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Principles of Business Final Flashcards | StudBud
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Principles of Business Final
Principles of Business Final
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1
What is described as a policy in which there is no government regulation and countries may trade as they please?
Imports
Balance of Trade
Free Trade
Exports
2
Which of the following is NOT a type of foreign aid?
Foreign Assistance
Food Stamps Abroad
Poverty-Focused Development Aid
150 Account
3
Which of the following types of risks is also called currency risk?
High Dependency Risk
Uncontrollable risk
Exchange Rate Risk
Credit/Sale Risk
4
An entrepreneur does NOT do which of the following with the risks of a business or enterprise?
Orgnaizes
Assumes
Manages
Displaces
5
Which of the following defines balance of trade?
Law requiring fair trade amount all countries
Need for all countries to participate in trade equally
Difference between amount exported and amount imported
Prohibition of free trade
6
When describing supply and demand, which defines when a product is demanded in larger quantities than is produced?
Equilibrium
Shortage
Demand
Surplus
7
Which of the following can be defined as the taxes placed on imports.
Quotas
Tariffs
Embargos
Risk
8
What are the two types of major international business risks?
Media Risk and Economic Risk
Cultural Risk and Economic Risk
Socio Economic Risk and Cultural Risk
Economic Risk and Political Risk
9
Which of the following decribes the amount of a good producers are willing and able to sell at various prices
Price
Supply
Cost
Demand
10
Place is also described as which of the following?
Selling Venue
Market Location
Distribution
Establishment
11
Which of the following is the amount of a product a consumer is willing and able to purchase at a given price?
Supply
Cost
Demand
Price
12
Entering into global business in the US includes which of the following advantages?
Company Abroad
Reduced dependence on US Market
Unfavorable return due to exchange rate
Cultural Differences
13
Personal Selling can be part of ____ and involves direct spoken communication between sellers and customers?
Process
Price
Product
Promotion
14
A country possessing unique resources or capabilities to allow the lowest cost of production for a product.
Comparative Advantage
Absolute Advantage
15
Which of the following are materials used in producing goods or providing services?
Economic Utility
Economic Resources
Human Needs
Supply
16
There are how many foundations to marketing?
Seven
Four
Two
Five
17
Which of the following accurately defines a embargo?
Method used to stop the shipment of products to and from certain countries
Fixed limit on the amount of import and export of a product
Packing and shipping regulations for hazardous products
Special tax placed on foreign goods sold in the US
18
Which of the following began at the dawn of civilization?
Service Economy
Information Economy
Industrial Economy
Agricultural Economy
19
Which of the following attributes is a future employer NOT looking for in an international employee?
Independence
Adaptability
Inflexibility
Responsibility
20
Which of the following literally means "Few Sellers"
Oligopoly
Pure Competition
Pure Monopoly
Monopolistic Competition
21
The comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out?
Balance of Payments
Balance Trade
Foreign Exchange Rate
Payment Exchange Rate
22
Anti-trust laws may also be known as which of the following?
Fair Trade Laws
Pirating Laws
Competition Laws
Collective Bargaining Laws
23
Counstitutes economic production rising then falling in a long cycle of expansion and contraction?
Trade Alliance and Agreements
International Trade
Business Cycle
Event Cycle
24
Competition does NOT encourage comanies to do which of the following?
Decrease Advertising
Improve products
Reduce Prices
Target different markets
25
Which of the following is a characteristic of an entrepreneur?
Self-Depression
Fear
Pessimism
Risk Taking
26
Little to no freedom in selecting a career and workplace is a characteristic in which economic system?
Communism
Capitalism
Fascism
Socialism
27
Which of the following types of risk occurs when there is a possibility of loss, but no change of gain?
Pure Risk
Economic Risk
Uncontrollable Risk
Speculative Risk
28
The theories, principles, and models which deal with production, distribution, and consumption of goods and services
Economics
Demand
Supply
Price
29
What is another name for the private enterprise system?
Communism
Capitalism
Fascism
Socialism
30
The economy affects how a country _____ economic resources.
All of the above
Controls
Produces
Distributes
31
Which of the following is NOT one of the sevel pillars of marketing?
Selling
Distribution
Economics
Financing
32
Which of the following is NOT an economic risk?
Credit/Sale Risk
High Dependency Risk
Exchange Rate Risk
Piracy Risk
33
A tariff which is a percentage of the value of the import is known as _____.
De Facto
Ad Valorem
Merit
Specific
34
Which of the following is NOT a type of trade barrier?
Tariff
Quota
License
Hold
35
A similar group of customers a company wants to attract is known as which of the following?
Specific Market
Marketing Mix
Target Market
Mass Market
36
The amount of product available to the market is known as which of the following?
Demand
Interest
Resources
Supply
37
Agreement where one company makes an asset available to another in exchange for compensation
Copyrighting
Licensing
Linking
Investing
38
Which of the following describes the business action of two or more companies strivint to gain customers?
Communism
Monopoly
Capitalism
Competition
39
Which of the following can create a price war?
Price Competition
Non-Price Competition
40
Which of the following is NOT a political Risk?
Exchange Rate Risk
Government Indiscretion
Piracy
Kidnapping
41
Which of the following enhances value by having a product or service available to consumers during a certain time?
Information Utility
Time Utility
Place Utility
Posession Utility
42
Investment is an example of which of the following risk?
Political Risk
Exchange Rate Risk
Speculative Risk
Credit/Scale Risk
43
Which of the following is the way a society produces goods and services?
Laissez Faire
Socialism
Economic Systems
Marxism
44
Which of the following is the formula for determining a country's balance of trade?
Total Exports + Total Imports
Total Exports - Total Imports
Total Exports/Total Imports
Total Exports X Total Imports
45
Fascism is based on which of the following?
Idealistic Goals
Economic Equality
Discrimination
Freedom of Religion
46
Which of the following is NOT a branch of democratic governments?
Affirmative Branch
Legislative Branch
Judicial Branch
Executive Branch
47
Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender?
Types of competition
Supply and Demand
Consumer Spending
Interest Rate
48
What occurs when one country refuses to buy goods from another country?
Quota
Ad Valorem
Boycott
Dumping
49
What are items transported into a country from a foreign country?
Exports
Embargos
Imports
Subsidies
50
Which of the following terms describes the amount of goods and services produced by a country each year?
Globalization
Purchasing Power Parity
Diplomacy
Gross Domestic Product
51
Which of the following is NOT one of the three freedoms individuals have in a private enterprise system?
Choose a carrer or workplace
Importand export of goods and services
Produce and sell goods and services
Buy goods and services
52
A private enterprise system permits which of the following to make economic decisions?
The Republic
Individuals
Government
States
53
If the price hamburgers rise, but the price of hot dogs remains the same, which are suppliers more likely to supply?
Hamburgers
Hot Dogs
54
The ability to speak two or more languages is which of the following terms?
Multi-Dialect
Dual Language
Bilinguilism
Language Aptitude
55
Which of the following statements does NOT describe a risk?
It is the same as uncertainty
It is unknown
It involves the possibility of loss or damage
It is considered an indicator of a threat
56
Which of the following are used to maintain and manipulate prices?
Subsidies
Embargos
Quota
Tariffs
57
The issue of suffrage is focused on which of the following questions.
Who carriers out what task?
Who has the right to vote?
Who decides what?
Which laws and principles are fundamental?
58
An Ad Valorem would be considered which of the following?
License
Embargo
Tariff
Quota
59
Which of the following terms means Single Buyer?
Communism
Free Enterprise
Socialism
Monopsony
60
How often does the foreign exchange take place?
Every Other Day
Twice a Month
Every Day
Once a Week
61
Which of the following accurately defines a tariff?
Method used to stop the shipment of products to and from certain countries
Fixed limit on the amount of import and export of a product
Packing and shipping regulations for hazardous products
Special tax placed on foreign goods sold in the US
62
Which of the following statements defines licensing?
Agreement between 2 companies to work on a business project
Agreement for 2 companies to do business together while remaining indep.
Transfer of rights of operation of an entire business
Transfer of rights and permissions to produce & sell a product
63
Which of the following accurately defines quote?
Fixed limit on the amount of imports or exports of a product
Packing and shipping regulations for hazardous products
Special tax placed on foreign goods sold in the US
Method used to stop the shipment of certain products to or from countries
64
Type of utility that enhances value by creating more useful or desirable products out of raw materials ir seperate parts
Possession
Form
Time
Information
65
The ability to compete and participate in the global market is which of the following terms?
Global Industry
Global Business
Global Communication
Global Linkage
66
Which of the following is NOT true of working abroad?
Develop an appreciation for a new culture
Network few foreign contact
Travel exotic places
Learn new language
67
Decisions about which of the following are associated with promotion?
Personal Selling
Product Design
Target Market
Store Location
68
What are the four marketing strategies businesses use to determine customer needs?
Product, Price, Place, Process
Product, Price, Place, Promotion
Product, Process, Place, Promotion
Price, Place, Promotion, Process
69
Which of the following took over America in the late 1900's?
Agriculural Economy
Information Economy
Service Economy
Industrial Economy
70
Rules which states at some point adding more factors to a production process will not improve returns.
Place Utility
Law of Diminishing Returns
Specialization
Factors of production
71
About how much of the total federal budget does foreign aid account for?
10%
1%
5%
15%
72
Which of the following is a factor determining the level of economic development in a country?
Degree of Government Control
Availability of Resources
Number of Freedoms Allowed
All of the above
73
What are the "Seven Pillars of Marketing" important to marketing strategies?
Help overcome separations and discrepancies between producers & consumers
1st Step to effective market segmentation
Helps companies focus on specific consumers
Need satisfying offerings from companies
74
Which of the following is NOT one of the three main types of economic systems?
Traditional
Strong Arm
Market
Command
75
How is profit calculated?
Total Demand plus total supply
Total Costs munus total revenue
Total Revenue minus total costs
Total supply plus total demand
76
Which of the following is not true of studying abroad?
Students can pursue education abroad
Students can learn a new language
Bigger potential for international employment
Local job opportunities become nonexistent
