A Foreign Alliance Talk (Scenario)

question 1

Multiple Choice

A Foreign Alliance Talk (Scenario)
As manager of the international department for your company, you have been asked by the local Chamber of Commerce to deliver a speech on foreign trade. The chamber president even goes so far as to say "and be sure to include the EU, NAFTA, CAEU, GAFTA and all that stuff because we're afraid the economists are right -all the good jobs will have to go elsewhere." As you pour over your notes, you try to choose the best information to present in the allotted half hour.
-You plan to explain during your talk that the acronyms EU, NAFTA, FTAA, GAFTA and ASEAN refer to __________.

• A) regional trade alliances
• B) soccer teams in Europe
• C) foreign airlines
• D) new multinational corporations

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Definitions:

Customer Refunds Payable

Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.

Perpetual Inventory

An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized systems.

Beginning Inventory

The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.

Cost of Goods Sold

This term refers to the direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.