International Business Quiz 1

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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, Retired Education Administrator

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Questions: 10 | Attempts: 524 | Updated: Mar 20, 2023

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This quiz covers module A of the International Business Course.

Questions and Answers

1.

An exempt company is one that:
- A.
  
  Does not comply with Bermuda's 40 /20 rule
- B.
  
  Does not have to comply with Bermuda's 40/60 rule
- C.
  
  Does not have to comply with Bermuda's 60/40 rule
- D.
  
  Is excused from the usual legal clauses about trading in Bermuda
Correct Answer
C. 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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2.

There are about 13,000 exempt companies registered in Bermuda. About how many of them are physically located in Bermuda?
- A.
  
  300
- B.
  
  400
- C.
  
  500
- D.
  
  700
- E.
  
  1000
Correct Answer
C. 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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3.

Select the best reasons why countries choose Bermuda to set up their businesses:
- A.
  
  Tax structure and cheap labour
- B.
  
  Educated workforce, Bermuda triangle, low salaries
- C.
  
  Best hotels & restaurants, pink beaches
- D.
  
  Economic & political stability, easily reached from NY & London, Progressive laws & tax structure & advanced telecommunications
Correct Answer
D. 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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4.

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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4
5.

What does GDP stand for?

Correct Answer
Gross Domestic Product, gross domestic product, Gross domestic product

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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4
6.

What does GNP stand for?

Correct Answer
Gross National Product, gross national product, Gross national product

Explanation
GNP stands for Gross National Product, which is a measure of the total value of all goods and services produced by a country's residents, including those produced abroad. It is an important indicator of a country's economic performance and is used to compare the economic strength of different countries. The answer provided includes different capitalizations of the words, but they all refer to the same concept.

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4
7.

Disposable income is what is left to spend after all statutory deductions. On your pay slip, this is called your _ _ _ pay.
- A.
  
  Gross
- B.
  
  Net
- C.
  
  Total
- D.
  
  Weekly
- E.
  
  Salary
Correct Answer
B. 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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8.

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

Correct Answer
equilibrium, Equilibrium

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
9.

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

Correct Answer
domestic, Domestic

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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4
10.

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:
- A.
  
  $77,550
- B.
  
  $66,700
- C.
  
  $36,561
- D.
  
  $70,500
Correct Answer
C. $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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1
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Sandra Taylor |Retired Education Administrator

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Current Version
Mar 20, 2023

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Feb 09, 2009

Quiz Created by
Sandra Taylor

International Business Quiz 1

An exempt company is one that:

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

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

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

What does GDP stand for?

What does GNP stand for?

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

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

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

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: