This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... consists of real estate (land), buildings, house, and various types of improvements to real estate A) Agricultural property. B) Personal property. C) Suburban property. D) Real property. Show Answer Correct Answer: D) Real property. 2. Capital is defined by..... A) Equipment, factories, or money used to produce goods or services. B) Equipment, people, and banks used to produce goods or services. C) Not sure. D) Factories and money only. Show Answer Correct Answer: A) Equipment, factories, or money used to produce goods or services. 3. How many GMO approved crops are there currently? A) 25. B) 120. C) 10. D) 75. Show Answer Correct Answer: C) 10. 4. SWOT analysis involves considering all of the following elements EXCEPT A) Weakness. B) Strength. C) Opportunities. D) Training. Show Answer Correct Answer: D) Training. 5. The use of a net worth statement can allow a person to determine such financial factors as liquidity and solvency. The overall equity of a farm firm can be determined through what calculation from the balance sheet? A) Net Worth- Total Liabilities. B) Total Farm Liabilities + Net Worth. C) Total Current Assets- Total Current Liabilities. D) Total Assets- Total Liabilities. Show Answer Correct Answer: D) Total Assets- Total Liabilities. 6. What is the top state for Dairy Production? A) Pennsylvania. B) California. C) New York. D) Wisconson. Show Answer Correct Answer: B) California. 7. Who famously predicted that the earth would not be able to support its growing population, but technologies such as the Green Revolution have allowed the world to produce a surplus of food A) John Stuart Mill. B) Thomas Robert Malthus. C) David Ricardo. D) Jeremy Bentham. Show Answer Correct Answer: B) Thomas Robert Malthus. 8. How is net worth calculated? A) Net worth = net Income - gross Income. B) Net worth = assets - liabilities. C) Net worth = liabilities + assets. D) Net worth = liabilities - assets. Show Answer Correct Answer: B) Net worth = assets - liabilities. 9. What is the definition of a boom/bust economy? A) Equipment, factories, or money used to produce goods or services. B) A business cycle of highs and lows. C) Farm related business such as crops and livestock. D) Don't know. Show Answer Correct Answer: B) A business cycle of highs and lows. 10. What is the top corn producing state? A) Illinois. B) Iowa. C) Minnesota. D) Indiana. Show Answer Correct Answer: B) Iowa. 11. Agribusiness challenges covered in land A) Expertise of agribusiness worker in every sub system. B) There are conversin in productive land. C) In terms of invention in advanced technology in manfacturing or cultivation. D) Agribusiness 4.0 and all aspects above. Show Answer Correct Answer: D) Agribusiness 4.0 and all aspects above. 12. What does a cost-basis balance sheet measure? A) Only measures business' failures. B) Measures business' performance over time. C) Measures liquidation value of a business. D) Only measures business' success. Show Answer Correct Answer: B) Measures business' performance over time. 13. Which of the following defines budgeting? A) The amount of income received before the cost of goods and taxes. B) The allocation of monetary funds based on a determined structure. C) The amount of income after cost of goods and taxes are deducted. D) Assets minus liabilities. Show Answer Correct Answer: B) The allocation of monetary funds based on a determined structure. 14. In what state did irrigation increase the corn yield by 400 to 500% from 1940 to 1997? A) California. B) Florida. C) Colorado. D) Misssouri. Show Answer Correct Answer: C) Colorado. 15. What is a non-current liability? A) Long-term debt due in 12+ months. B) Debt due within 12 months. C) Debt due within 2 months. D) Debt due within 1 week. Show Answer Correct Answer: A) Long-term debt due in 12+ months. 16. What government agencies oversees the collection of federal taxation? A) National Taxation Service. B) Tax Service Administration. C) Tax Collection Administration. D) Internal Revenue Service. Show Answer Correct Answer: D) Internal Revenue Service. 17. Recent trends have seen the rise of a growing interest in contract farming and what? A) Supermarkets. B) Food. C) Costco. D) Albertsons. Show Answer Correct Answer: A) Supermarkets. 18. Farmers and agribusiness organizations such as Farm Bureau will often take a protective stance when it comes to important issues related to agriculture. For example each time the Federal Farm Bill is reauthorized agricultural groups try to take a proactive approach to impacting the legislation. Why do groups take this approach? A) By being proactive this allows for groups to protect their interests and impact the policies that would shape their industry. B) A proactive approach primarily focuses on working with legislators after the approval of a bill. C) By being proactive a farm organization only focuses on events that would be microeconomic to the overall industry. D) Agricultural groups try to influence legislation to be felt if prices for commodities are over regulated. Show Answer Correct Answer: A) By being proactive this allows for groups to protect their interests and impact the policies that would shape their industry. 19. Which business function includes studying the product or service to determine the reasons that customers will want and need the product or service? A) Distribution. B) Buying. C) Promoting. D) Selling. Show Answer Correct Answer: D) Selling. 20. What are the five basic ways American business is organized? A) Buy, sell, promote, distribution, financing. B) Buy, sell, profit, distribution, finance. C) Buy, sell revenue, marketing, finance. D) Buy, sell, marketing, profit, financing. Show Answer Correct Answer: A) Buy, sell, promote, distribution, financing. 21. Liquidity is the same as what financial term? A) Liability. B) Non-current. C) Asset. D) Current. Show Answer Correct Answer: D) Current. 22. What is the government lending agency called that is operating under the authority of the U.S. Department of Agriculture A) Agriculture Lending Agency. B) Farm and Ranch Agency. C) Farm Systems Agency. D) Farm Services Agency. Show Answer Correct Answer: D) Farm Services Agency. 23. If you are examining a change in a farm business that affects only a few items in the total farm budget, the change could most easily be evaluated through the use of a: A) Enterprise Budget. B) Partial Budget. C) Cash Flow Statement. D) Total Farm Budget. Show Answer Correct Answer: B) Partial Budget. 24. Increases opportunities for the success of US pork producers and other industry stakeholders 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: C) National Pork Producers Council. 25. What causes change in demand? A) Income. B) Tastes. C) Competing products. D) All of these can cause change in demand. Show Answer Correct Answer: D) All of these can cause change in demand. 26. What is the major reason agribusinesses fail? A) Labor problems. B) Lack of capital. C) Death of the manager. D) Poor management. Show Answer Correct Answer: D) Poor management. 27. Where is Indonesia's capital city A) Jakarta. B) Yogyakarta. C) Medan. D) Surabaya. Show Answer Correct Answer: A) Jakarta. 28. Organization in which agriculturalists bring together their resources in a specific area of activity A) Non-Profit Organizations. B) Service Firms. C) Agricultural Co-ops. D) Ag businesses. Show Answer Correct Answer: C) Agricultural Co-ops. 29. Which of the following is NOT a true statement concerning budgets? A) Are a specific plan on how to spend and save money. B) Are numerical records which do not express spending results over a specific time period. C) Are a blueprint. D) Are used as a planning guide. Show Answer Correct Answer: B) Are numerical records which do not express spending results over a specific time period. 30. Which of the following is NOT a factor that price is determined by? A) Supply of the item. B) Demand of the item. C) Time the item has been manufactured. D) General price level. Show Answer Correct Answer: C) Time the item has been manufactured. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books