Choose the best answer.

Question

_____ are goods and services brought in from other countries, while _____ are goods and services sent out to other countries.

Purchases; sales

Imports; exports

Exports; imports

Sales; purchases



2) Choose the best answer.

The _____ is the activity of buying and selling goods and services between different countries of the world.

gross domestic product

global transaction

global market

global exchange



3) Choose the best answer.

_____ is the term for the overall economic integration and connection of global economies.

Global market

Gross domestic product

Global exchange

Globalization



4) Choose the best answer.

Which of these is the process of basing company processes or services specifically overseas?

offshoring

importing

exporting

outsourcing



5) Choose the best answer.

Seeing time as a fixed point on a linear timeline is an example of a culture’s _____.

time orientation

time-relative perspective

time dilation

time perspective



6) Choose True or False.

​​​​ Offshoring is a form of outsourcing, but outsourcing is not necessarily always offshoring.

True

False



7) Choose True or False.

Another way to describe globalization is as the slow growth of a global economy.

True

False



8) Choose True or False.

Cultural differences have little impact on business management and trade; ultimately, business principles are consistent across cultures.

False

True



9) Match the statements with the pros and cons.

Locals typically suited to have the most knowledge of how to conduct successful business within their own region.

Variations in culture have a tremendous impact on business management and trade.

Companies can dramatically increase sales, and therefore profit, through overseas expansion.

By participating in international virtual business, companies gain easier access to innovative international technologies.

Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.

Virtual businesses can lower costs by offshoring various services to developing nations.

Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.

Answer 1

Here are the best answers for each question:

1. Imports; exports

2. global market

3. Globalization

4. offshoring

5. time orientation

6. True

7. False

8. False

• Pros:

  • Locals typically suited to have the most knowledge of how to conduct successful business within their own region.
  • Companies can dramatically increase sales, and therefore profit, through overseas expansion.
  • By participating in international virtual business, companies gain easier access to innovative international technologies.
  • Virtual businesses can lower costs by offshoring various services to developing nations.

• Cons:

  • Variations in culture have a tremendous impact on business management and trade.
  • Worker management and business process control become more challenging the more distance is placed between the business headquarters and the international branch.
  • Distinguishing oneself from other businesses generally comes down to product quality, customer service, and reliability.