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Global TEKS Review

What is a boycott? a boycott is an absolute restriction on the import of certain products
What is a non profit organization? created to provide a service and is not concerned with making a profit
What is a corporation? a business that operates as a legal entity separate from any owners
Who is a freight forwarder? a company that arranges to ship goods to customers in other countries
What does it mean to organize by product? a company that is organized based on goods or services it produces
What is a contract? a legally enforceable agreement between two or more persons either to do or not do a certain thing
What is a less - developed country? a country with little economic wealth and an emphasis on agriculture or mining
What is a promissory note? a document that states a promise to pay a set amount by a certain date
What does an organization chart show? a drawing or diagram that shows the structure of an organization or business
Why does global dependency exist? when items that consumers need and want are created in other countries
What is an industry? a group of companies in the same type of business
What is a business plan? a guide used to start and operate a small business and which is used to attract investors or convince
What is litigation? a lawsuit brought about to enforce the rights of a person or an organization or to seek a remedy to the violation of their rights
Who does copyright protect? original works of authors, music composers, playwrights, artists, and publishers
What is a class system? a means of dividing the members of a cultural group into various levels
What is an electronic funds transfer? a method of moving payments through banking computer systems
What is culture shock? a normal reaction to all the differences of another culture
What do you call a tax on imported products? custom duty
What does the International Monetary Fund promote? an agency that helps economic cooperation by maintaining an orderly system of world trade and exchange rates
What is an oligopoly? the situation in which a few large companies control an industry
What does arbitration mean? a method of conflict resolution that uses a neutral third party to make a binding decision
What is demand? relationship between the amount of a good or service that consumers are willing
What is direct exporting? when a company actively seeks and conducts exporting activities
What is economic nationalism? refers to the trend of some countries to establish laws that protect its business from competition from foreign imports
What does economics study? how limited resources are used to satisfy unlimited wants and needs
How do you restrict free trade? by import taxes, trade barriers, and import quotas
What is free-trade? Arrangement between countries that eliminates duties and trade barriers on products traded among
What is a joint venture? An agreement between two or more companies from different countries to share a business project
What is making, buying, and selling goods and services within a country? Domestic business
Who are participative managers? managers who decentralize power and share it with employees
What do front-line managers do? managers who oversee the day-to-day operations in specific departments
What are imports? products bought from businesses in other countries
What is culture? the accepted, behaviors, customs, and values, of a society
What is a foreign debt? the amount a country owes to other countries
What is the belief that one's culture is better than other? Ethnocentrism
What is marketing? the business activities necessary to get goods and services from the producer to the consumer
What is host country? the country in which a multinational company is a guest
The difference between a country's exports and imports is known as? balance of trade
What is gross profit? the difference between the cost of an item fora business and the price for which the business can sell
What is a balance sheet? the document that reports a company's assets, liabilities, and owner's equity
What is an income statement? the document that summarizes a company's revenue from sales and it expenses over a certain period of time
What is the first step in the exporting process? finding potential customers
What is the first step to take in choosing to import a product? determine demand for the product
Who is the CEO? the highest manager within a company is the chief executive officer
What is cultural baggage? the idea that you carry your beliefs, values, and assumptions with you at all times
What is foreign exchange? the process of converting the currency of one country into the currency of another country
The right to use a company name or business process is called? Franchising
What is product liability? the specific responsibility that both manufacturers and sellers have for the safety of their products
Created by: davissn60