This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 2 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following moves finished goods from one business to another? A) Service Firms. B) Intermediaries. C) Producers. D) Manufacturers. Show Answer Correct Answer: B) Intermediaries. 2. Which of the following is an example of a fixed expense? A) Gas. B) Utility bill. C) Animal health care. D) Insurance. Show Answer Correct Answer: D) Insurance. 3. Why should a person know what their business is worth? A) To keep others from stealing the produce. B) To sell the business right away. C) To evaluate the financial health of the business. D) To keep business at a consistent level. Show Answer Correct Answer: C) To evaluate the financial health of the business. 4. After the Civil War where was cattle demanded the most? A) California. B) Canada. C) Northern States. D) Europe. Show Answer Correct Answer: C) Northern States. 5. Whole farm budgets are NOT used for which of the following? A) Learning the worth of a ranch. B) Comparing profitability of several farm plans. C) Totaling the number of acres. D) Determining income possibilities. Show Answer Correct Answer: C) Totaling the number of acres. 6. Which one of the following states is NOT one of the top states in farm numbers, total sales, crops sales, or livestock sales? A) Oklahoma. B) Missouri. C) Iowa. D) California. Show Answer Correct Answer: A) Oklahoma. 7. Organic farmers aim to sell their product to health-conscious consumers. The health-conscious consumers are a A) Secondary market. B) Mass market. C) Niche market. D) Primary market. Show Answer Correct Answer: C) Niche market. 8. Which of the following is the most common form of business ownership? A) Corporation. B) Partnership. C) Sole Proprietorship. D) Franchise. Show Answer Correct Answer: C) Sole Proprietorship. 9. Which of the following is NOT a true statement? A) With a budget, there is no disciplined approach to keeping spending in line. B) Spending without budgeting may cause someone to spend money on less important items. C) Budgeting helps monitor expenditures. D) Budgeting is a building block of setting up a farm or ranch. Show Answer Correct Answer: A) With a budget, there is no disciplined approach to keeping spending in line. 10. Less workers are needed for farm production due to A) Organic farming. B) Education. C) Technology. D) Specialization. Show Answer Correct Answer: C) Technology. 11. A farmer produces most of what his family needs. This kind of farming is called A) Corporate. B) Communal. C) Marginal. D) Subsistence. Show Answer Correct Answer: D) Subsistence. 12. On what document does a borrower sign to indicate the loan will be paid on or before a specified date? A) Registration form. B) Promissory note. C) Installment document. D) Reliability voucher. Show Answer Correct Answer: B) Promissory note. 13. Which of the following is NOT a reason for budgeting? A) Provides company or personal financial stability. B) Generates a map of financial practices. C) Guides efficient business decisions. D) Allows companies to spend as much money as they want. Show Answer Correct Answer: D) Allows companies to spend as much money as they want. 14. To show ownership of cattle what did ranchers perform? A) Tattooing. B) Branding. C) Cutting. D) Stamping. Show Answer Correct Answer: B) Branding. 15. Farm Financial Standards Council promotes uniformity of farm financial records for the purpose of: A) Analyzing farm production characteristics. B) Fair comparisons between all farms. C) Fair comparisons between farms in foreign countries. D) Analyzing competitive advantages. Show Answer Correct Answer: B) Fair comparisons between all farms. 16. What do the letters S.A.E. stand for? A) Supportive Agricultural Education. B) Supervised Animal Experience. C) Supervised Agricultural Entrepreneurship. D) Supervised Agricultural Experience. Show Answer Correct Answer: D) Supervised Agricultural Experience. 17. What is the owner's equity? A) Asset. B) Net worth. C) Current. D) Liability. Show Answer Correct Answer: B) Net worth. 18. Which is an example of an asset? A) Land. B) Bank Loan. C) Note. D) None of above. Show Answer Correct Answer: A) Land. 19. The length of time required at a specific temperature to destroy 90% of the microorganisms present is referred to as the A) D-value. B) F-value. C) G-value. D) C-value. Show Answer Correct Answer: A) D-value. 20. Marian and Sara borrow $ 175, 000 on March 15. They expect to repay $ 100, 000 on October 15 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 8% and interest is charged on the daily outstanding principle balance. A) $ 8, 718. B) $ 8, 666. C) $ 7, 500. D) $ 6, 904. Show Answer Correct Answer: A) $ 8, 718. 21. Which of the following is a firm or business owned and operated by its members? A) Partnership. B) Cooperative (co-op). C) Franchise. D) Corporation. Show Answer Correct Answer: B) Cooperative (co-op). 22. Develop products for distribution from raw goods, such as forestry, farming & mining A) Processors. B) Intermediaries. C) Producers. D) Service Firms. Show Answer Correct Answer: C) Producers. 23. Development of a plan to identify ways to make potential customers aware of a product or service is called the: A) Selling function. B) Promoting function. C) Buying function. D) Distribution function. Show Answer Correct Answer: B) Promoting function. 24. Encourages appropriate standards of conservation, restoration management and the proper use of soil, water and natural resources A) National Cattlemen's Beef Association. B) Farm Bureaus. C) National Pork Producers Council. D) The Association of Soil and Water Conservation Districts. Show Answer Correct Answer: D) The Association of Soil and Water Conservation Districts. 25. What type of business is expensive to set up, but has no personal liability? A) Corporation. B) LLC. C) Sole proprietorship. D) Partnership. Show Answer Correct Answer: A) Corporation. 26. When a good is completed it is moved from work-in-progress inventory to which of the following? A) Finished goods inventory. B) Overhead cost pool. C) Overhead inventory. D) Raw goods inventory. Show Answer Correct Answer: A) Finished goods inventory. 27. Which of the following describes strategies for branding, packaging, advertising and promoting the business and its products? A) Financial plan. B) Business description. C) Marketing plan. D) Executive agend. Show Answer Correct Answer: C) Marketing plan. 28. Many business operators must make choices on keeping inventory or liquidating that inventory. Which of the following would be a situation when inventory should be liquidated? A) Shelves in the back of a storage room that are not utilized any longer to store records that are now kept electronically. B) A computer that is used daily to keep records of the business. C) A tractor that is only used in the spring for plowing a plot of land. D) Benches in a greenhouse that are only used for overflow plants in the spring of the year. Show Answer Correct Answer: A) Shelves in the back of a storage room that are not utilized any longer to store records that are now kept electronically. 29. As an agribusiness manager, what is one of the best ways to minimize risk? A) Increase the amount of loan if given the opportunity. B) Take out multiple lines of credit through different credit sources. C) Fail to pay loans on time. D) Maintain a proper debt to income relationship. Show Answer Correct Answer: D) Maintain a proper debt to income relationship. 30. Creating a budget does NOT consist of which of the following? A) Eliminating unnecessary expenses. B) Knowing your net income. C) Throwing away financial records. D) Tracking spending. Show Answer Correct Answer: C) Throwing away financial records. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books