International Business Quiz 1

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| By Sandra Taylor
Sandra Taylor, Retired Education Administrator
Sandra Taylor Wiggan, a seasoned education administrator, has retired after a fulfilling career. Her dedication to education has left a lasting impact, shaping the lives of many. Now, she enjoys a well-deserved retirement, reflecting on her contributions to the field
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  • 1/10 Questions

    What does GNP stand for?

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About This Quiz

This quiz covers module A of the International Business Course.

International Business Quiz 1 - Quiz

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  • 2. 

    What does GDP stand for?

    Explanation
    GDP stands for Gross Domestic Product, which is a measure of the total value of goods and services produced within a country's borders in a specific period of time. It is an important indicator of a country's economic health and is used to compare the economic performance of different countries. The answer provided includes variations in capitalization but all refer to the same concept.

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  • 3. 

    The point where the demand and supply curves meet is the _ _ _ _ _ _ _ _ _ _ _ point.

    Explanation
    The point where the demand and supply curves meet is called the equilibrium point. At this point, the quantity demanded by consumers is equal to the quantity supplied by producers, resulting in a balance in the market. The equilibrium price and quantity are determined by the interaction of demand and supply forces. Both "equilibrium" and "Equilibrium" refer to the same concept in this context.

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  • 4. 

    International trade occurs between nations.  When buying and selling occurs WITHIN a country, it is termed _ _ _ _ _ _ _ _ trading

    Explanation
    International trade refers to the exchange of goods and services between different countries. In contrast, when buying and selling activities take place within a single country, it is known as domestic trading. The term "domestic" is used to describe this type of trade, and it is written with an uppercase "D" to indicate its significance as a proper noun.

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  • 5. 

    Disposable income is what is left to spend after all statutory deductions.  On your pay slip, this is called your _ _ _ pay.

    • Gross

    • Net

    • Total

    • Weekly

    • Salary

    Correct Answer
    A. Net
    Explanation
    Disposable income refers to the amount of money that an individual has available to spend or save after deducting all mandatory expenses such as taxes, insurance, and other deductions from their gross income. On a pay slip, this remaining amount is referred to as the net pay. It is the actual amount that an individual receives in their bank account after all deductions have been taken out.

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  • 6. 

    In 2006, the United States had a total personal income of $10,968,393,000,000. The total population of the U.S. in 2006 was approximately 300,000,000. Therefore, the per capita income of the United States in 2006 is:

    • $77,550

    • $66,700

    • $36,561

    • $70,500

    Correct Answer
    A. $36,561
    Explanation
    The per capita income of the United States in 2006 can be calculated by dividing the total personal income by the total population. In this case, $10,968,393,000,000 divided by 300,000,000 gives us $36,561. Therefore, the correct answer is $36,561.

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  • 7. 

    Select the best reasons why countries choose Bermuda to set up their businesses:

    • Tax structure and cheap labour

    • Educated workforce, Bermuda triangle, low salaries

    • Best hotels & restaurants, pink beaches

    • Economic & political stability, easily reached from NY & London, Progressive laws & tax structure & advanced telecommunications

    Correct Answer
    A. Economic & political stability, easily reached from NY & London, Progressive laws & tax structure & advanced telecommunications
    Explanation
    Bermuda is chosen by countries to set up their businesses because of its economic and political stability, making it a secure environment for investment. Additionally, its proximity to major financial centers like New York and London makes it easily accessible for business operations. Bermuda also has progressive laws and a favorable tax structure, which attract businesses looking for a competitive advantage. Furthermore, the presence of advanced telecommunications infrastructure ensures efficient communication and connectivity for businesses operating in Bermuda.

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  • 8. 

    An exempt company is one that:

    • Does not comply with Bermuda's 40 /20 rule

    • Does not have to comply with Bermuda's 40/60 rule

    • Does not have to comply with Bermuda's 60/40 rule

    • Is excused from the usual legal clauses about trading in Bermuda

    Correct Answer
    A. Does not have to comply with Bermuda's 60/40 rule
    Explanation
    An exempt company is not required to comply with Bermuda's 60/40 rule. The 60/40 rule in Bermuda states that a company must have at least 60% Bermudian ownership and at most 40% foreign ownership. However, an exempt company is exempted from this requirement and is allowed to have any ownership structure without the need to comply with the 60/40 rule. This exemption provides flexibility for foreign investors and allows for greater ease of doing business in Bermuda.

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  • 9. 

    There are about 13,000 exempt companies registered in Bermuda.  About how many of them are physically located in Bermuda?

    • 300

    • 400

    • 500

    • 700

    • 1000

    Correct Answer
    A. 500
    Explanation
    The correct answer is 500. This means that out of the approximately 13,000 exempt companies registered in Bermuda, around 500 of them are physically located in Bermuda.

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  • 10. 

    Individual Bermudians have the opportunities to benefit from International Businesses being on the island through j _ b _ , s _ h _ _ _ _ _ _ ips and t _ _ _ _ ing opportunities 

    Correct Answer
    jobs scholarships training
    Explanation
    Individual Bermudians can benefit from International Businesses being on the island through jobs, scholarships, and training opportunities. These businesses provide employment opportunities for locals, allowing them to gain valuable work experience and earn a living. Additionally, they may offer scholarships to Bermudian students, enabling them to pursue higher education and develop their skills further. Moreover, these businesses may provide training programs to enhance the skills and knowledge of Bermudians, making them more competitive in the job market and increasing their chances of career advancement.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 09, 2009
    Quiz Created by
    Sandra Taylor
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