Agribusiness

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Agribusiness

The best strategy for handling a “know-it-all” customer is:

1 point

telling the customer that you know it all

letting the customer know that you don’t agree with “know-it-all” customers

not being competitive or argumentative with the customer

asking the customer to leave the store and come back later

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Two or more people in a legal agreement to co-own a business is an example of

1 point

dualship

partnership

sole proprietorship

limited liability

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A disadvantage associated with projected cash flow is that it

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shows when excess cash will be available

projects prices that are difficult to estimate

allows planned purchases

evaluates the relationship of short-term debt to repayment capacity

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The practice of cultivating, processing, and distributing food in or around a village, town or city is known as

1 point

sustainable agriculture

urban agriculture

organic agriculture

community gardening

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The practice of using an integrated system of plant and animal production practices that have a site-specific application that will last over the long term is known as

1 point

hydroponics

sustainable agriculture

organic farming

integrated pest management

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One advantage of incorporating a farm business is that it will

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result in double taxation

result in fewer rules and regulations to follow

limit personal liability of the owners

reduce the amount of record keeping

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Which of the following is the most accurate about agriculture in the U.S?

1 point

A vast majority of U.S. farms have a large amount of debt outstanding.

A majority of U.S. farms are operated for a profit.

Very few U.S. farmers have non-farm income.

Environmental regulation is having a larger impact on the management of U.S. farms.

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Technology-advanced farm equipment

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reduced the labor market for agriculture

increased the labor market for agriculture

has not impacted the labor market

has resulted in economic inefficiency

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Since farmers are continually exposed to loud noises, they should have periodic hearing tests called

1 point

visualgrams

physicals

audiograms

ophthalmologram

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The projected cash flow for a business includes:

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projected incomes, debt payments, and expenses

debt payments and expenses

expenses, inventories, and debt payments

cash income, cash expenses, and debt payments

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Which of the following would be included on an accrual income statement but not on a cash income statement?

1 point

fertilizer expenses

cash paid interest on operating loans

receipts for livestock sales

depreciation on machinery

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Which of the following is the definition of collateral?

1 point

something of value given to a lender as a guarantee to repay a loan

the amount of money the owner has put into the business

when the stock market takes a sudden, unexpected dip

the total value of a company's assets that can be used when filing for bankruptcy

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The Food, Conservation, and Energy Act passed by the U.S. Congress in 2008 is also called

1 point

the Farm Bill

the Farmers Full Employment Act

the Patient Protection and Affordable Care Act

the Green Energy Initiative

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_____ is a voluntary audit performed by the USDA on businesses to ensure that they are following the FDA's recommendations for handling food

1 point

FSCSC

AMS

LGMA

GAP

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What is record keeping?

1 point

Keeping book at a basketball game.

Keeping track of your personal life.

Making a scrapbook.

The process of keeping a journal or record of what you have done

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One effect of ethical behavior is..

1 point

Getting grounded

Having no friends

Gaining respect of others

Legal consequences

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True or false: Citizenship includes rights, responsibilities, duties, and privileges.

1 point

True

False

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True or false: Creating a first impression with someone takes about 30 minutes.

1 point

True

False

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What is the Federal Insurance Contribution Act?

1 point

A Federal Law that says you don't have to pay taxes if you are self-employed.

An act where employees pay their tax as well as their employers.

A Federal Law where employers only pay for their tax.

A Federal Law that imposes an employment tax on both employers and employees to fund Social Security and Medicare; self-employed persons pay both the employer and employer and employee share.

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What are the five traits of agribusiness?

1 point

Family focus, location and commodity based, risk management, digestible/wearable products, high perishability

GMOs, cash crop, land, low perishability, employees

All of the above

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What is the approach to control uncertainties and risks by developing strategies?

1 point

gambling

risk management

risking everything

stock market

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Which of the following is a disadvantage of a corporation?

1 point

owners have complete liability

no regulations for start-up

double taxation

both a and c

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What's one challenge managers face?

1 point

being too successful

going to conferences

not enough competition

increased productivity

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What is downsizing?

1 point

When the economy slows down and there isn't enough business.

When there is a drought and there are no crops to farm.

A planned reduction in size, which became popular when global competition grew and a larger emphasis was placed on quality and productivity. This helped some organizations, but led to a lack of worker confidence and no sense of job security.

When you are unable to expand your business because there aren't enough workers to work.

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Niches are...

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An ecosystem

A place in the community suitable for a person or thing.

Place to get a milkshake.

A role in the neighborhood watch system.

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The repeated rise and fall of economic activity over time.

1 point

Business cycles

Business plan

Economy report

Recession

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Business related to the production, processing, and distribution of agriculture.

1 point

4-H

Agribusiness

Business procedures

FFA

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What is a farm?

1 point

An operation much like the stock market, but on a smaller scale.

A place for Old MacDonald to live.

A place where they slaughter horses to make glue.

An operation during the calendar year produced or would have produced products worth $1k.

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What is the amount of feet in one acre?

1 point

5,000 sq. feet

35,897 sq. feet

43,560 sq. feet

55,550 sq. feet

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What is the 4th step of Maslow's Hierarchy?

1 point

Security

Ethics

Needs

Self-actualization

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