International Business Semester 1 Exam
Terms in this set (104)
The accepted behaviors, customs, and values of a society is a ______________________
___________________ is the most attractive alternative given up when a choice is made
Global business, international trade, and foreign trade are other terms for __________________
___________________ is created when items that consumers need and want are created in other countries
The idea that you carry your beliefs, values, and assumptions with you at all times is called ___________________
___________________ is the relationship between the amount of a good or service that businesses are willing and able to make available and the price
Restrictions that reduce free trade among countries are known as __________________
Most developed countries have societies organized around this type of family, ___________________
____________ refers to how direct or indirect communication is between parties
The belief in the individual and his or her ability to function relatively independently is known as ________________.
Products bought from businesses in other countries are ___________________
The point at which supply and demand cross is ____________________
Interacting with a person from another culture is called ________________
Cross Cultural Awareness
LDC means _________________
Less Developed Country
Referring to a nation's transportation, communication, and utilities systems, this factor supports international trade in industrialized countries _____________________
This exists when a country can produce a good or service at a lower cost than other countries _______________
The making, buying, and selling goods and services within a country is known as _______________________
A group that consists of parents, children, aunts and uncles, and grandparents all living together is called ___________________
The belief that the group is more important than the individual is known as ____________________
Measures the total value of all goods and services produced by the country ______________________
Gross National Product
_______________________ attempts to create a long-term, mutually beneficial buyer-seller relationship
______________________ consist of individuals and households who are the final users of goods and services
___________________ is the orderly collection and analysis of data that is used to obtain information about a specific marketing concern
The amount added to the cost of a product to determine the selling price which includes operating costs and profit on the item is called__________________
Communication from the audience back to the sender is known as ___________________
Large-scale surveys that collect numeric data are known as ___________________
___________________ sets a relatively high introductory price
The four major elements of _______________________are product, price, distribution, and promotion
A directed discussion with 8 - 12 people is known as ___________________
___________________ is any form of paid, non-personal sales communications
A very low-priced item used to attract customers to a store, is with the hope that shoppers will make other purchases while shopping for the low-priced item ____________________
The use of promotions that are customized for various target markets is known as __________________
A business that buys large quantities of an item and resells them to a retailer ________________________
Involves data collection by watching and recording shopping behaviors __________________________
Marketing efforts directed at the final user of an item _________
This verifies the country to which the goods are being shipped ________________
Destination Control Statement
The use of one promotional approach in all geographic regions is called ________________
Also called commercial markets and business to business marketing, this consists of buyers who purchase items for resale or additional production _____________
Information that has already been collected and published is called _______________
Experimental research study that measures the likely success of a new good or service is called _______________
Also called code law, is a complete set of rules enacted as a single as a single written system or code.
A legal system that relies on the accumulation of decisions made in prior cases.
Laws that have been enacted by a body of lawmakers.
A broad legal term referring to almost every kind of responsibility, duty, or obligation.
The specific responsibility that both manufacturers and sellers have for the safety of their products.
The failure of a responsible party to follow standards of due care.
Imposes responsibility on a manufacturer or seller for intentionally or unintentionally causing injury to another.
Includes everything that can be owned
Land or whatever is built on or attached to that land.
Property that is tangible but does not have a permanent location.
Property based on ideas, (patients, trademarks, copyrights, etc.). the technical knowledge or creative work that an individual or company has developed.
The exclusive rights to possess and use property and its profits to exclude everyone else from interfering with it, and to dispose of it in any legal way.
The grant of an exclusive right of an inventor to make, sell, and use a product or process.
A distinctive name, symbol, work, picture, or combination of these that is used by a business to identify its services or products.
A legal right that protects the original works of authors, music composers, playwrights, artists, and publishers.
A legally enforceable agreement between two or more persons either to do or not to do a certain thing or things.
One that is not explicitly agreed to by the parties but is inferred either from the parties' conduct or from the law.
One whose terms are openly declared, either orally or in writing.
Anything people will accept for exchange of goods and services
The process of converting the currency of one country into the currency of another.
The amount of currency of one country that can be traded for one unit of the currency of another.
The cost of using someone else's money.
A currency that is not easy to exchange for other currencies
A monetary unit that is freely converted into other currencies
A system in which currency values are based on supply and demand
Floating Exchange Rate
The market of Banks and other financial institutions that buy and sell different currencies
Foreign Exchange Market
A contract a person or company buys that allows the buyer the option to purchase a foreign currency sometime in the future at today's rate
Government restrictions to regulate the around and value of a nation's currency
A bank whose major function is to provide economic assistance to less developed countries
An agency that helps to promote economic cooperation by maintaining an orderly system of world trade and exchange rates
International Monetary Fund
A financial document issued by a bank for an importer in which the bank guarantees payment
Letter of credit
Describe the time required for payment and other condition of a sale on account
Buying or selling an account
An amound due from a customer to a company that sells on credit
An amound owed to a supplier
A document that states a promise to pay a set amound by a certain date
A written order by an exporter to an importer to make a payment
Bill of Exchange
Moving payments through banking computer systems
Electronic Funds Transfer
Prepared by the exporter, provides a description of the merchandise and the terms of the sale.
Explains the amount of insurance coverage for fire, theft, water, or other damage that may occur to goods in a shipment
A dispute resolution method that makes use of neutral third party
Method of Conflict resolution that uses a neutral third party to make a binding decision
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
Several Parties (Individuals or organizations) take legal action as a group
Class Action Suit
Court that settles disputes between nations when both nations request that it do so and also advises the U.N. on matters of International Law.
International Court of Justice
______________________ is a business that is owned by one person
___________________ means that the selling price includes the cost of goods and freight, but the buyer must pay for insurance separately
Free on Board Shipping
A document that details the marketing activities of an organization is known as a ________________________
The difference between money taken in and payment for expenses is called__________________
A company that arranges to ship goods to customers, like a travel agent for cargo is known as a ___________________
Business expenses that change in proportion to the level of production are known as ___________________
___________________ is a share of the company's profits
The difference between a country's imports and exports is called __________________
Balance of Trade
The number of units a business must sell to make a profit of zero is known as ___________________
A business that operates as a legal entity separate from any of the owners is known as _________________
When a country exports more goods and services than the country is importing it is called _________________
The difference between the cost of an item for a business and the price for which the business can sell that item is called ________________________
Selling the rights to use some intangible property (production process, trademark, or brand name) for a fee or royalty is known as __________________________________
The exchange of goods and services between two parties with no money involved is called ________________
A document that summarizes a company's revenue from sales and its expenses over a period of time, usually one year is known as ___________________
The right to use a company name or business process in a specific way is known as __________________________
Government employee authorized to collect the duties levied on imports is known as ___________________
The business funds obtained from the owners of the business is called _____________________
An agreement between two or more companies from different countries to share a business project is called _______________________