Export-Import Management Practice Exam
Course Introduction
Export-Import Management is a comprehensive course that explores the principles, procedures, and documentation involved in international trade operations. Students will learn about the legal, financial, and logistical aspects of exporting and importing goods, including trade regulations, payment methods, risk management, and global supply chain strategies. The course also covers topics such as trade agreements, customs compliance, freight forwarding, and market entry strategies, equipping students with the practical skills and knowledge needed to efficiently manage cross-border transactions and navigate the complexities of global markets.
Recommended Textbook
International Business 7th Edition by Ricky W. Griffin
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Page 2
Chapter 1: An Overview of International Business
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Q1) During the next decade, what trends are expected in international business activity? What are the most likely reasons for this trend?
Answer: International business activity is expected to grow in the next decade because of strategic imperatives that motivate globalization and environment changes that facilitate growth. More firms are globalizing to leverage their core competencies, acquire low-cost resources, expand into new markets, and compete with industry rivals.
Q2) The international business activity called ________ occurs when capital is supplied by residents of one country to residents of another country.
A) international investment
B) global direct investment
C) portfolio financing
D) state capitalism
Answer: A
Q3) Into what two categories can international investments be divided?
Answer: International investments can be divided into portfolio investments and foreign direct investments.
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Chapter 2: Global Marketplaces and Business Centers
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Q1) Which country is a low-income nation?
A) Cambodia
B) Costa Rica
C) India
D) Chile
Answer: A
Q2) In Saudi Arabia, oil makes up 90 percent of its total export earnings.
A)True
B)False
Answer: True
Q3) Define the term invoicing currency.
Answer: Invoicing currency is the currency in which the sale of goods and services is denominated.
Q4) ________ is the world's most populous country.
A) India
B) China
C) Indonesia
D) The United States
Answer: B
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Chapter 3: Legal, Technological, Accounting, and Political Environments
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Q1) Why does privatization typically occur? What types of industries are candidates for privatization?
Answer: Privatization, or the conversion of state-owned property to privately owned property, occurs when countries believe that private firms could bring additional investments and manage the operations more efficiently than the government. Most state-owned enterprises that are sold to the private sector are unprofitable, undercapitalized, and overstaffed. Telecommunications firms are commonly privatized because governments can't afford to keep up with technological changes.
Q2) Wilfred Enterprises has foreign operations in Taiwan, India, and China. The firm pays an annual insurance premium to the Overseas Private Investment Corporation. The firm is most likely protecting itself from ________.
A) privatization
B) natural disasters
C) nationalization
D) financial instability
Answer: C
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Page 5
Chapter 4: The Role of Culture
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Q1) In a high-context culture, the presence of a lawyer during business dealing would be considered a sign of ________.
A) wisdom
B) trust
C) distrust
D) pragmatism
E) commitment
Q2) The Protestant ethic stresses all of the following except ________.
A) hard work
B) frugality
C) achievement
D) consumption
Q3) Culture is a learned behavior that is passed from one society member to another.
A)True
B)False
Q4) What is the first step in acculturation?
A) cultural conversion
B) cross-cultural literacy
C) self-reference criterion
D) language training
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Chapter 5: Ethics and Social Responsibility in International Business
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Q1) Which of the following is not an informal dimension of social responsibility?
A) acts of philanthropic giving
B) corporate leadership
C) responses to whistle blowing
D) organizational culture
Q2) Morton Enterprises manufactures electronic components used in automobiles. The firm is currently based in the U.S. but is planning to expand operations overseas. Morton's new manufacturing facilities in China and Bangladesh are scheduled to open in six months. HR and top executives are working together to revise the firm's code of ethics. Ten of Morton's American managers will be relocated overseas for at least three years to manage international operations alongside locally hired managers. Which of the following training topics would most likely prepare expatriate managers for handling ethics issues in China and Bangladesh?
A) multilingual contexts
B) local religious customs
C) local business practices
D) global marketing methods
Q3) What is the Anti-Bribery Convention of the Organization for Economic Cooperation and Development?
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Chapter 6: International Trade and Investment
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Q1) What are the top three sources of FDI for the United States? What are the top three destinations for FDI from the United States?
Q2) North Americans and Europeans have long applauded Japan's open door policy with regard to imports.
A)True
B)False
Q3) Which theory incorporates the concept of opportunity cost?
A) comparative advantage
B) mercantilism
C) absolute advantage
D) factor endowments
Q4) Adam Smith developed the theory of comparative advantage.
A)True
B)False
Q5) During which century were the first theories of international trade developed?
A) sixteenth
B) seventeenth
C) eighteenth
D) nineteenth
Q6) Which trade theory is best at explaining trade in differentiated goods?
Page 8
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Chapter 7: The International Monetary System and the Balance of Payments
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Q1) How was the Bretton Woods system beneficial for international firms? Does the IMF benefit international firms? Why or why not?
Q2) The ________ is a double-entry bookkeeping system designed to measure and record all economic transactions between residents of one country and residents of all countries during a particular time period.
A) managerial accounting
B) international accounting
C) balance of payments
D) global books
Q3) Between 1821 and 1918, why was the international monetary system also known as the sterling-based gold standard?
A) economic dominance of the United Kingdom
B) fluctuating gold value in the United States
C) reliance on German banking systems
D) expansion in the United States
Q4) What is the official settlements balance?
Q5) The Smithsonian agreement established a fixed exchange rate system.
A)True
B)False
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Chapter 8: Foreign Exchange and International Financial Markets
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Q1) What kind of arbitrage occurs when the difference between two countries' interest rates is not equal to the forward discount/premium on their currencies?
A) two-point arbitrage
B) three-point arbitrage
C) covered interest
D) geographic arbitrage
Q2) A call option ________.
A) is a privately traded currency vehicle available only through stockbrokers
B) grants the right to buy a specified amount of foreign currency at a set price
C) allows the holder to buy foreign exchange at the wholesale rate
D) is another term for currency future
Q3) What is three-point arbitrage? What are its benefits?
Q4) The rising value of the Canadian dollar relative to the U.S. dollar has all of the following effects EXCEPT that ________ .
A) Canadian exports to the U.S. are down
B) Canadian vacationers pay higher costs for trips to the U.S.
C) Canadian consumers pay lower prices for U.S.-made goods
D) Canadian retailers in border towns lose customers to U.S. stores
Q5) As a retail customer, what price do you usually pay for foreign exchange?
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Chapter 9: Formulation of National Trade Policies
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Sample Questions
Q1) The Clinton administration sought to introduce industrial policy for five emerging technologies.
A)True
B)False
Q2) The infant industry argument has been adopted in countries worldwide.
A)True
B)False
Q3) Which of the following is not an example of regulatory controls as a form of nontariff barrier?
A) Country A conducts safety inspections of all imported exercise equipment.
B) Country B requires foreign firms to obtain licenses before constructing plants.
C) Country C requires producers of cosmetics to obtain government product registration.
D) Country D offers tourists a separate exchange rate than what is offered to importers.
Q4) The South Korean government patterned its economic development strategies after the Japanese model.
A)True
B)False
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Chapter 10: International Cooperation Among Nations
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Q1) What was the European Commission's White Paper?
Q2) Country X has violated its WTO obligations. How would the WTO handle the problem?
Q3) The European Commission serves as the legislative branch of the EU.
A)True
B)False
Q4) Country X wants to encourage trade by eliminating trade barriers with the three countries along its borders. Country X wants the group of countries to adopt a common external trade policy toward nonmembers and to allow citizens in any of the member countries to practice their trades in any of the member nations. Which form of economic integration is Country X most likely considering?
A) economic union
B) common market
C) customs union
D) free trade area
Q5) A(n) ________ eliminates trade barriers among member countries.
A) free trade area
B) customs union
C) common market
D) economic union
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Chapter 11: International Strategic Management
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Sample Questions
Q1) ________ answers the question, "How can different elements of our business benefit each other?"
A) Distinctive competence
B) Scope of operations
C) Resource deployment
D) Synergy
Q2) The low cost of coordinating the operations of related divisions is a primary advantage of related diversification.
A)True
B)False
Q3) Which term was developed by Michael Porter to describe the firm's important activities, such as production, marketing, and HR management?
A) control framework
B) economies of scale
C) supply network
D) value chain
Q4) What is international strategic management? How do international, corporate, business, and functional strategies differ?
Q5) What are the three types of corporate strategies an MNC might choose to follow?
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Chapter 12: Strategies for Analyzing and Entering Foreign Markets
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Q1) According to the eclectic theory, all of the following should be considered when choosing a mode of entry EXCEPT ________.
A) ownership advantages
B) location advantages
C) financial control advantages
D) internalization advantages
Q2) Which of the following is NOT an aspect of the licensing process?
A) defining the agreement's boundaries
B) establishing compensation rates
C) creating a strategic marketing plan
D) specifying the agreement's duration
Q3) International franchising is most likely to succeed when the franchisor has ________.
A) specialized machinery
B) exported other products
C) succeeded in the domestic market
D) implemented a diversification strategy
Q4) What are the major competitor characteristics that should be analyzed when conducting a competitor analysis?
Q5) What is the meaning of ownership advantages? Give an example.
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Chapter 13: International Strategic Alliances
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Sample Questions
Q1) What is the most likely problem associated with an assigned arrangement?
A) product incompatibility
B) management complexity
C) earnings distributions
D) conflict potential
Q2) What benefits may accrue to firms participating in strategic alliances?
Q3) A 50:50 ownership structure is required in a joint venture.
A)True
B)False
Q4) Company X and Company Z have established a business arrangement whereby the two firms will cooperate for their mutual benefit. Which of the following has most likely been established?
A) competitive advantage
B) licensing agreement
C) franchising arrangement
D) strategic alliance
Q5) Why do governments engage in public-private ventures in the oil industry? How do such alliances benefit international businesses?
Q6) What is a functional alliance?
Q7) What is a comprehensive alliance?
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Chapter 14: International Organization Design and Control
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Q1) Which of the following is not one of the managerial philosophies that guide the approach to functions like organizational design and marketing?
A) ethnocentric approach
B) transnational approach
C) polycentric approach
D) geocentric approach
Q2) Responsibility control centers tend to follow a centralized decision-making system.
A)True
B)False
Q3) What is the focus of organizational control?
Q4) The global functional design is most effective when the firm has many products.
A)True
B)False
Q5) Which design is the most common form of organizational design adopted by MNCs?
A) global area design
B) global product design
C) global functional design
D) global matrix design
Q6) Explain the meaning of product knowledge.
Page 16
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Chapter 15: Leadership and Employee Behavior in International Business
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Q1) Self-esteem ________.
A) is the extent to which people believe that their behavior has a real effect on what happens to them
B) indicates a person's beliefs about his or her capabilities to perform a task
C) is the extent to which an individual believes that power and status differences are appropriate within hierarchical social systems
D) is the extent to which a person believes that he or she is a worthwhile and deserving individual
Q2) Which model of decision making recognizes that managers are influenced by bounded rationality?
A) need-based
B) process-based
C) normative
D) descriptive
Q3) Expatriates who are dissatisfied with their jobs are more likely to leave their employers than employees who are satisfied.
A)True
B)False
Q4) What is satisficing?
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Chapter 16: International Marketing
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Sample Questions
Q1) Which of the following is a disadvantage of customized international marketing?
A) creates inefficiencies in R&D
B) ignores different conditions of product use
C) inhibits local marketing initiatives
D) ignores differences in buyer behavior patterns
Q2) A firm following a geocentric approach will use a two-tiered pricing policy.
A)True
B)False
Q3) Which element of the promotion mix consists of efforts aimed at enhancing a firm's reputation and image with the general public?
A) sales promotion
B) personal selling
C) public relations
D) brand placement
Q4) What are the three pricing policies used by international firms? What international marketing approaches are typically associated with each pricing policy?
Q5) What are the four basic marketing issues managers must address?
Q6) What is the most common approach to personal selling?
Q7) Why is the polycentric approach more costly for the firm?
Page 18
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Chapter 17: International Operations Management
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Sample Questions
Q1) A firm that buys rather than makes lacks the flexibility to change suppliers as circumstances dictate.
A)True
B)False
Q2) Benson Electronics wants to increase employee involvement for the purpose of enhancing productivity. Which of the following would most likely enable Benson to accomplish this goal?
A) decrease work hours
B) provide salary increases
C) offer additional health benefits
D) implement self-managed teams
Q3) For firms following a cost leadership approach, the operations management function must be able to create goods or services that are clearly different from those of the company's competitors.
A)True
B)False
Q4) What is the make-or-buy decision? What factors influence the make-or-buy decisions? Why do most PC manufacturers choose to buy instead of make?
Q5) What is vertical integration?
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Chapter 18: International Financial Management
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Sample Questions
Q1) A ________ requires payment upon the transfer of title to the goods from the exporter to the importer.
A) sight draft
B) time draft
C) bill of lading
D) bill of exchange
Q2) The most difficult form of countertrade is barter.
A)True
B)False
Q3) Which currency do importers typically prefer to use in transactions?
A) U.S. dollars
B) Japanese yen
C) home country currency
D) host country currency
Q4) Which currency is used most often for transactions involving commercial aircraft?
A) U.S. dollars
B) euros
C) Japanese yen
D) Swiss francs
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Chapter 19: International Human Resource Management and Labor Relations
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Sample Questions
Q1) Japanese firms have a tendency to ________.
A) reserve top positions for Japanese managers
B) fill foreign management positions too quickly
C) ignore nationality when filling management positions
D) employ only non-Japanese managers for foreign positions
Q2) Firms using a(n) ________ primarily use parent country nationals to staff higher-level foreign positions.
A) ethnocentric staffing model
B) polycentric staffing model
C) geocentric staffing model
D) monocentric staffing model
Q3) According to surveys, which of the following cities has the highest cost of living?
A) New York
B) Barcelona
C) Hong Kong
D) London
Q4) What is the goal of an exit interview? How can international businesses benefit from conducting exit interviews?
Q5) What is a cost-of-living allowance?
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