International Business

Chapter 4: Importing, Exporting, and International Trade

Practice Tests

1.
International trade consists of all business activities conducted between individuals, companies, and governments from
A)different states.
B)different countries.
C)different businesses.
D)England.
2.
What is the term used to describe goods and services sold to another country?
A)exports
B)imports
C)items
D)none of the above
3.
If you buy an MP3 player directly from a Japanese company, what are you doing with that product?
A)exporting it
B)trading it
C)importing it
D)all of the above
4.
What is a service?
A)a person in the military
B)an intangible benefit or task provided by a business to its customers
C)an item sold by a business to a customer
D)none of the above
5.
Which is an example of a service?
A)consultations
B)banking
C)insurance programs
D)all of the above
6.
The importing process consists of five steps, the first of which is
A)identify a need.
B)search for a supplier.
C)receive the goods.
D)confirm the purchase.
7.
Which of the following would be considered a good middleman?
A)a manufacturer of goods
B)a distributor of goods
C)a retailer of goods
D)a consumer
8.
The first of five steps in the exporting process is
A)assess demand.
B)finalize a purchase agreement.
C)deliver the goods.
D)weigh the shipment.
9.
What does CIF in a purchase agreement refer to?
A)customs duty, insurance, and freight
B)customs duty, insurance, and forwarding
C)cost, insurance, and freight
D)all of the above
10.
A complete ban on the import or export of products to a particular country is known as
A)a tariff.
B)an embargo.
C)a quota.
D)a service.
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