Risk Management 1
possibility of some type of loss
risk
another term for bounced check
Bad Check
O I T
Office of International Trade
a limit on the amount of a product that can be imported into a country over a particular period of time
quota
method for keeping foreign businesses from competing with domestic producers
trade barrier
the act of knowingly taking items from a business without paying
shoplifting
taking action to prevent or reduce the possibility of loss to your business
risk management
B I S
Bureau of Industry & Security
products & services that are brought from another country to be sold
imports
products & services that are produced in one country and sent to another country to be sold.
exports
risk that can be reduced or possibly avoided by actions you take
controllable risk
risk on which your actions have no effect
uncontrollable risk
I T A
International Trade Administration
businesses have a social responsibility to
customers, suppliers, creditors, investors, the government, and community
2 types of imports
direct imports & indirect imports
payment made to an insurance company to cover the cost of insurance
premium
amount of one country's currency that can be traded for 1 unit of currency in another country
exchange rate
N A F T A
North American Free Trade Agreement
2 ways to establish a ethical workplace
ensure confidentiality & create written code of conduct
moral choices and values
ethics
insurance program that provides coverage to employees who suffer work-related injuries or illness.
worker's compensation
2 types of insurance
business insurance & life insurance
G A C O A
Government Assistance to Companies Operating Abroad
reasons to compete globally
increased sales, reduced costs, and decreased dependence on current markets and suppliers
full scale model of a new product
prototype