INTERNATIONAL BUSINESS AND TRADE
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INTERNATIONAL BUSINESS AND TRADE

Test your knowledge of the international trade process with this quiz. Fill in the blanks with the correct terms to complete the description of the journey starting from finished goods inspection to clearing goods through customs.

Created by
@WellBalancedOctopus

Questions and Answers

The journey starts with finished _________ and being inspected and given a _________ __ ________.

The seller will then issue a _____ ______ ________ while the buyer obtain a _____ __ ______ to finance the payment.

Seller will draw up a ____ __ _______ and arrange shipment under internationally agreed terms such as ___, ___, and ___.

On arrival the merchandise is often stored in a _______ _______ until import tax or ____ is paid.

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A ______ _______ may help them clear the goods through ______.

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When being moved or shipped, it may be called ______ or ______.

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Trucks took the ________ in containers from the factory to the port.

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Manufacturer will issue a _______ __ _________ certifying that the goods are have been made to the buyer's specifications.

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The goods appeared damaged, so the buyer checked to see that the ___________ __ _________ was valid.

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Before supplier sends merchandise to a buyer, the supplier provides a ______ ____ ______.

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When the shipment arrived, we use checked the contents against the ___ _____ ________ we had received.

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In large trades, a buyer will finance the transaction using a ______ __ ______.

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When Wayland Inc. received the _____ __ ______, they contracted the shipping company to arrange transport.

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A contract between an _______ and _________ ________ .

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An airline may issue a ____ __ _______ to a seller either before and after payment for goods is made/

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Seller must pay all costs related to getting the goods to ___ and onto the _____.

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A quoted price includes the ____ __ _____ and _______ charges to the destination port.

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A quoted price includes the ____ __ _____, _________, and __________ to the destination port

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The seller agreed to pay _____ and ______, so the buyer had to buy insurance for the goods.

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Place where goods are stored after shipping but before the _______ __ _________ on those goods.

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Art any major port facility there will be a number of _______ __________ available to store goods.

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Authority or organization that _______ ___ ________ of goods in and out of a country

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Customs authorities collect the _______ __ _____ applied to import and exports.

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Within a port, ______ officials have the right to board and search any ship.

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Many ______ ________ specialize in certain types of goods, such as textiles, food or computer equipment.

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The goods sat in a bonded ________ for three months before the duty was paid.

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The agreed terms was cost and ________ so the buyer had to buy insurance

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When the shipment arrived, we checked the content against the bill of _______.

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After so many delays in customs, we switched to a better customs _______.

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If a country has the ______ _______, in the production of goods and services, it means its the mort efficient producer of that product.

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If a country can manufacture a product at a lower opportunity cost than another country, then it has a ______ _________ for manufacturing that product.

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WHY IS UNDERSTANDING OF STRATEGY MANAGEMENT IMPORTANT IN THE CONTEXT OF INTERNATIONAL BUSINESS?

<p>IT IS IMPORTANT BECAUSE STRATEGIC MANAGEMENT GIVE BUSINESSES A COMPETITIVE ADVANTAGE OVER OTHER ORGANIZATION.</p> Signup and view all the answers

WHY IS AN UNDERSTANDING OF ENTREPRENEURSHIP IMPORTANT IN THE CONTEXT OF INTERNATIONAL BUSINESS?

<p>IT IS IMPORTANT BECAUSE ITS ACCELERATES ECONOMIC GROWTH BY CREATING NEW PROUDUCTS AND SERVICES, A LARGE NUMBER OF NEW JOB OPPORTUNITIES, AND UTILIZING THE EXISTING RESOURCES IN THE MOST EFFECTIVE WAYS.</p> Signup and view all the answers

DIFFERENCE BETWEEN ABSOLUTE AND COMPARATIVE ADVANTAGES

<p>ABSOLUTE ADVANTAGE FOCUSES ON OVERALL EFFICIENCY OF PRODUCTION, WHILE COMPARATIVE ADVANTAGE FOCUSES ON THE OPPORTUNITY COST OF PRODUCTION</p> Signup and view all the answers

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