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Exam 15: International Small Business

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Question 1

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The two major regional trade associations in South America are

A) NAFTA and EU
B) NAFTA and ANCOM
C) ASEAN AND MERCOSUR
D) MERCOSUR and ANCOM

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Question 2

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Opening a factory or a store in another country is the highest level of commitment a small business owner can make to international business.

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Question 3

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The success rate for joint ventures is

How many days can you expect to wait for payment from customers from Greece, Albania, and Lithuania?

The size of a business is not a barrier to entry into international markets; it only limits the number of markets you can serve.

The advantages of more control over the exporting process, greater profit potential, and direct contact with customers arises with which of the following?

In the Chapter 15 Entrepreneurial Snapshot, why did the Wheelers start Lonely Planet?

Stock Supply Systems Inc. is looking to form an informal partnership with a mining company in Vietnam in order to obtain cheaper raw materials for a long-term project. Stock Supply Systems should enter into which type of international agreement?

Japan, Germany, and the United Kingdom top the list of importers of products made in the United States.

There is a proper protocol in Japan and South Korea for presenting a business card.

A foreign licensing agreement is a partnership between two businesses in different countries.

A small business owner who must choose the target country, arrange the most efficient channel of distribution, and market the product is using which of the following?

The major disadvantage of using an intermediary is which of the following?

All but which of the following are choices when using direct exporting?

Wilma has been asked by her boss to manage a new division within the company that is opening in Venezuela. Her boss indicated that she was chosen for the job because of her ability to connect with people from other cultures. Which attribute does Wilma possess?

Foreign affiliates of the U.S. Chamber of Commerce are called:

How many rounds has the General Agreement on Tariffs and Trade (GATT) gone through since its inception in 1947?

In the United States, the average number of days needed to collect accounts receivable is

The agreement that allows one business to sell the rights to use a business process or product to another business in a foreign country is known as

According to the tip-of-the-iceberg concept, only 10 to 15 percent of a region's culture is visible.