UNIT 5

Question 1

Duty free

Answer 1

are non-restricted items made within the borders of counties, exempt from payment of customs fees

Question 2

Forward logistics

Answer 2

The steps that involve delivering products from producer to consumer

Question 3

Geopolitics

Answer 3

Refers to the influence of factors such as geography, politics, and economics on a country, especially as it relates to their foreign policy.

Question 4

Horizontal integration

Answer 4

Method of expanding a company by acquiring competitors

Question 5

In-shoring

Answer 5

Contracting to another business in the same business

Question 6

Insourcing

Answer 6

When a function that is normally outsourced is handled internally by the company

Question 7

Intermodel shipping

Answer 7

using more than one form of transportation
e.g air freight, ocean freight, rail, motorized carriers, pipeline
Home and crowd-sourced delivery services

Question 8

Just-in-time

Answer 8

When suppliers can make and/or ship materials that a factory or retailer needs quickly enough so that they arrive as they are required

Question 9

Logistics

Answer 9

The acquisition, transportation, and storage of materials from the point of origin to the point of consumption

Question 10

Near-sourcing

Answer 10

Outsourcing to nearby countries

Question 11

Offshoring

Answer 11

Transfers functions to a branch of the company in another country

Question 12

Outsourcing

Answer 12

The strategic use of outside resources to perform activities that were previously handled internally by the company itself

Question 13

Passport

Answer 13

Required for travelling outside the country, and to return to Canada when travelling from abroad

Question 14

Point of sale terminal

Answer 14

System that tracks retail sales by recording the code or stock number of each unit

Question 15

Reverse integration

Answer 15

Buyer adapts to the target

Question 16

Reverse logistics

Answer 16

The activities that occur after the product has been sold and received by the customer

Question 17

Supply chain

Answer 17

The sum of all activities involved in moving raw material, processed goods, and finished products into an organization, and moving the semi-processed or finished goods out of the organization toward the end consumer

Question 18

Temporary foreign workers

Answer 18

Canadian employers hire foreign workers ti fill temporary jobs

Question 19

Third party logistic

Answer 19

Outsourcing supplier co-ordination and distribution functions to another company

Question 20

Vertical integration

Answer 20

When the company owns the whole supply chain, or significant portions of it, from acquisition of raw materials to retailing

Question 21

Visa

Answer 21

certificate issued by the country one wishes to visit that
indicates that the department of immigration in that country has
checked your credentials and given you permission to visit their country
temporarily for a specified purpose.

Question 22

Advantages of working abroad

Answer 22

Learn new language, expand your cultural awareness, paid a Canadian salary, valuable addition to resume

Question 23

Disadvantages of working abroad

Answer 23

Leaving friends and family behind, feeling of isolation, poor living conditions, dangers

Question 24

Bank act

Answer 24

The Bank Act is the law passed by Parliament to regulate Canada’s chartered banks. protecting depositors’ funds; insuring the maintenance of cash reserves (see Monetary Policy); and promoting the efficiency of the financial system through competition