Intro to Business - Chapter 5

Question 1

_ is the connection made among nations when economies freely move goods/money across border

Accepted Answer

Globalization

Question 2

A partnership of 2+ companies that work together for a specific business purpose is called a _.

Accepted Answer

joint venture

Question 3

In return for a franchise fee and royalties-the _ provides standards and procedures to the comp

Accepted Answer

franchisor

Question 4

_ is when a business sells the right to manufacture its products or use its trademark.

Accepted Answer

Licensing

Question 5

Currency with an exchange rate set by the market forces of supply/demand in the foreign market

Accepted Answer

floating currency

Question 6

_ is the process of sending and receiving messages between people of various cultures.

Accepted Answer

Intercultural communication

Question 7

Total amount of money that comes in to a country, minus the total amount of money that goes out

Accepted Answer

balance of payments

Question 8

A _ is a limit on the amount of a product imported into a country during a specific time period

Accepted Answer

quota

Question 9

A _ is a body of laws related to the exchange of goods and services for international trade.

Accepted Answer

trade policy

Question 10

The difference between a nation's exports and its imports.

Accepted Answer

balance of trade

Question 11

Planning and managing the flow of goods, services, and people to a destination is _.

Accepted Answer

logistics

Question 12

When a country specializes in producing a product at which it is relatively more efficient.

Accepted Answer

comparative advantage

Question 13

A _ is a group of countries that join together to trade as if they are a single country.

Accepted Answer

trade bloc

Question 14

Goods and services that are produced within a country's borders and sold in another country.

Accepted Answer

exports

Question 15

An international _ allows a company to enter a foreign market without assuming all the risk.

Accepted Answer

joint venture

Question 16

A business that operates in more than one country is called a _

Accepted Answer

multinational corporation

Question 17

Parent company that owns a chain and the brand.

Accepted Answer

franchisor

Question 18

The cost to convert one currency into another.

Accepted Answer

foreign exchange rate

Question 19

A(n) _ a group of countries that have reduced or eliminated trade barriers among themselves.

Accepted Answer

free-trade zone

Question 20

Person or company that buys the rights to use a brand.

Accepted Answer

franchisee

Question 21

When a country can produce goods more efficiently and at a lower cost than another country.

Accepted Answer

absolute advantage

Question 22

A government tax on imported goods.

Accepted Answer

tariff

Question 23

All the business activity involved in making, buying, & selling product within a nations border

Accepted Answer

domestic business

Question 24

Shared beliefs, customs, practices, and social behavior of a particular group or nation

Accepted Answer

culture

Question 25

A government may impose a _ on imported goods to protect domestic businesses.

Accepted Answer

tariff

Question 26

The document listing the conditions & terms for importing/exporting products between countries

Accepted Answer

trade agreement

Question 27

Having people from different backgrounds, cultures, or demographics coming together in a group.

Accepted Answer

diversity

Question 28

The goods and services produced within a country's borders and sold in another country are _.

Accepted Answer

exports

Question 29

The _ is the difference between a nation's exports and its imports.

Accepted Answer

Balance of trade

Question 30

A _ is any government action taken to control or limit the amount of imports.

Accepted Answer

trade barrier

Question 31

The shared beliefs, customs, practices, & social behavior of a particular group or nation is _

Accepted Answer

culture

Question 32

An embargo that affects only certain goods.

Accepted Answer

trade sanction

Question 33

Negative balance of trade.

Accepted Answer

trade deficit

Question 34

The business activity involved in making/buying/selling product within a nation's borders is _

Accepted Answer

domestic business

Question 35

_ is the use of English by people with a different native language.

Accepted Answer

English as a second language

Intro to Business - Chapter 5

Questions 35

Intro to Business - Chapter 5

Questions 35