INTRO TO BUSINESS EXAMINATION SET ACTUAL TEST PAPER QUESTIONS CORRECT
ANSWERS GRADED A PLUS
● Basic Rights of Consumers. Answer: The fundamental issues pursued
by the consumer movement fall into three categories: Environmental
protection, Product performance and safety, Information disclosure.
● The right to Safety. Answer: The right of consumers to be protected
against products that are hazardous to health or life.
● The right to be informed. Answer: The right of consumers to receive
information about a product before purchasing.
● The right to choose. Answer: The right of consumers to have access to
a variety of products and services.
● The right to be heard. Answer: The right of consumers to express their
opinions and concerns.
● The right to consumer Education. Answer: The right of consumers to
acquire knowledge and skills to make informed choices.
● The Right to Service. Answer: The right of consumers to receive
adequate service from providers.
, ● Exporting. Answer: A firm may manufacture its products in its home
country and export them for sale in foreign markets.
● Export-import merchant. Answer: A merchant wholesaler that buys
products outright from exporting firms.
● Export-import agent. Answer: An agent that arranges the sale of
products to foreign intermediaries for a commission or fee.
● Exports. Answer: You want your Exports to be bigger than what is
coming in.
● Licensing. Answer: A contractual agreement in which one firm
permits another to produce and market its product and to use its brand
name in return for a royalty or other compensation.
● Advantages of Licensing. Answer: It provides a simple method for
expanding into a foreign market with virtually no investment.
● Disadvantages of Licensing. Answer: If license does not maintain
licensor's product standards, the product's image may be damaged.
ANSWERS GRADED A PLUS
● Basic Rights of Consumers. Answer: The fundamental issues pursued
by the consumer movement fall into three categories: Environmental
protection, Product performance and safety, Information disclosure.
● The right to Safety. Answer: The right of consumers to be protected
against products that are hazardous to health or life.
● The right to be informed. Answer: The right of consumers to receive
information about a product before purchasing.
● The right to choose. Answer: The right of consumers to have access to
a variety of products and services.
● The right to be heard. Answer: The right of consumers to express their
opinions and concerns.
● The right to consumer Education. Answer: The right of consumers to
acquire knowledge and skills to make informed choices.
● The Right to Service. Answer: The right of consumers to receive
adequate service from providers.
, ● Exporting. Answer: A firm may manufacture its products in its home
country and export them for sale in foreign markets.
● Export-import merchant. Answer: A merchant wholesaler that buys
products outright from exporting firms.
● Export-import agent. Answer: An agent that arranges the sale of
products to foreign intermediaries for a commission or fee.
● Exports. Answer: You want your Exports to be bigger than what is
coming in.
● Licensing. Answer: A contractual agreement in which one firm
permits another to produce and market its product and to use its brand
name in return for a royalty or other compensation.
● Advantages of Licensing. Answer: It provides a simple method for
expanding into a foreign market with virtually no investment.
● Disadvantages of Licensing. Answer: If license does not maintain
licensor's product standards, the product's image may be damaged.
