This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An identifying symbol for a company or product is called a ..... A) Picture. B) App. C) Logo. D) Symbol. Show Answer Correct Answer: C) Logo. 2. To be a transformation young leader is my aims A) Vision. B) Strategic. C) Goal. D) Mission. Show Answer Correct Answer: A) Vision. 3. What is the purpose of a cash flow budget? A) To determine if available cash and earnings will be sufficient to meet expenditures. B) To only include resources which will be changed. C) To summarize expected income, expense, and profit for an entire farm. D) To design a general framework for any farmer to evaluate his operation. Show Answer Correct Answer: A) To determine if available cash and earnings will be sufficient to meet expenditures. 4. Change raw or processed goods using facilities such as boot factories, furniture factories, cotton processing and citrus fruit processing A) Manufacturers. B) Intermediaries. C) Producers. D) Processors. Show Answer Correct Answer: A) Manufacturers. 5. A company only updates their inventory at the end of the year and associates the oldest costs first with the cost of goods sold. Which of the following best describes this scenario? A) Periodic Average. B) Perpetual FIFO. C) Periodic LIFO. D) Periodic FIFO. Show Answer Correct Answer: D) Periodic FIFO. 6. Goals are important for any agribusiness. Goals should be written down and recorded with the ..... goal setting format used for clarity. A) SMART. B) Financial. C) Whole Farm. D) Compatible. Show Answer Correct Answer: A) SMART. 7. The average U.S. farm size has done what? A) Increased. B) Decreased. C) Stayed the same. D) None of above. Show Answer Correct Answer: A) Increased. 8. Which of the following is NOT a factor that affects demand? A) Desire to purchase. B) Weather. C) Quantity available and price. D) Population growth. Show Answer Correct Answer: B) Weather. 9. What type of organization is created, owned, and controlled by its members? A) Cooperative. B) Entrepreneurial. C) Mid-marketing. D) Small business. Show Answer Correct Answer: A) Cooperative. 10. In order to be defined as a "farm", which of the following statements is TRUE? A) Must be able to make a living from what is produced on the farm. B) Must have $ 5, 000 of agriculture product sold in a year. C) Must have $ 1, 000 of agriculture product sold in a year. D) Must have $ 12, 000 of agriculture product sold in a year. Show Answer Correct Answer: C) Must have $ 1, 000 of agriculture product sold in a year. 11. Land, labor, capital and entrepreneur are called as A) Factors of marketing. B) Factors of production. C) Factors of business. D) None of above. Show Answer Correct Answer: C) Factors of business. 12. Which of the following budgets is usually prepared on a "per unit" basis? A) Whole farm budget. B) Partial budget. C) Cash flow budget. D) Enterprise budget. Show Answer Correct Answer: D) Enterprise budget. 13. What does economy mean? A) The wealth and resources of a nation and how they are managed. B) A risk-taking business person. C) Money, wealth, power. D) Country's power standing. Show Answer Correct Answer: A) The wealth and resources of a nation and how they are managed. 14. What is an example of a non-current asset? A) Fertilizer. B) Land. C) Bill for Lumber. D) Feed. Show Answer Correct Answer: B) Land. 15. When seeking a production loan, what information must you provide to a potential credit source? A) Personal resume. B) Letters of recommendation. C) List of items you will purchase with the borrowed money. D) Personal financial statement and cash flow projections. Show Answer Correct Answer: D) Personal financial statement and cash flow projections. 16. What does a market-basis balance sheet measure? A) Only measures business' success. B) Measures business' performance over time. C) Measures the liquidation value of a business. D) Only measures business' failures. Show Answer Correct Answer: C) Measures the liquidation value of a business. 17. Which of the following is NOT an example of an asset? A) Livestock. B) Credit cards. C) Cash. D) Equipment. Show Answer Correct Answer: B) Credit cards. 18. Specialization in the production of crops and/or livestock generally results in A) Increased returns and decreased risk. B) Increased returns and increased risk. C) Decreased returns and decreased risk. D) Decreased returns and increased risk. Show Answer Correct Answer: B) Increased returns and increased risk. 19. Who operates the majority of all farms in the U.S.? A) Partnerships. B) Families or individuals. C) LLCs. D) Factory farmers. Show Answer Correct Answer: B) Families or individuals. 20. What is an example of a liability? A) Charge account. B) Land. C) Market Steer. D) Pickup. Show Answer Correct Answer: A) Charge account. 21. What type of organization is licensed to manage the buying and selling of goods using a licensed broker? A) Direct sales agency. B) Wholesale market. C) Trade exchange. D) Commodity exchange. Show Answer Correct Answer: D) Commodity exchange. 22. What should a proper debt-to-net worth ratio not exceed? A) 3:1. B) 4:1. C) 2:1. D) 1:1. Show Answer Correct Answer: D) 1:1. 23. Which of the following is the first step in the product flow chart? A) Producer. B) Processor. C) Raw Goods. D) Manufacturer. Show Answer Correct Answer: C) Raw Goods. 24. Which of the following develops products for distribution from raw goods? A) Manufactureres. B) Processors. C) Intermediaries. D) Producers. Show Answer Correct Answer: D) Producers. 25. The regulatory authority for grain elevators in Kentucky is: A) Farm Bureau Federation. B) Kentucky Department of Agriculture. C) Commodity Futures Trading Commission. D) USDA. Show Answer Correct Answer: B) Kentucky Department of Agriculture. 26. If you estimate your local cash price will be $ .15 under the future price at the time you deliver your corn, the approximate net selling price you can lock in by selling a futures contract at $ 8.50 is A) $ 8.60. B) $ 8.65. C) $ 8.35. D) $ 8.50. Show Answer Correct Answer: C) $ 8.35. 27. Which management style is when the leader dictates and controls all decisions in the job? A) Authoritative style. B) Pacesetting style. C) Affiliate style. D) Coaching style. Show Answer Correct Answer: A) Authoritative style. 28. Production, Marketing, Finance, Corporate Planning are called as A) Tools of trade. B) Economic resources. C) Business types. D) None of above. Show Answer Correct Answer: A) Tools of trade. 29. When the U.S. dollar is considered to be weak, the demand for agricultural imports: A) None are correct. B) Have no change. C) Increase. D) Decrease. Show Answer Correct Answer: C) Increase. 30. When an agribusiness enterprise produce beyond family consumption to have marketable surplus, it is called as A) Consumer oriented. B) Profit oriented. C) Market oriented. D) None of above. Show Answer Correct Answer: C) Market oriented. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books