BAIB1001 Week 6 Seminar 2 23/24

Which international organisation is responsible for setting accounting standards to promote transparency and comparability in financial reporting for global businesses?

• International Monetary Fund (IMF)

• World Bank

• Financial Stability Board (FSB)

• International Financial Reporting Standards (IFRS) Foundation

What term describes a legal document that grants an individual or organisation the exclusive right to use, make, sell, and distribute a product or invention for a specific period?

• Trademark

• Patent

• Copyright

• Trade Secret

In the context of international trade, what is the purpose of a Free Trade Agreement (FTA)?

• To impose trade barriers and protect domestic industries

• To establish a common currency among participating countries

• To facilitate the free flow of goods and services by eliminating or reducing tariffs and other trade barriers

• To regulate labor standards and working conditions globally

Which legal principle supports the idea that individuals and businesses have the right to challenge government actions in court to ensure they are lawful and fair?

• Habeas Corpus

• Due Process

• Rule of Law

• Writ of Mandamus

In the context of the global business environment, what political system allows for private ownership of businesses and encourages free market competition while still maintaining some government regulations to ensure fair practices?

• Capitalism

• Socialism

• Communism

• Authoritarianism

What is the purpose of an extradition treaty in the context of global business?

• Facilitate cross-border investments

• Regulate intellectual property rights

• Ensure fair competition

• Allow for the transfer of individuals for legal prosecution

In global business, what political risk factor refers to the potential for sudden and drastic changes in government policies or regulations?

• Economic instability

• Sovereign risk

• Political instability

• Legal uncertainty

Which international organisation provides a forum for governments to negotiate and settle trade disputes, ensuring a fair and level playing field for global businesses?

• International Chamber of Commerce (ICC)

• Organisation for Economic Cooperation and Development (OECD)

• World Trade Organisation (WTO)

• United Nations Conference on Trade and Development (UNCTAD)

In the context of global business, what legal instrument grants a company the exclusive right to use, sell, or license its invention or product?

• Trademark

• Patent

• Copyright

• Trade Secret

In the context of global business ethics, what legal principle encourages companies to voluntarily adopt social and environmental policies, going beyond legal requirements to contribute to sustainable development?

• Corporate Social Responsibility (CSR)

• Anti-Bribery Convention

• Universal Declaration of Human Rights

• Global Reporting Initiative (GRI)