Fcsfa 475 (Quiz #1)

Front 1

The textile and apparel business provides employment for more people than any other business segment. True or False?

Back 1

True

Front 2

What are the three perspectives on globalization?

Back 2

1.) Business
2.) Labor
3.) Government

Front 3

______: Incorporates firms around the world to accomplish textile fiber production and manufacturing, textile manufacturing, apparel manufacturing, retailing, and product consumption.

Back 3

The Textile Complex

Front 4

The combination of textile-related industries that supply soft goods to the world population.

Back 4

The Textile Complex

Front 5

____: These are products made of textiles or other flexible materials. (Ex. fabrics, apparel, linens, towels, upholstery, and small fashion accessories).

Back 5

Soft Goods

Front 6

_____: Keeping inventory relatively low so you have more turns in retail.

Back 6

Lean Retailing

Front 7

_______: Occurs when you get your goods or services from somewhere outside of the United States.

Back 7

Outsourcing

Front 8

_______: Getting goods or services from a place that has a low wage rate.

Back 8

Outward Processing

Front 9

_______: The exchange of goods and services within a country. (Ex. goods are traded within the United States alone).

Back 9

Domestic Trade

Front 10

_____: Exchange of goods and services between 2 or more countries (Ex. Goods are traded with the US and China).

Back 10

International Trade

Front 11

______: Possible interactive participation by many cultures/groups in all apsects of textile/apparel complex.

Back 11

Global Trade

Front 12

______: These are established by governments and enhance or control trade.

Back 12

Trade Agreements

Front 13

One of the first ever international trade routes had to do with the _____trade in ____.

Back 13

Silk Trade, China

Front 14

This determines the most cost-efficient vendor of services, materials, production, or finished goods, at a specified quality and service level, for delivery wihin an identified time frame.

Back 14

Sourcing

Front 15

______: The process whereby the world's people are becoming increasingly interconnected in all facets of their lives-cultural, economic, political, technological, and environmental.

Back 15

Globalization

Front 16

_____: Goods shiped out of the country to be sent to another country in exchange for other money jobs or goods.

Back 16

Exports

Front 17

______: Make goods available for domestic prodcue consumption or materials available for domestic prodution.

Back 17

Imports

Front 18

Trade Balance = Exports - Imports

Back 18

Trade Balance

Front 19

A ______ means that there is a positive trade balance; a _____ means there is a negative trade balance.

Back 19

1.) Trade surplus
2.) Trade Defecit

Front 20

The WTO defines the terms rich and poor. True or False?

Back 20

False

Front 21

The United Nations uses the term _____ to describe the world's poorest countries.

Back 21

Least Developed

Front 22

North America and European Western Block are what type of "world?"

Back 22

First World

Front 23

Soviet Union and Eastern Block are what type of "world?"

Back 23

Second World

Front 24

Countires in the globes southern hemisphere (Asia, Africa, Latin America) are what type of "world"?

Back 24

Third World

Front 25

These types of countries are comparatively rich.

Back 25

Developed Countries

Front 26

These countries are comparatively LESS rich.

Back 26

Developing Countries

Front 27

These countries are poor....

Back 27

Newly Developing Countries

Front 28

These countries are VERY
POOR and few of them have embarked on industrialization.

Back 28

Least Develeoped Countries

Front 29

The Value of the average output produced by DOMESTIC residents of a nation as they labor within that nation.

Back 29

Gross National Product (GNP)

Front 30

A measure that allows comparison of well-being among populations in different countries, as indicated by GDP.

Back 30

Gross Domestic Product (GDP)

Front 31

The GDP of a country divided by the number of people in the population after GDP has been adjusted by purchasing power parity (PPP).

Back 31

Gross Domestic Product (GDP) per capita

Front 32

_______ countries have shifted their primary emphasis from producing textiles and apparel to CONSUMING them.

Back 32

Developed Countries

Front 33

_____: Encompasses the designand engineering of products to be serviceable, produceible, salable, ad profitable.

Back 33

Product Development.

Front 34

The _____ nations are those that have embraced the production of textile and apparel products as a way to compete in the global marketplace.

Back 34

Developing Countries

Front 35

In these countries, apparel production continues to be the vehicle that provides employment. Also tends to be the countries that are slow to change their way of life from agrarian to industrial etc.

Back 35

Newly Developing Countries

Front 36

These countries are those that rank the lowest in measures of economic well-being. They often suffer from governmental exploitation, ongoing tribal wards, lack of education, and cultural traditions that deny acceptance of change.

Back 36

Least Developed Countries

Front 37

Any business, be it a corporation, proprietorship, or partnership.

Back 37

A Firm

Front 38

Products made of textiles or other flexible materials including batting, fabrics, apparel, linens, towels, upholstery, draperies, and fashion accessories.

Back 38

Soft Goods

Front 39

Change brought about through mergers and takeovers.

Back 39

Horizontal Integration

Front 40

Firms with similar functions joineing forces to form one larger business.

Back 40

Merger

Front 41

Strong firms absorbing weaker firms to form one larger business.

Back 41

Takeovers

Front 42

Occurs when firms that perform different stages in the planning, design, production, and distribution of products join to form one larger business.

Back 42

Vertical Integration

Front 43

What's in level one of the textile complex?

Back 43

Textile Fabric Manufacturing and Agricultural Production

Front 44

What is in level two of the textile complex?

Back 44

Activities related to textile manufacturing, including yarns, fabrics, fabric finishing, and the production of findings.

Front 45

What is level three of the textile complex?

Back 45

Apparel, Home Furnishing and Industrial Product Manufacturing

Front 46

______: These include two primary forms of contractors CMT and Full Package.

Back 46

Apparel Production Vendors

Front 47

These types of contractors requre that vendors not only provide and fund production expertise but also engage in product development and material sourcing.

Back 47

Full Package Contractors

Front 48

Individuals or teams who create design and develop merchandise plans and specifications for retailers private brands, which are ultimately sourced from production vendors.

Back 48

Retail Product Developers

Front 49

What is level four of the textile complex?

Back 49

Retailing

Front 50

_______: The sale of merchandise or services, or both to ultimate consumers.

Back 50

Retailing

Front 51

______: A total sequence of business processes that enables demand for products or services to be satisfied.

Back 51

Supply Chain

Front 52

_______: Involves the corporate, government, an consumer responsibility to integrate economic, political, environmental, and cultural dimensions to promote cooperation and soliditary among people and generations.

Back 52

Sustainability

Front 53

_____ among governments encourage, regulate, or restric elements of trade among the respective countries.

Back 53

Trade Agreements

Front 54

_____: The involvement of governments in the business environment.

Back 54

State Trading

Front 55

______: limits on the quantity of products allowed to enter the country. OR a foreign investment limit placed on the local economy of participating countries.

Back 55

Quotas