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Global TEKS Review
| Question | Answer |
|---|---|
| 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
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