Exam Review Package

BBB4M – International Business Fundamentals

Date: June 8, 2021

Time: 9:00am

Length: 2.5 hours

Place: Online

THIS IS WORTH 15% OF YOUR OVERALL

COURSE GRADE

Resources to Review From

Unit Tests / Assignments / Notes & Handouts / Class Discussions / Videos

Exam Format
Multiple Choice
Definition Matching
Diagrams and Graphs
Short Answer
Long Answer
Important Terms
Power Distance Individualism / Collectivism Masculinity / Femininity

Uncertainty Avoidance Long / Short Term Orientations Indulgence / Restraint

Authoritarian Structure Democratic Structure Totalitarian Structure

Stability Corruption Economic Freedom

Mixed Economy Market Economy Command Economy

Labour Market Income Distribution Standard of Living

Natural Resources Environmental Regulations Location

Landscape Infrastructure 4 P’s of Marketing

G8 / G20 APEC European Union

USMCA World Trade Organization Economic Indicators

Nominal vs Real GDP Consumer Spending Interest Rates

Inflation GDP and GDP Per Capita Unemployment

Leading Indicators Lagging Indicators Coincident Indicators

Expansion Peak Balance of Trade

Trough Recession Manufacturing

Industry Business Strategy Profit

Opportunity Cost Target Market Fair Trade

Business Ethics Value Added Supply Chain

Business Etiquette Corporate Social Responsibility Business Cycle

Taxes Competitive Advantage Globalization

Capital Investment Income Distribution Partnership

Importing Global Interdependence Corporation

Exporting Limited Liability Sole Proprietorship

Embargos Trade Quotas Licensing

Joint Ventures Franchising Strategic Alliance

Outsourcing Foreign Direct Investment Business Plan

Exchange Rates International Business Tariffs

Primary Industry Secondary Industry Tertiary Industry

Monetary Policy Fiscal Policy Domestic vs Foreign

Market

Reflecting on your business plan project

- What did you learn from creating the business plan?
- What was your favourite part to do?
- What was the most challenging part to do?
- What is a big idea or take away you gained?
- What area of business do you enjoy the most (marketing, finances, management, etc)
- Further….ask yourself your own questions to reflect on your learning

Exam Review Questions

Take the time to answer these – some just may appear on the exam!

1) Describe 2 ways in which international business activity develops

interdependence among nations

2) Explain 2 ways, how, in an era of globalization, consumer choices and attitudes

 affect decisions of businesses in Canada

3) Explain how the global market has affected consumer demand

4) Explain 2 ways in which occupations or the nature of work in Canada have

changed as a result of the growth of a global economy

5) Explain 2 ways how globalization creates the need for standardization of

products, services, and processes

6) Describe 2 ways technology has had an impact on international business

7) Explain 2 ways how / why Canada’s major international business relationships

have evolved over time

8) Explain 2 ways in which international business helps Canadians

9) Explain how changes in the value of the Canadian dollar can affect business
opportunities

10) Identify 2 winners and 2 losers of a high Canadian dollar

11) Explain 2 factors that affect a country’s exchange rate

12) Describe 2 modifications made to goods / services to adapt them to the culture of
other countries – feel free to use examples - explain them

13) Identify 3 advantages and 3 disadvantages in developed countries with regard to

business opportunities

14) Explain 2 common challenges or mistakes made by companies when entering

foreign markets regarding ethics or business practices

15) Identify 2 distribution challenges a company can face when trying to move their
product internationally

16) Describe a role corporations can play in the setting of international or domestic
policy

17) Explain some potential consumer differences that a company should understand
when marketing globally?

18) How does information and communication technology influence global marketing
strategies?
 19) Explain a variety of ways for a business to reach their target market? Use some
examples in your explanation

20) Identify how trends in the global marketplace have changed the ways in which an
individual might run a business

21) Explain how Canada’s cultural diversity contributes to its competitive success in
international business

22) Explain 1 benefit and 1 drawback of international trade for Canada

23) Describe 2 challenges an international company may encounter with regard to

ethics, language, or business practices in the various countries in which it operates

24) Explain why it is important for an international business to complete an

environmental scan when it is looking to expand into a foreign country

25) Explain the importance of international organizations and agreements to the

sustainability of international business

26) Explain, using valid points, whether you believe globalization is positive or
negative
for the collective good of society

27) Argue, using valid points, whether corporate social responsibility is needed in
society

28) Identify the 3 main parts that make up the network of an economy AND identify
the 3 main things that economic activity is spurred by

29) Explain what competitive advantage means and provide a couple of examples that
a business could have over other businesses

30) Explain the difference between fiscal and monetary policy. What instruments are
used in each and by who?

Business Cycle Graph

Draw and properly label all parts of the business cycle graph.
GDP Growth Rate Graph

Draw and properly label a GDP growth rate bar graph for Canada. Use the following
information to draw your graph. The graph covers 8 quarters (2020 and 2021).
READ CAREFULLY.

In 2020 the statistics were:

2020 Q1 = +2% 2020 Q2 = +.5% 2020 Q3 = +1% 2020 Q4 = +1.5%

In 2021:
The Canadian economy shrank 8.5 percent in the 2nd quarter (April to June), which was
the most on record, following a 3 percent decline in the previous quarter (January to
March) and officially entering a recession. The 3rd quarter GDP grew by 2.5%, followed
by GDP growth of 3% in the final quarter of 2021.