Question 1

The way to overcome ignorance about export opportunities is _________?
A)to start importing
B)to DFAIT
C)to collect information
D)to use barter transactions
E)to use countertrade

Accepted Answer

The way to overcome ignorance about export opportunities is to collect information. This includes researching potential markets, understanding trade regulations, and identifying potential buyers or partners. Importing, DFAIT (Department of Foreign Affairs and International Trade), barter transactions, and countertrade are not necessarily effective methods for obtaining information about export opportunities.

Question 2

Great trading houses in Japan are called:
A)kaizen.
B)sogo shosha.
C)MITI.
D)guanxi.
E)keiratsu.

Accepted Answer

Great trading houses in Japan are called sogo shosha. Sogo shosha are large companies that specialize in international trading, handling everything from importing and exporting to financing and investing. Some examples of sogo shosha include Mitsubishi Corporation and Mitsui & Co.

Question 3

One reason more firms are not proactive about seeking export opportunities is that:
A)they are very familiar with foreign market opportunities.
B)they are intimidated by complexities and mechanics of exporting.
C)there are too many opportunities available domestically.
D)they have concluded foreign markets are not profitable.
E)they do not have enough time to serve both the domestic and export markets.

Accepted Answer

Many firms may feel intimidated by the complexities and mechanics of exporting, such as dealing with customs regulations, international shipping, and foreign currencies. This can lead them to be hesitant about seeking out export opportunities.

Question 4

International Trade Centres also promote international trade through what?
A)the United Nations
B)EMC
C)Trade Commissioners
D)Team Canada
E)FITT

Accepted Answer

The answer of International Trade Centres also promote international trade...

Question 5

For Canadian firms, one of the most comprehensive sources of export opportunities information is/are the:
A)Trade Commissioners.
B)the United Nations.
C)Team Canada.
D)foreign embassies.
E)Industry Canada.

Accepted Answer

The answer of For Canadian firms, one of the most...

Question 6

The combination of ______________ and _____________ explains why exporters still account for only a tiny percentage of U.S.firms.
A)unfamiliarity; intimidation
B)unpredictability; regulations
C)culture; language
D)financing; marketing
E)size; language

Accepted Answer

The answer of The combination of ______________ and _____________ explains...

Question 7

ABC International's market research identified that Canadian consumers prefer relatively less sugar in their soft drinks whereas Asian consumers prefer more.ABC exported their best selling soft drink in Canada, Tasty, without modification to the Asian market.ABC committed which of the common mistakes of exporting?
A)Poor market analysis
B)A failure to customize the product
C)A poorly executed promotional campaign
D)A poor understanding of competitive conditions
E)A poor choice of retailers

Accepted Answer

ABC International failed to customize their product to better suit the preferences of the Asian market. As a result, they may not have achieved the same level of success in that market as they did in Canada.

Question 8

According to the United Nations report on trade and development, document and paperwork preparation often amounts to what percentage of the final value of the goods exported?
A)Approximately 10 percent
B)Over 33 percent
C)Less than 2 percent
D)Between 40 and 50 percent
E)Between 22 and 23 percent

Accepted Answer

The answer of According to the United Nations report on...

Question 9

Completion of FITT's eight training modules leads to the _____ designation:
A)DFAIT
B)ITC
C)CFIT
D)FITT
E)CITP

Accepted Answer

The Certified International Trade Professional (CITP) designation is awarded by FITT upon completion of their eight training modules.

Question 10

Until recently, Canada was mostly a(n) ____________ when it came to international trade.
A)market leader.
B)economy where exports played a major role
C)economy built on countertrade
D)self-contained economy
E)example of the world's most successful exporting nations

Accepted Answer

Until recently, Canada was mostly a self-contained economy, meaning it relied on domestic production and consumption rather than actively participating in international trade. However, in recent years, Canada has become more engaged in global trade and has become a major player in certain industries such as oil and gas, lumber, and agriculture.

Question 11

Heublein, a manufacturer of liqueurs, decided to use the U.S.name for their cranberry liqueur when they started exporting to the U.K.Sales were very slow and only later did they understand that the name they were using was slang for privy in Britain.This is an example of what common exporting pitfall?
A)poor distribution and retailing
B)unfamiliarity with British markets
C)cultural similarities
D)different business practices
E)lack of product adaptation

Accepted Answer

The company's failure to adapt their product name for the British market led to slow sales, showing a lack of product adaptation.

Question 12

Common pitfalls of exporting include all of these except:
A)poor understanding of competitive conditions.
B)problems securing financing.
C)poor market analysis.
D)intimidating the foreign customers.
E)failure to customize the product

Accepted Answer

Intimidating foreign customers is not typically a pitfall of exporting. However, poor understanding of competitive conditions, problems securing financing, poor market analysis, and failure to customize the product can all be potential pitfalls of exporting.

Question 13

Large firms generally tend to be ______________ about seeking opportunities for profitable exporting, whereas medium-sized and small firms are ____________.
A)passive; aggressive
B)reactive; proactive
C)discouraged; encouraged
D)proactive; reactive
E)aggressive; discouraged

Accepted Answer

Large firms have more resources and are better equipped to be proactive in seeking exporting opportunities, whereas smaller firms may need to be reactive and wait for opportunities to come their way. Therefore, large firms are proactive while medium-sized and small firms are reactive.

Question 14

As an exporter, according to the opening case, which of these is a key problem for Megahertz Communications?
A)Credibility of foreign governments
B)Financing
C)Substandard products for foreign markets
D)Language
E)Country specific technical standards

Accepted Answer

The opening case states that Megahertz Communications faces difficulty in obtaining financing for its export activities, which is causing delays and lost opportunities.

Question 15

What federal agency supports the development of trade by providing services to exporters, developing policy, and attracting investment to Canada?
A)The UN
B)DFAIT
C)CITP
D)FITT
E)EMC

Accepted Answer

DFAIT (Department of Foreign Affairs, Trade and Development) supports the development of trade by providing services to exporters, developing policy, and attracting investment to Canada. The other options, UN (United Nations), CITP (Canadian International Trade Policy Branch), FITT (Forum for International Trade Training), and EMC (Export Market Development Corporation) are not federal agencies specifically dedicated to supporting trade development in Canada.

Question 16

Toddler Toys, which recently opened for business, has 45 employees and about $10 million in sales.Given the small size of the firm, according to studies, Toddler Toys would be ___________ seeking opportunities for profitable exporting.
A)proactive about
B)prohibited from
C)reactive about
D)government-driven for
E)discouraged from

Accepted Answer

The answer of Toddler Toys, which recently opened for business,...

Question 17

According to the UN report on trade and development, a typical international trade transaction may involve __________ parties, ___________ original documents, and ___________ document copies.
A)25; 35; 225
B)2; 9; 18
C)10; 3; 30
D)15; 180; 60
E)30; 60; 360

Accepted Answer

The answer of According to the UN report on trade...

Question 18

In the United States, what percent of firms export, according to the U.S.Small Business Administration?
A)Nearly 98 percent
B)About 23 percent
C)Less than 2 percent
D)A little under 50 percent
E)Over 50 percent

Accepted Answer

According to the U.S. Small Business Administration, less than 2 percent of U.S. firms export.

Question 19

Unlike their German and Japanese competitors, Canadian firms are still somewhat ____________ when they seek export opportunities.
A)information disadvantaged
B)money strapped
C)regulation-bound
D)much better prepared
E)overly cautious

Accepted Answer

The answer of Unlike their German and Japanese competitors, Canadian...

Question 20

Which of these countries is considered as one of the World's most successful exporting nation?
A)Australia
B)The Philippines
C)Germany
D)The U.K.
E)Canada

Accepted Answer

Germany is known for its strong export industry, with exports making up almost half of its economy. German companies are renowned for their high-quality products and innovative technology, making them competitive in the global market. In 2019, Germany was ranked as the third-largest exporter in the world, after China and the United States.

Quiz 13: Exporting, Importing, and Countertrade

The way to overcome ignorance about export opportunities is _________?

Great trading houses in Japan are called:

One reason more firms are not proactive about seeking export opportunities is that:

International Trade Centres also promote international trade through what?

For Canadian firms, one of the most comprehensive sources of export opportunities information is/are the:

The combination of __ and _ explains why exporters still account for only a tiny percentage of U.S.firms.

According to the United Nations report on trade and development, document and paperwork preparation often amounts to what percentage of the final value of the goods exported?

Completion of FITT's eight training modules leads to the _____ designation:

Until recently, Canada was mostly a(n) ____________ when it came to international trade.

Common pitfalls of exporting include all of these except:

Large firms generally tend to be __ about seeking opportunities for profitable exporting, whereas medium-sized and small firms are .

As an exporter, according to the opening case, which of these is a key problem for Megahertz Communications?

What federal agency supports the development of trade by providing services to exporters, developing policy, and attracting investment to Canada?

Toddler Toys, which recently opened for business, has 45 employees and about $10 million in sales.Given the small size of the firm, according to studies, Toddler Toys would be ___________ seeking opportunities for profitable exporting.

According to the UN report on trade and development, a typical international trade transaction may involve ____ parties, _ original documents, and _______ document copies.

In the United States, what percent of firms export, according to the U.S.Small Business Administration?

Unlike their German and Japanese competitors, Canadian firms are still somewhat ____________ when they seek export opportunities.

Which of these countries is considered as one of the World's most successful exporting nation?