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BBB4M Terms Review Exam Questions with Correct Answers
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BBB4M Terms Review Exam Questions with Correct Answers
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BBB4M Terms Review Exam Questionswith Correct Answers
Absolute Advantage - Answer-The ability of one country to use its resources to make a
product or service more efficiently than other countries.
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.
Bill of landing - Answer-The official document that indicates that a transportation
company accepts goods for shipment.
What does a Bill of landing include? - Answer-1. Describes the items being shipped
2. lists the quantity and weight
3. gives the value of the shipment
4. provides the name, billing address, and shipping address of the buyer
Branch Plant - Answer-A factory owned by a company based in another country. Ex.
Kellogg's head office is in Battle Creek, Michigan, but it has 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 expansion and contractions. Characterized by 4 stages: recession, trough,
expansion, peak
What are the 4 stages of the business cycle? - Answer-1. Recession
2. Trough
3. Expansion
4. Peak
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
Carrier - Answer-A company hired to transport goods
, 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
Collateral - Answer-An asset used to guarantee a loan
Comparative 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
What factors factors can competitive advantage be based on? - Answer-1. technology
2. access to raw materials
3. marketing
4. management
5. quality
6. price
7. productivity
8. warranty
9. service
Containerization - Answer-The use of standardized reusable metal boxes, designed to
fit on top of each other, to store the 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 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
Who identified the 5 cultural dimensions? - Answer-Geert Hofstede, a Dutch
anthropologist who conducted a comprehensive study of how values in the workplace
are influenced by culture.
What are the 5 cultural dimensions? - Answer-1. Low power distance vs. High power
distance
2. Low uncertainty avoidance vs. High uncertainty avoidance
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