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Global Business Today Study Set 7

Business

Quiz 14 :

Exporting, Importing, and Countertrade

Quiz 14 :

Exporting, Importing, and Countertrade

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Issued by a bank at the request of an importer, a letter of credit states that the bank will pay a specified sum of money to the exporter, on presentation of particular, specified documents.
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True False
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True

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For U.S. firms, the most comprehensive source of information on export opportunities is the U.S. Department of Commerce.
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True False
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True

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In international commerce, time drafts are non-negotiable instruments.
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False

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In domestic trade transactions, a buyer can often obtain possession of merchandise without signing a formal document acknowledging his or her obligation to pay.
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Compared to a decade ago, commercial banks and major accounting firms are more willing to assist small firms in starting export operations.
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A company would hire a freight forwarder if it wanted to minimize shipping costs and combine many smaller shipments into one large shipment.
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It often makes sense for a firm to enter a foreign market on a large scale to reduce the costs of any subsequent failure.
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Most small firms actively seek opportunities for exporting rather than wait for demand from another country.
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In international commerce, a person or business initiating a draft is known as the drafter and the party to whom the draft is presented is known as the draftee.
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The CORE tool is used by all-sized companies to determine a company's readiness to export a product.
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The Export-Import Bank provides financing aid to prospective U.S. exporters.
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Reactive firms do not consider exporting until their domestic market is saturated.
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A bill of lading verifies to the exporter that his or her company is guaranteed payment and, as a result, the exporter will ship the products.
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Lack of trust in international trade is exacerbated by the distance between the two parties in space, language, and culture.
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A draft instructs the exporter to ship product.
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A bill of lading proves that the carrier has received the merchandise described on the document.
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Germany is one of the world's least successful exporting nations because it simply lacks knowledge of opportunities.
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An international business would use a sight draft when it wishes to delay payment.
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Only large companies have benefited significantly from the moneymaking opportunities of exporting.
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The mission of the Foreign Credit Insurance Association is to provide financing aid that will facilitate exports, imports, and the exchange of commodities between the United States and other countries.
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