of shielding domestic industries from
foreign competition, often through trade barriers such as tariffs
North American Free Trade Agreement (NAFTA) - Answer-- Launched in January 1994
between Canada, US and Mexico
- Created world's largest free trade area
- Set rules surrounding movement of goods, services and investments across North
America
- Eliminates tariffs and other trade barriers and promotes fair competition
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