This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Respect someone whatever their duties so that he feels his presence in the group or organization becomes important. A) Planning. B) Organizing. C) Controlling. D) Leading. Show Answer Correct Answer: D) Leading. 2. Which of the following is subject to more governmental regulations? A) Franchise. B) Partnership. C) Corporation. D) Cooperative (co-op). Show Answer Correct Answer: C) Corporation. 3. Which of the following is NOT a type of farming budget? A) Partial. B) Enterprise. C) Liability. D) Whole farm. Show Answer Correct Answer: C) Liability. 4. Which of the following is the least common form of business organization? A) Corporation. B) Sole proprietorship. C) Franchise. D) Parternship. Show Answer Correct Answer: D) Parternship. 5. Into what lending agency was the Production Credit Agency and the Federal Land Bank merged? A) Commodity Credit Corporation. B) Farmers Home Administration. C) Farm Credit Services. D) Fannie Mae/Fannie Mac. Show Answer Correct Answer: C) Farm Credit Services. 6. Which of the following is a subsidiary ledger for specific inventory? A) Expense report. B) Liability record. C) Stock entry. D) Stock record. Show Answer Correct Answer: D) Stock record. 7. Which of the following is an example of partial budgeting? A) Totaling acres. B) Crop enterprise budget. C) Helping the operator analyze important adjustments in the farm operation. D) Deciding what crop to plant on a small plot. Show Answer Correct Answer: D) Deciding what crop to plant on a small plot. 8. Which of the following is an inventory method which requires a business to identify each good with the good's cost of goods sold? A) LIFO. B) Specific Identification. C) Average. D) FIFO. Show Answer Correct Answer: B) Specific Identification. 9. When an economy is not doing well, this is called a A) Good day. B) Bear. C) Boom. D) Bust. Show Answer Correct Answer: D) Bust. 10. Companies that are serious about health initiatives who implement exercises and weight reduction programs for employees A) Increase the number of sick leave days taken by employees. B) Increase the amount of employee resentment. C) Decrease the price of health insurance. D) Increase the price of health insurance. Show Answer Correct Answer: C) Decrease the price of health insurance. 11. At one time, New York state raised sheep. Today those farms produce milk because the popularity of milk and the potential profit that can be generated from milk products is greater than that of sheep production. This scenario is an example of what economic law? A) Law of Comparative Advantage. B) Law of Diminishing Returns. C) Law of Opportunity Costs. D) Law of Supply and Demand. Show Answer Correct Answer: A) Law of Comparative Advantage. 12. The federal government subsidizes the cost of insurance that covers the loss of revenue to a farmer as a result of: A) Damage to a crop due to severe drought. B) Higher costs for distributing and marketing a product. C) A drop in prices due to oversupply of a commodity. D) Lower prices due to competition with foreign producers. Show Answer Correct Answer: A) Damage to a crop due to severe drought. 13. What is West Virginia's top agricultural product? A) Beef. B) Eggs. C) Corn. D) Apples. Show Answer Correct Answer: D) Apples. 14. Which of the following is NOT a factor that influences the supply of products? A) Cost & availability of credit. B) Quantity of delivery trucks. C) Ability to buy items needed to produce that product. D) Weather. Show Answer Correct Answer: B) Quantity of delivery trucks. 15. Farm Bureaus are considered which of the following? A) Non-profit agricultural organization. B) Processor. C) Producer. D) Manufacturer. Show Answer Correct Answer: A) Non-profit agricultural organization. 16. Materials derived from natural resources clearly defines which of the following? A) Intangible Goods. B) Raw Goods. C) Finished Goods. D) Processed Goods. Show Answer Correct Answer: B) Raw Goods. 17. When a market moves up & down adjusting the quantity of supply & the quantity of demand until they are equal is called the ..... price A) Market. B) Equilibrium. C) Demand. D) Value. Show Answer Correct Answer: B) Equilibrium. 18. Which economic factors determine the price a producer receives for his or her products? A) Supply and demand. B) Amount invested in the crop. C) Futures market. D) Breakeven prices. Show Answer Correct Answer: A) Supply and demand. 19. Agribusiness means business based on agricultural and it's covered A) All commodity in fishery. B) Food crops, holticulture and plantation. C) All commodity and product in forestry. D) All forestry, fishery, livestock, food crops and plantation products. Show Answer Correct Answer: D) All forestry, fishery, livestock, food crops and plantation products. 20. An enterprise which derives a significant portion of its revenue. A) Agribusiness. B) Business. C) Agricultural Services. D) Business Mangement. Show Answer Correct Answer: A) Agribusiness. 21. Four sections of land are how many square miles? A) 3 square miles. B) 4 square miles. C) 1 square mile. D) 2 square miles. Show Answer Correct Answer: B) 4 square miles. 22. What is an example of a current asset? A) Bank account balance. B) Credit card bill. C) Land. D) Tractor. Show Answer Correct Answer: A) Bank account balance. 23. Enhances profit opportunities for cattle & beef producers by increasing business and creating consumer demand 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: A) National Cattlemen's Beef Association. 24. Who is Indonesia's cooperative founder? A) Sudirman. B) Soekarno. C) Soesilo Bambang Yudhoyono. D) Moh Hatta. Show Answer Correct Answer: D) Moh Hatta. 25. The most important reason for complete farm financial records should be A) For income tax reporting and to meet the requirement for reporting hired labor. B) To settle insurance claims. C) To inform the bank of the success of the farm business. D) To combine with production records to provide information for management decision making. Show Answer Correct Answer: D) To combine with production records to provide information for management decision making. 26. Nationally, what has the Census of Agriculture shown is happening to the total number of farms in the U.S.? A) Increasing. B) Decreasing. C) Staying the same. D) None of above. Show Answer Correct Answer: B) Decreasing. 27. The term for "additional pay for a job done" is ..... A) Commission. B) Finance charge. C) Collateral. D) Gross income. Show Answer Correct Answer: A) Commission. 28. Assets may include which of the following? A) Borrowed cash. B) Equipment. C) Feed store bill. D) Equipment loans. Show Answer Correct Answer: B) Equipment. 29. If the price of wheat goes up relative to the price of corn A) Farmers will plant more corn and less wheat. B) Farmers will use less corn. C) Farmers will plant more wheat and less corn. D) Farmers will not change planing intentions. Show Answer Correct Answer: C) Farmers will plant more wheat and less corn. 30. Which of the following types of business ownership includes contract farming? A) Partnership. B) Sole proprietorship. C) Cooperatives. D) Corporations. Show Answer Correct Answer: A) Partnership. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books