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Managing

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Chapter 3 Discussion Questions Responses 1. It is very important to perform a political risk assessment in foreign countries before engaging in business activities. This is very important because this is what determines whether the new business will be able to operate properly in that country or not. Performing a risk assessment can save the new firm a lot of troubles such as, not being able to send funds in or out of the country, and not being able to operate properly because of rules and regulations that require certain product/procedure confiscations. Also many countries are going through different struggles at the moment, struggles that can affect the new firm, or not allow to even start up. In the end it is best to study, analyze and perform political risk assessments in foreign countries where there is potential to start business, because of money issues, laws and rules and regulations.

2. Depending on if accounting standards were created worldwide, this could result in a really good thing, or a really bad thing. Any type of “standards” are usually created to give people an understanding of what is right and wrong, or what is the correct methods of doing things. I feel as though having accounting standards in all countries can be a positive move, because now all countries are working with the same standards, it seems more fairly. However, since almost every country has different types of currency’s, laws, and regulations, this can mean a lot of confusion. What this could mean for international business is that, it may be harder to distinguish costs, assets, and inventories that are being imported or exported from other countries. Also the value of trading or manufacturing in other countries may go…...

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