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Study Resources (Business Management)

  231. Joint venture agreements generally require a very low level of commitment from all the parties involved. a. True b. False 232. A firm's direct investment in international business involves building a new plant or buying an existing plant in a foreign country to produce its own products, or it may involve.
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  Landing Service   Landing Service is a lawn furniture company that has been around for many years. It is known for its ability to produce furniture more efficiently than any other company in the nation. In truth, no other companies in any other nation come close. Landing Service has shipped many of.
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  31. How has international trade changed since the end of World War II? a. Trade across national borders has decreased since its peak during the early to mid-1900s. b. International trade has increased steadily since this period of time. c. The amount of international trading has remained relatively stable since this time..
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  11. What are the primary responsibilities of the board of directors? What do corporate officers manage? 12. Describe the array of advantages of a corporation. 13. List at least three criteria a corporation must meet for the IRS to grant the business an S-corporation status. 14. How does an S-corporation differ from a.
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  201. Political considerations usually are involved in a country's decision to impose a trade embargo. a. True b. False 202. Exportation of large quantities of a product at a price lower than that of the same product in the home market is called dumping. a. True b. False 203. A restriction on the amount of.
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  51. The United States buys automobiles from Japan and Germany and petroleum products from many OPEC nations. The United States thus engages in a. dumping. b. tariffing. c. importing. d. exporting. e. deficit trading. 52. A small country is just beginning its international trade activities. In so doing, it wants to favorable balance of.
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  180. Preferred stockholders receive dividends before dividends are paid to common stockholders. a. True b. False 181. Most stockholders attend a corporation's annual meeting and vote in person. a. True b. False 182. Corporate officers are elected by the stockholders. a. True b. False 183. Because of limited liability, individuals are more willing to invest in.
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1. How does the SBA define a small business? Approximately what percentage of all businesses in the United States are considered “small”? 2. Why do certain industries tend to be more attractive for the start-up of a small business? 3. Give examples to support the statement, “There must be some motivation to start.
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  191. When the United States recently imported $1,933 billion in merchandise and services and exported $1,555 billion, it had a trade deficit. a. True b. False 192. The United States has enjoyed a trade surplus during the last two decades. a. True b. False 193. The total flow of money into a country minus the.
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  181. China is trying to develop its international trade in electronic components, but it lacks the money to be successful. From whom should China seek assistance? a. The International Monetary Fund b. The Inter-American Development Bank c. The United States d. The Federal Reserve e. The Development Bank for Emerging Economies 182. Countries experiencing balance-of-payments deficits.
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  221. The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent. a. True b. False 222. An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies is called an economic community. a. True b. False 223..
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  161. When a business has plants located in several foreign countries without ties to any specific nation or region, it is called a(n) a. multinational enterprise. b. joint venture. c. exporting business. d. licensing firm. e. none of the above. 162. Strategic alliances and      are very similar. a. trading companies b. most-favored-nation status c. licensing.
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  11. How do trade restrictions typically affect consumers? 12. What is the General Agreement on Tariffs and Trade (GATT)? What is its primary objective? 13. How was the World Trade Organization (WTO) created? Why was it established? 14. What is an economic community? Describe major international economic communities. 15. What are some advantages of.
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  171. XYZ Company wants to explore commercial opportunities in India and needs to consult with a country expert. XYZ Company should consider seeking assistance from the a. Advocacy Center. b. International Trade Administration. c. National Trade Data Bank. d. Trade Promotion Coordinating Committee. e. Export Legal Assistance Network. 172. The World Bank is an.
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  61. A favorable balance of payments means that a. exports exceed imports. b. imports exceed exports. c. payments exceed trade. d. exports and other payments exceed imports and other receipts. e. total receipts exceed total payments. 62. Balance of payments is a      concept than balance of trade. a. more difficult b. less difficult c. nearly.
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  16. What is the difference between a joint venture and a syndicate? 17. Define “growth from within” in regard to a corporation. Is it generally a suggested path for corporations? 18. In your own words, explain the differences among a horizontal merger, a vertical merger, and a conglomerate merger. 19. Describe the merger.
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  170. Because there are two or more people in a general partnership, bankers, suppliers, and other creditors are not concerned about unlimited liability. a. True b. False 171. As with a sole proprietorship, one disadvantage of a partnership is a lack of continuity. a. True b. False 172. A corporation is an artificial person created.
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  121. The primary objective of the World Trade Organization is to a. help underdeveloped nations increase their standard of living. b. achieve world peace. c. remove barriers to trade worldwide. d. enforce worldwide political and trade regulations. e. promote the invention of new technologies. 122. Suppose Brazil, Argentina, Columbia, Peru, and Chile decide to.
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  140. When many banks join together to lend money to developing countries such as Bangladesh and Malaysia, they seek to spread out the risk of default. This is called a. a not-for-profit organization. b. a cooperative. c. diversification. d. a quasi-government corporation. e. a syndicate. 141. Which of the following statements is false? a. The.
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1. Describe the ownership, operation, and size of a sole proprietorship. 2. Why is a sole proprietorship the most flexible type of business? 3. Why is the concept of unlimited liability a concern for the sole proprietor? 4. How do management tasks differ for a general partner and a limited partner? 5. What types.
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  101. Howard believes that there should be no trade restrictions for any reason. What effect would Howard say that trade restrictions have on prices? a. He would argue that by encouraging competition with trade restrictions, prices are likely to decrease. b. He would argue that restrictions would cause greater competition and.
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  30. Karen Howard loves to cook and receives unqualified praise whenever she prepares a meal for someone. Encouraged by these compliments and eager to put her culinary talents to good use, Karen decides to open a small neighborhood restaurant. Since she plans to maintain complete control of the business, she will.
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  50. For health-related companies such as Weight Watchers, one of the most frequent ethical issues related to communications that they face is a. deception. b. providing too much information. c. seeking FDA approval. d. experiments on animals. e. safe packaging. 51. What specific area of business communications presents ethical questions by sometimes containing false.
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  120. Judy Barnes, Betty Turley, and Bob Turner want to obtain limited liability for their business, but they want to avoid double taxation. Which type of business ownership would you recommend? a. Regular corporation b. General partnership c. Sole proprietorship d. S-corporation e. Not-for-profit corporation 121. Which of the following is a requirement.
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  90. Sears Holding Corporation is incorporated in Delaware, but when it operates in Illinois and Texas, it is considered a(n)                corporation in those states. a. domestic b. foreign c. alien d. small e. mid-sized 91. Mercedes-Benz, which is chartered as a corporation in Germany but conducts much of its business in the United States,.
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  160. A general partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the transaction that created the debt. a. True b. False 161. Since someone must be responsible for a partnership's debts, a limited partnership must have at least one general partner. a. True b..
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  80. Shares of Burger House stock cannot be purchased on any stock exchange or by just any individual. This means that Burger House is a(n) a. alien corporation. b. partnership. c. open corporation. d. family corporation. e. closed corporation. 81. Anyone with the money can purchase shares of Coca-Cola's stock. This makes Coca-Cola.
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  110. When Alyssa decides that she no longer wants her Radio Shack stock, she will discover that a related benefit of a corporation is a. the ease of transfer of ownership. b. its perpetual life. c. limited liability. d. specialized management. e. avoiding double taxation. 111. Unless specified in the charter, a corporation has.
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  130. A corporation organized to provide a social, educational, religious, or other nonbusiness service is known as a(n) a. authority. b. merger. c. quasi-government corporation. d. S-corporation. e. not-for-profit corporation. 131. The Smithsonian Institution exists to preserve historical and cultural items of value and to share those items with the public; it does not.
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  190. Surplus funds of a not-for-profit organization are distributed to members of the board of directors. a. True b. False 191. All not-for-profit corporations rely solely on volunteers to perform services of the organization. a. True b. False 192. Experts predict that mergers in the first part of the twenty-first century will be the.
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  151. A      is a partnership formed to achieve a specific goal or to operate for a specific period of time. a. trading company b. strategic alliance c. licensing company d. countertrade agreement e. joint venture 152. If Procter & Gamble and Reckitt & Colman, makers of Lysol, form a partnership to develop and distribute.
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  6. What are some of the disadvantages of partnerships? Are the disadvantages enough to dissuade you from forming this type of business ownership? 7. What does it mean when someone says that a corporation is an artificial person created by law? In your answer, describe some things that an artificial person.
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  150. A is a merger between firms operating at different but related levels in the production and marketing of a product. a. conglomerate merger b. cooperative c. joint venture d. vertical merger e. horizontal merger 151. Which of the following is an example of a vertical merger? a. The purchase of TWA by American Airlines b. The purchase of.
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  16. What is a strategic alliance? What is its major advantage? 17. Describe trading companies. What is an important function of trading companies? 18. What are some of the major sources of export assistance from the federal government? 19. What are multilateral development banks? What is their purpose? Who supports these banks? 20. What.
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  78. Many small firms seek to establish a particular niche in the market, realizing that they cannot afford to operate on a larger scale without exposing themselves to considerable risk of retaliation from larger companies. When a number of small businesses are operating in this manner, they are forcing the.
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  70. Quarrels among business associates have become common. The associates quarrel over what products the firm should sell, division of authority, selection of personnel, whether to bring family members into the business, whether to expand, and who is contributing most to the firm's success. Such feuding, which damages business relationships,.
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  40. Stephen decides his business will begin staying open until 7 p.m. instead of 6 p.m. The next day, the shop stays open until 7 p.m. This environment of flexibility to quickly change is characteristic of what form of business organization? a. Corporation b. Partnership c. S-corporation d. Flexible partnership e. Sole proprietorship 41..
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  68. Janis starts a small quilting and embroidery business. She purchases a technologically advanced quilting machine and an embroidery machine for a combined $25,000. Her monthly payments on the equipment are $500, but she has only one client at this time. Janis is facing a potential a. inventory flow problem. b. cash-flow.
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  111. What are the Kennedy Round, the Tokyo Round, the Uruguay Round, and the Doha Round? a. Amendments to the General Agreement on Tariffs and Trade b. Negotiations sponsored by GATT to reduce trade restrictions c. A series of disagreements among the members of GATT d. World Trade Organization meetings to encourage.
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  6. Define tariff. What effect does a tariff have on the price of a product in the country imposing the tariff? Why would a tariff be used? 7. What is dumping? Why do domestic manufacturers obtain antidumping duty through the government? 8. What are nontariff barriers? How do nontariff barriers restrict international.
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  41. Purchasing products or materials in other nations and bringing them into one's own country is a. trading. b. balancing. c. exporting. d. importing. e. dumping. 42. The United Kingdom sells industrial supplies and materials to many nations around the world. The United Kingdom thus engages in a. dumping. b. tariffing. c. importing..
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  Samantha's Dilemma   Samantha graduated from college and needed to decide where she wanted to work. She had several options. Her aunt Julie owned and operated a small business that she started about twenty years ago. Julie, an individual owner of her business, informed Samantha that she could work for her. On.
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  50. A voluntary association of two or more people acting as co-owners of a business is known as a a. partnership. b. corporation. c. sole proprietorship. d. conglomerate. e. syndicate. 51. Most partnerships have      partners. a. two b. three c. four d. five e. more than five 52. Ted's partnership agreement with two other men was a.
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  211. Trade restrictions usually have no immediate or long-term economic consequences. a. True b. False 212. U.S. trade restrictions benefit only a few industries while harming many others. a. True b. False 213. Due to worldwide trade restrictions, international business is declining in volume. a. True b. False 214. Decreases in trade barriers create more choices.
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