Short Questions Test

Question 1

Global business

Answer 1

Sees the world as one giant market and production location
Provides the same, undifferentiated product worldwide
Uses a global marketing strategy, which involves the same or sometimes adapted marketing mix to build a global brand

Question 2

Multinational company

Answer 2

A business with a head office in one country and branches or factories in a number of other countries

Question 3

Directive

Answer 3

A law that applies to all member states, and must be implemented within a specified time limit
It is binding only as to the results to be achieved, leaving member states to choose (within limits) the means by which targets are achieved

Question 4

Regulation

Answer 4

A binding legislative act introduced and enforced in the same way across all EU member states
EU regulations take precedence over national laws and are implemented immediately

Question 5

Recommendation

Answer 5

EU recommendations are not legally binding but give EU institutions the opportunity to make their views known in particular issues or concerns

Question 6

Decision

Answer 6

Can be given to individuals, businesses and member states

These decisions can be made by the council of the European Union and the European Commission

Question 7

Eu policies

Answer 7

Major programmes that are designed to help specific categories of people in the EU
eg
Common agriculture policy
Common fisheries policy

Question 8

EU commission

Answer 8

Day to day management of EU
propose new laws
Enforce EU laws
Represent EU internationally 
Formulates and monitors the EU budget

Question 9

EU institutions

Answer 9

European commission 
European Parliament 
Council of European Union 
European court of auditors 
European council

Question 10

European Parliament

Answer 10

Directly elected EU institution, elections for MEPs every 5 years
Passing laws
Supervisory powers
Prep and approval of budget

Question 11

Council of European Union

Answer 11

Main decision making body 
Made up of ministers 
Decides which policies to adopt 
Controls budget 
Co ordinates national policies

Question 12

European court of auditors

Answer 12

Carries out random spot checks on various projects throughout EU
Prepares financial reports
Tries to eliminate wasting of funds and reduce levels of fraud

Question 13

European council

Answer 13

Meeting of the heads of state four times a year in Brussels
No power to pass laws
Set goals and priorities

Question 14

Benefits of EU membership

Answer 14

Removes customs duties and barriers to trade
Free movement of goods,services, finance, people
Economies of scale
Reduced dependence on domestic market

Question 15

Advantages to Irish consumers of euro currency

Answer 15

European Central Bank regulates Irish banks
Foreign exchange
Increased tourism

Question 16

Deregulation

Answer 16

Deregulation is the removal or reduction of government regulations
in a specific industry. The goals are to allow industries to operate businesses
more freely, make decisions efficiently, and remove corporate restrictions.

Question 17

Challenges of EU membership

Answer 17

Increased competition 
Extra regulation
Language and cultural differences 
Threats to Ireland’s corp tax 
Cost of distribution is high as Ireland is on edge of EU

Question 18

trading bloc

Answer 18

a group of countries that organise a free trade area between themselves in order to reduce barriers to trade
they agree on a common set of tariffs on imports from outside the bloc
eg EU

Question 19

arbitration

Answer 19

two parties in a dispute ask a neutral independent outsider (arbitrator) to investigate their dispute and make a ruling
decide in advance if they’re going to accept
must obey ruling if they do

Question 20

conciliation

Answer 20

two parties in a dispute ask a neutral independent outsider (conciliator) to help solve the dispute
encourages both sides to talk
make a mutually accepted agreement
offers advice, not legally binding

Question 21

tax credit

Answer 21

reduce the amount of tax you pay

granted based on your circumstances, eg disability tax credit, personal tax credit