International Business Test

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International Business Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

_____ is a member driven rule-based organisation in the sense that all the decisions are taken by the member governments on the basis of a general consensus.

A
IMF

B
GATT

C
World Bank

D
WTO
Question 2
1 / -0

Which of the following body is not related to the WTO?

A
Dispute Settlement Body

B
Trade Policy Review Body

C
Council of trade in goods

D
Exchange Rate Management Body
Question 3
1 / -0

Identify the function(s) of WTO.

A
WTO acts as a dispute settlement body.

B
Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

C
Laying down a commonly accepted code of conduct.

D
All of the above
Question 4
1 / -0

Under the WTO agreements, countries cannot normally discriminate between their trading partners. This clause is popularly known as ____________.

A
Host treatment

B
Predictability

C
Most-Favoured-Nation (MFN)

D
Doha Development Agenda
Question 5
1 / -0

Which of the following statements is not true about the WTO?

A
WTO is a permanent organisation.

B
Uruguay round gave the birth to the WTO.

C
Ministerial Conference is the highest policy making body of the WTO.

D
WTO was officially constituted on 1 January 1991.
Question 6
1 / -0

_____ makes it possible to execute large projects requiring huge capital outlays and manpower.

A
Wholly Owned Subsidiaries

B
Franchising

C
Joint venture

D
Contract manufacturing

Solution

Since the joint venture is not a legal entity, it does not enter into contracts, hire employees, or have its own tax liabilities. These activities and obligations are handled through the co-venturers directly and are governed by contract.
Question 7
1 / -0

________ can also be described as any form of association which implies collaboration for more than a transitory period.

A
Joint venture

B
Licensing

C
Contract Manufacturing

D
Wholly Owned Subsidiaries

Solution

A joint venture is a business entity created by two or more parties, generally characterised by shared ownership, shared returns and risks, and shared governance.
Question 8
1 / -0

Identify the limitation(s) of Contract Manufacturing.

A
There is no way hiring company can force the manufacturer not to enter into a contract with a competitor.

B
The hiring company is also likely to lose intellectual property rights to the design idea.

C
The hiring company may end up not having the products when needed.

D
All of the above

Solution

Limitations of Contract Manufacturing : The local firms producing under such kind of agreement are not free to sell the contracted output to anywhere and anybody else.Local manufacturers has no control over manufacturing process because the goods are produced as the per the guidelines given under the contract.
Question 9
1 / -0

______ is used to establish the origin of the product and is issued by the Chamber of Commerce of the Exporters country.

A
Certificate of Origin

B
Bill of exchange

C
Bill of Lading

D
Airway bill

Solution

Description
A certificate of origin is a document used in international trade. In a printed form or as an electronic document, it is completed by the exporter and certified by a recognized issuing body, attesting that the goods in a particular export shipment have been produced, manufactured or processed in a particular country.
Question 10
1 / -0

Exposure to foreign investment risks is nil or much lower in foreign trade. This is because of which of the following advantages of exporting/importing?

A
It is less complex an activity.

B
Exporting/importing does not require much of investment in foreign countries.

C
Firms do not directly deal with overseas customers.

D
All of the above

Solution

Foreign investments add diversity but there are risks. Investing in foreign countries is a relatively new option for individual investors. Luckily, the advent of internationally focused mutual funds and exchange-traded funds (ETFs) has made it easier.

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Re-Attempt Weekly Quiz Competition

International Business Test - 7

Result

International Business Test - 7

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Rank

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SHARING IS CARING

Question 1

IMF

GATT

World Bank

WTO

Question 2

Dispute Settlement Body

Trade Policy Review Body

Council of trade in goods

Exchange Rate Management Body

Question 3

WTO acts as a dispute settlement body.

Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

Laying down a commonly accepted code of conduct.

All of the above

Question 4

Host treatment

Predictability

Most-Favoured-Nation (MFN)

Doha Development Agenda

Question 5

WTO is a permanent organisation.

Uruguay round gave the birth to the WTO.

Ministerial Conference is the highest policy making body of the WTO.

WTO was officially constituted on 1 January 1991.

Question 6

Wholly Owned Subsidiaries

Franchising

Joint venture

Contract manufacturing

Solution

Question 7

Joint venture

Licensing

Contract Manufacturing

Wholly Owned Subsidiaries

Solution

Question 8

There is no way hiring company can force the manufacturer not to enter into a contract with a competitor.

The hiring company is also likely to lose intellectual property rights to the design idea.

The hiring company may end up not having the products when needed.

All of the above

Solution

Question 9

Certificate of Origin

Bill of exchange

Bill of Lading

Airway bill

Solution

Description

Question 10

It is less complex an activity.

Exporting/importing does not require much of investment in foreign countries.

Firms do not directly deal with overseas customers.

All of the above

Solution

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