Quiz: International Business Vocabulary Test (Standard 1)

30 Questions | By Magano | Last updated: Mar 22, 2022 | Total Attempts: 3709

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Welcome to the International Business Vocabulary Test quiz. It features questions from Standard 1- International Business Definitions and Vocabulary. If you are a fresher started studying in this field, then we assume, you might know a little about it. So, how about testing your knowledge?

Questions and Answers

1.

A good or service purchased and brought in from another country.
- A.
  
  Import
- B.
  
  Export
- C.
  
  Trade
- D.
  
  Negotiate
2.

A belief that products should be free to move from country to country without barriers or obstacles.
- A.
  
  Quota
- B.
  
  Entrepreneur
- C.
  
  Free trade
- D.
  
  Translate
3.

A person who starts his or her own business in hope of earning a profit.
- A.
  
  Consumer
- B.
  
  Currency
- C.
  
  Manufacture
- D.
  
  Entrepreneur
4.

A nation’s money—can be in coins or banknotes.
- A.
  
  Currency
- B.
  
  Embargo
- C.
  
  Franchise
- D.
  
  Trade barrier
5.

An exchange of goods or services with people and businesses in your own country.
- A.
  
  Bilateral agreement
- B.
  
  Resource
- C.
  
  Domestic trade
- D.
  
  International trade
6.

To gain in value. (For example, if you bought a house in 1998 for $100,000 and sold it in 2011 for $120,000)
- A.
  
  Culture
- B.
  
  Appreciate
- C.
  
  Depreciate
- D.
  
  Trade
7.

A person who buys products or services.
- A.
  
  Consumer
- B.
  
  Currency
- C.
  
  Culture
- D.
  
  Negotiate
8.

An agreement between two nations.
- A.
  
  Trade barrier
- B.
  
  Franchise
- C.
  
  Bilateral agreement
- D.
  
  Multilateral agreement
9.

A ban on trade with another country for one or all of its goods.
- A.
  
  Embargo
- B.
  
  Free trade
- C.
  
  Market
- D.
  
  Tariff
10.

A good or service sold to another country.
- A.
  
  Import
- B.
  
  Export
- C.
  
  Ethics
- D.
  
  Translate
11.

A special right given to a business person to sell a company’s products. (e.g. Subway, Jimmy Johns, Sonic)
- A.
  
  Subsidy
- B.
  
  Franchise
- C.
  
  Quota
- D.
  
  Ethics
12.

A code of conduct that helps determine what is good, right and proper.
- A.
  
  Ethics
- B.
  
  Depreciate
- C.
  
  Consumer
- D.
  
  Curency
13.

To lose value. For example, if you bought a new Toyota Corolla in 2001 for $30,000, the value of the car decreased and you can now only sell it for $11,000.
- A.
  
  Ethics
- B.
  
  Translate
- C.
  
  Depreciate
- D.
  
  Appreciate
14.

A place where trade occurs.
- A.
  
  Import
- B.
  
  Export
- C.
  
  Resource
- D.
  
  Market
15.

An organization acting as a court to hear and settle trade disputes among its members; also abbreviated WTO.
- A.
  
  International
- B.
  
  World Trade Organization
- C.
  
  International trade
- D.
  
  Domestic trade
16.

A tax on a good imported into a country.
- A.
  
  Tarriff
- B.
  
  Translate
- C.
  
  Negotiate
- D.
  
  Embargo
17.

Something of value that can be useful (natural, human, capital.)
- A.
  
  Culture
- B.
  
  Resource
- C.
  
  Quota
- D.
  
  Export
18.

To discuss a deal or problem in the hope of reaching an agreement.
- A.
  
  Consumer
- B.
  
  Trade barrier
- C.
  
  Negotiate
- D.
  
  Market
19.

An exchange of a good or service.
- A.
  
  Trade
- B.
  
  Trade barrier
- C.
  
  Ethics
- D.
  
  Import
20.

A rule or law that slows or prevents trading with other nations.
- A.
  
  Trade barrier
- B.
  
  Import
- C.
  
  Export
- D.
  
  International
21.

A control on the amount of a product that can be imported into a country.
- A.
  
  Quota
- B.
  
  International
- C.
  
  Negotiate
- D.
  
  Free trade
22.

An agreement between more than two nations.
- A.
  
  Ethics
- B.
  
  Multilateral agreement
- C.
  
  Trade
- D.
  
  Depreciate
23.

A government action that decreases an industry’s productions costs, which also decreases the price of the industry’s goods (e.g. Farm subsidies in NE)
- A.
  
  Domestic trade
- B.
  
  Free trade
- C.
  
  Market
- D.
  
  Subsidy
24.

To make products by hand or machinery.
- A.
  
  Resource
- B.
  
  Manufacture
- C.
  
  Translate
- D.
  
  Embargo
25.

The exchange of capital, goods, and services across international borders or territories.
- A.
  
  Consumer
- B.
  
  International trade
- C.
  
  Domestic trade
- D.
  
  Subsidy