This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is our chapter number on the AET website? A) WV0023. B) WV0076. C) WV0125. D) WV0051. Show Answer Correct Answer: B) WV0076. 2. Which type of cooperative receives products from its members and then resells those products for the best possible price? A) Sales based. B) Service based. C) Purchasing based. D) Market based. Show Answer Correct Answer: D) Market based. 3. Special interest groups exist throughout the agricultural sector on the state and federal level. These groups represent food processors, agricultural insurance companies, animal rights, labor groups, etc. These special interest groups employee ..... to represent them through making contact with legislators. A) Producers. B) Lobbyists. C) Regulators. D) Economists. Show Answer Correct Answer: B) Lobbyists. 4. Which of the following should serve as a detailed outline of the company and convince the audience to read the rest of the business plan? A) Business description. B) Marketing plan. C) Financial plan. D) Executive summary. Show Answer Correct Answer: D) Executive summary. 5. The first major discovery of oil was located at A) Spindletop. B) Houston. C) Texas City. D) Dallas. Show Answer Correct Answer: A) Spindletop. 6. Which of the following accounts is created when production labor costs are recorded? A) Overhead cost pool. B) Wages expense. C) Raw materials inventory. D) Merchandise inventory. Show Answer Correct Answer: B) Wages expense. 7. In the long run, a farm business manager should try to cover: A) Fixed costs. B) Total costs. C) All costs. D) Variable costs. Show Answer Correct Answer: A) Fixed costs. 8. Which would be the most effective way that a farmer could keep accurate records? A) Utilizing electronic records and backing them up to another source. B) Having a master paper and pencil copy of all records. C) Keeping all records on their smart phone with no back up. D) Creating a public website for all records where they can be accessed by anyone. Show Answer Correct Answer: A) Utilizing electronic records and backing them up to another source. 9. Which of the following is the minimum age of employment during school hours for children working in agriculture? A) 12. B) 18. C) 14. D) 16. Show Answer Correct Answer: D) 16. 10. Which of the following is NOT a disadvantage of a sole proprietorship? A) Owner has limited skills. B) Higher governmental regulations. C) High start-up costs. D) Harder to raise money. Show Answer Correct Answer: B) Higher governmental regulations. 11. For which of the following does the parent company share experiences and proven techniques? A) Corporation. B) Sole proprietorship. C) Franchise. D) Partnership. Show Answer Correct Answer: C) Franchise. 12. An occupational cluster, which focuses in creating and going into business in agriculture is known as A) Agriculture. B) Agribusiness. C) Investment. D) None of above. Show Answer Correct Answer: B) Agribusiness. 13. One strategy to manage financial risk is A) Borrowing money. B) Maintaining a low debt/asset ratio. C) Playing the futures market. D) Hedging the market. Show Answer Correct Answer: B) Maintaining a low debt/asset ratio. 14. What is the top state for Beef Cattle production? A) Colorado. B) Texas. C) Oklahoma. D) Nebraska. Show Answer Correct Answer: B) Texas. 15. Provides goods and services to individuals and operates on donations, volunteers, and philanthropists A) Agricultural Co-ops. B) Non-Profit Organizations. C) Ag businesses. D) Service Firms. Show Answer Correct Answer: B) Non-Profit Organizations. 16. Defined as the quantity of a product that buyers will purchase at a specific given price at a given time A) Supply. B) Demand. C) Quantity. D) Service. Show Answer Correct Answer: B) Demand. 17. What is the length of time current covers? A) 24+ months. B) 36+ months. C) 0-12 months. D) 12+ months. Show Answer Correct Answer: C) 0-12 months. 18. Change raw goods into a more finished form using facilities such as cotton mils, oil refineries, textile mills A) Intermediaries. B) Manufacturers. C) Producers. D) Processors. Show Answer Correct Answer: D) Processors. 19. In the early 1900s many towns developed around the discovery of oil, this is called a A) Progressive town. B) Boomtown. C) Bust town. D) Ghost town. Show Answer Correct Answer: B) Boomtown. 20. When analyzing competing products or services, which is not a function? A) Quality. B) Supply. C) Price. D) Service. Show Answer Correct Answer: B) Supply. 21. The quantity of a product that is available to buyers at a given time A) Supply. B) Credit. C) Demand. D) Economics. Show Answer Correct Answer: A) Supply. 22. What is the top agricultural commodity in the US? A) Poultry. B) Beef. C) Dairy Products. D) Corn. Show Answer Correct Answer: B) Beef. 23. How does a business/sender know that their message/promotion was successful? A) Cash sales only. B) Advertisements. C) Feedback (attendance, contributions, purchases). D) Shares on social media. Show Answer Correct Answer: C) Feedback (attendance, contributions, purchases). 24. Which of the following is true about net income? A) It is also known as "pre tax". B) It raises fees on interest rates. C) It is the amount of income after cost of goods are deducted. D) It improves credit scores. Show Answer Correct Answer: C) It is the amount of income after cost of goods are deducted. 25. It is occupational cluster, which focuses in creating and going into business in agriculture. A) Agriculture. B) Agribusiness. C) Economics. D) None of above. Show Answer Correct Answer: B) Agribusiness. 26. Which of the following is NOT a true statement about partial budgets? A) Allows for hiring custom work. B) Modifies production practice. C) Adopts new technologies. D) Includes resources which cannot change. Show Answer Correct Answer: D) Includes resources which cannot change. 27. What is an asset? A) What you own. B) What you owe. C) Prize possession. D) None of above. Show Answer Correct Answer: A) What you own. 28. An example of a Placement SAE is: A) Working for Tractor Supply daily after school and on weekends. B) Raising and showing market lambs at the county fair. C) Conducting a research project on the best type of fertilizer for tomatoes. D) Planning a community service event for your FFA chapter. Show Answer Correct Answer: A) Working for Tractor Supply daily after school and on weekends. 29. The country who consumes the greatest amount of pork per capita is A) Denmark. B) Argentina. C) Hong Kong. D) United States. Show Answer Correct Answer: A) Denmark. 30. In the agricultural market, ..... is determined by either supply or demand. A) Products. B) Price. C) Beef. D) Surplus. Show Answer Correct Answer: B) Price. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books