| A | B |
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| What is international business important? | All business activities needed to create, ship, and sell goods and services across national borders. |
| What are the components of the international business environment? | Geography- Climate, terrain, natural resources, agricultural products; Economic conditions-Type of Economic system, Level of education, Types of industries, and Technology; Cultural and Social Factors – Language, Education, Religion, Values and Social relationships; Political and Legal Factors-Type of government Political stability, Government policies toward business. |
| 3. What are the fundamentals of International Trade? | Imports, Exports, Trade Barriers-Protectionism, tariff, quota, Embargo |
| Identify the types/forms of business? Sole Proprietorship, Partnership, and Corporation | Sole Proprietorship, Partnership, and Corporation |
| What is the role of business in the U.S. economy? Employment for millions of people; Compensate owners and investors; Pay taxes to federal, state, and local governments. | ? Employment for millions of people; Compensate owners and investors; Pay taxes to federal, state, and local governments. |
| Name the four Managerial Structures? | Organizational chart, Line authority, Centralized organizations, decentralized organization. |
| What are the principles in designing an effective organization? | Responsibility, Authority, Accountability, Unity of Command, Span of Control. |
| What are the four steps for budget preparation? | Prepare a list of income and expenses, Gather accurate information for each income and expense, Create the budget by calculating each type of income, expense, and amount of net income or loss, Show and explain the budget to people who need financial information to make decisions. |
| What are three types of business budgets? Start-up Budget, Operating budget, and Cash budget. | Start-up Budget, Operating budget, and Cash budget. |
| What are the four phases of the Business Cycle? Prosperity, Recession, Depression, and Recovery. | Prosperity, Recession, Depression, and Recovery. |
| What are economic measurements in a changing world? Gross Domestic Product, Unemployment Rate, Rate of Inflation, Standard of Living, Deflation, and National Debt | Gross Domestic Product, Unemployment Rate, Rate of Inflation, Standard of Living, Deflation, and National Debt |
| Distinguish between domestic business and international business. International business opens new markets, creates more jobs, and improves political relationships. Domestic business is making, buying, and selling goods and services within a country. | International business opens new markets, creates more jobs, and improves political relationships. Domestic business is making, buying, and selling goods and services within a country. |
| What are the four parts of the international business environment? Geography, cultural and social factors, economic conditions, and political and legal factors. | 1. Geography, cultural and social factors, economic conditions, and political and legal factors. |
| Explain the difference between needs and wants. | Needs are required in order to live (food, water, clean air, clothing, and shelter. Wants are things that add comfort and pleasure to your life. |
| Distinguish between goods and services. Goods are things that you can see and touch (tangible). Services are activities that are consumed at the same time they are produced (intangible. | Services are activities that are consumed at the same time they are produced (intangible. |
| What is manufacturing. Manufacturing combines raw materials and processed goods into finished products. | Manufacturing combines raw materials and processed goods into finished products. |
| What is channel of distribution. The route a product follows and the businesses involved in moving a product from the producer to the final consumer. | . The route a product follows and the businesses involved in moving a product from the producer to the final consumer. |
