BUS 245 TEST 2 STUDY GUIDE (LATEST
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Work teams? - correct answer Cordinate their efforts to arrive at solutions and
implement corrective action
Different types of work teams are? - correct answer Self-managed teams, cross-
functional teams, and global teams.
Exporting? - correct answer Can be a low-cost, low-risk way for a company to expand
sales, diversify sales, or gain international experience.
A successful export strategy involves? - correct answer (1) identifying a potential
market, (2) matching needs to abilities,
(3) initiating meetings,
(4) committing resources.
Direct exporting? - correct answer When a company sells its products directly to
buyers in a target market.
Indirect exporting? - correct answer Occurs when a company sells its products to
intermediaries who then resell to buyers in a target market.
, BUS 245 TEST 2 STUDY GUIDE (LATEST
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Countertrade? - correct answer Selling goods or services that are paid for with other
goods or services; it can take the form of (1) barter, (2) counter purchase, (3) offset,
(4) switch trading, and (5) buyback.
Advance payment? - correct answer An importer pays an exporter for merchandise
before it is shipped. It entails the greatest risk for importers.
Documentary collection? - correct answer A bank to act as an intermediary without
accepting financial risk.
This payment method is commonly used when there is an ongoing business
relationship between two parties
Letter of credit? - correct answer Importer's bank issues a letter pledging to pay the
exporter when the exporter fulfills the terms listed in the letter
A letter of credit is typically used when an importer's credit rating is questionable,
when the exporter needs a letter of credit to obtain financing, and when a market's
regulations require it.
, BUS 245 TEST 2 STUDY GUIDE (LATEST
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Before a bank issues a letter of credit, it checks on the importer's financial condition
and may require the importer to deposit with the bank a sum equal to the value of
the imported goods.
After the issuance of a letter of credit, the importer's bank sends the letter to the
exporter's bank who notifies the export that a letter of credit has been opened in its
favor. The exporter then ships the merchandise. The exporter then delivers a set of
documents to its own bank.
When the importer's bank is satisfied that the terms of the letter have been met, it
pays the exporter's bank.
There are several types of letters of credit:
An irrevocable letter of credit allows the bank issuing the letter to modify its terms
only after obtaining the approval of both exporter and importer.
A confirmed letter of credit is guaranteed by both the exporter's bank in the country
of export and the importer's bank in the country of import.
Open account? - correct answer Exporter ships merchandise and later bills the
importer for its value. It entails the greatest risk for exporters.
Export/import financing? - correct answer Export/import financing in which a bank
acts as an intermediary without accepting financial risk is called documentary
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Work teams? - correct answer Cordinate their efforts to arrive at solutions and
implement corrective action
Different types of work teams are? - correct answer Self-managed teams, cross-
functional teams, and global teams.
Exporting? - correct answer Can be a low-cost, low-risk way for a company to expand
sales, diversify sales, or gain international experience.
A successful export strategy involves? - correct answer (1) identifying a potential
market, (2) matching needs to abilities,
(3) initiating meetings,
(4) committing resources.
Direct exporting? - correct answer When a company sells its products directly to
buyers in a target market.
Indirect exporting? - correct answer Occurs when a company sells its products to
intermediaries who then resell to buyers in a target market.
, BUS 245 TEST 2 STUDY GUIDE (LATEST
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Countertrade? - correct answer Selling goods or services that are paid for with other
goods or services; it can take the form of (1) barter, (2) counter purchase, (3) offset,
(4) switch trading, and (5) buyback.
Advance payment? - correct answer An importer pays an exporter for merchandise
before it is shipped. It entails the greatest risk for importers.
Documentary collection? - correct answer A bank to act as an intermediary without
accepting financial risk.
This payment method is commonly used when there is an ongoing business
relationship between two parties
Letter of credit? - correct answer Importer's bank issues a letter pledging to pay the
exporter when the exporter fulfills the terms listed in the letter
A letter of credit is typically used when an importer's credit rating is questionable,
when the exporter needs a letter of credit to obtain financing, and when a market's
regulations require it.
, BUS 245 TEST 2 STUDY GUIDE (LATEST
UPDATE 2026-2027) REAL QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT
ALREADY {GRADE A} - DeVry University
Before a bank issues a letter of credit, it checks on the importer's financial condition
and may require the importer to deposit with the bank a sum equal to the value of
the imported goods.
After the issuance of a letter of credit, the importer's bank sends the letter to the
exporter's bank who notifies the export that a letter of credit has been opened in its
favor. The exporter then ships the merchandise. The exporter then delivers a set of
documents to its own bank.
When the importer's bank is satisfied that the terms of the letter have been met, it
pays the exporter's bank.
There are several types of letters of credit:
An irrevocable letter of credit allows the bank issuing the letter to modify its terms
only after obtaining the approval of both exporter and importer.
A confirmed letter of credit is guaranteed by both the exporter's bank in the country
of export and the importer's bank in the country of import.
Open account? - correct answer Exporter ships merchandise and later bills the
importer for its value. It entails the greatest risk for exporters.
Export/import financing? - correct answer Export/import financing in which a bank
acts as an intermediary without accepting financial risk is called documentary
