Chapter 4/5 True and False World Trade
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| It is fair to say that a strong small business sector is the backbone of the private enterprise system. | show 🗑
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| show | False
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| In the United States, the number of small businesses is declining. | show 🗑
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| show | True
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| show | False
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| show | False
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| Small businesses are more likely to hire women and military veterans returning to the workforce than are larger businesses. | show 🗑
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| show | True
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| A well-established franchise is cheaper to open than an independent small business. | show 🗑
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| show | False
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| show | True
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| show | True
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| One franchise unit can suffer from the actions or poor performance of other units of the same franchise. | show 🗑
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| Franchising offers entrepreneurs greater independence and flexibility than other types of small businesses. | show 🗑
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| show | True
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| show | False
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| Like sole proprietorships, partnerships are easy to form and dissolve | show 🗑
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| show | True
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| Corporations face double taxation. | show 🗑
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| show | True
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| Top managers are responsible for the day-to-day operational functions of the firm | show 🗑
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| States often require at least one incorporator. | show 🗑
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| show | True
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| show | False
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| show | True
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| Most businesses in the United States are small businesses. | show 🗑
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| The quickest and simplest form of business ownership to start is the sole proprietorship. | show 🗑
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| The government usually offers small businesses the option of foregoing the paperwork required of larger businesses. | show 🗑
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| Partnerships often prove difficult to form. | show 🗑
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| In a partnership, the death of one partner does not affect the business in any way. | show 🗑
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| Many small business owners get added help in lowering costs by involving family members who often contribute without being paid. | show 🗑
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| show | False
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| A franchise owner typically can generate profits faster than an independent business owner can. | show 🗑
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| show | False
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| show | False
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| The SBA will lend money to anyone with a really good idea. | show 🗑
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| show | False
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| Poor management is a frequently cited reason for small business failure. | show 🗑
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| An organization that is operated collectively by its owners is a cooperative. | show 🗑
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| An organization that is operated collectively by its owners is a cooperative. | show 🗑
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| Fewer than 20% of businesses in the United States qualify as small businesses. | show 🗑
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| Small Business Investment Company (SBIC) is an investment group that funds small businesses under an SBA license. | show 🗑
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| The number of minority-and women-owned businesses is decreasing. | show 🗑
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| An important disadvantage of sole proprietorships is lack of continuity. | show 🗑
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| show | True
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| show | True
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| Foreign trade makes up a large portion of American’s business activity | show 🗑
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| The U.S. mainly trades with Western Europe over other areas of the world. | show 🗑
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| Trading with other countries increases a company’s dependence on economic conditions in its home market. | show 🗑
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| Trading with other countries spreads out risk for multinational firms. | show 🗑
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| A positive balance of trade is referred to as a balance surplus | show 🗑
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| An unfavorable balance of trade results in a trade deficit. | show 🗑
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| show | False
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| show | False
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| The overall flow of money into or out of a country comprises that country’s balance of trade. | show 🗑
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| show | False
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| show | True
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| The European Union (EU) is composed of only western European countries in order to avoid trading or job-related conflicts. | show 🗑
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| The General Agreement on Tariffs and Trade (GATT) has been succeeded by the World Trade Organization (WTO). | show 🗑
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| show | True
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| show | False
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| country’s level of risk falls as its level of involvement in global business increases. | show 🗑
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| show | True
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| Franchising works well for companies working to expand into international markets. | show 🗑
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| While it is not generally considered a way of initiating business internationally, offshoring, or the relocation of business processes to a lower-cost location overseas, has become widespread practice | show 🗑
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| show | False
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| In a global business strategy, a business will adjust how they sell a particular product for each country. | show 🗑
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| When a unique product and/or marketing strategy is designed for each foreign market, a multidomestic business strategy is in use. | show 🗑
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| show | True
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| Regardless of global business strategies, companies need to be aware of cultural and business customs in the countries in which they do business and of whether certain behaviors are accepted. | show 🗑
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| The United States is the world’s largest importer. | show 🗑
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| Foreign trade is less critical to the United States than to countries such as Mexico. | show 🗑
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| show | False
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| When a nation’s imports exceeds its exports, it is said to have a favorable balance of trade. | show 🗑
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| show | True
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| Dumping refers to a practice of countries carrying their waste products out to sea beyond their international boundary and disposing of them in the ocean. | show 🗑
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| show | True
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| The European Union is a common market. | show 🗑
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| A tariff produces revenue for the government of the importing country. | show 🗑
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| A complete ban on certain products is called a tariff. | show 🗑
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| In a free-trade area, the participants have no tariffs or trade restrictions. | show 🗑
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| show | False
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| Exchange control is the regulation of foreign trade through a central bank or government agency. | show 🗑
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| show | False
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| The International Monetary Fund was created to promote trade through financial cooperation. | show 🗑
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| The International Monetary Fund was established to make long-term loans to countries requiring assistance in conducting trade. | show 🗑
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| The International Monetary Fund was established to make long-term loans to countries requiring assistance in conducting trade. | show 🗑
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| show | True
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| show | False
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| country’s size, per-capita income, and stage of economic development are among the economic factors to consider when evaluating it as a candidate for an international business venture. | show 🗑
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