This quiz works best with JavaScript enabled. Home > Agriculture > Business > Agribusiness > Agribusiness – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Evaluating worker performance and coaching for development is part of A) Planning. B) Organizing. C) Leading. D) Controlling. Show Answer Correct Answer: C) Leading. 2. It refers to the ability of the firm to maintain its employees, serve customers and sustain community relationships in the long run. A) Environmental Sustainability. B) Social Sustainability. C) Economic Sustainability. D) None of above. Show Answer Correct Answer: B) Social Sustainability. 3. To achieve domestic market leader in fishery product A) Organizing. B) Controlling. C) Leading. D) Planning. Show Answer Correct Answer: D) Planning. 4. Inventory is recorded as which of the following on the company's balnce sheet? A) Cost. B) Asset. C) Liability. D) Expense. Show Answer Correct Answer: B) Asset. 5. Compare implementation or results with standards A) Controlling. B) Leading. C) Organizing. D) Planning. Show Answer Correct Answer: A) Controlling. 6. Which of the following would not be an advantage of using cash accounting in agricultural business? A) Revenue is often recorded in a year where the production did not actually take place such as selling corn harvested in 2016 in 2017 after storage. B) Simplicity in record keeping throughout the process. C) The cost of an item is deductible within the year the transaction occurred for tax purposes. D) The cash method does not use an inventory to keep track of unsold products or unused supplies. Show Answer Correct Answer: A) Revenue is often recorded in a year where the production did not actually take place such as selling corn harvested in 2016 in 2017 after storage. 7. Approximately 75% of the milk sold in the US is sold through farmer-owned, milk-marketing organizations known as what? A) Cooperatives. B) Vertical integrators. C) Terminal marketers. D) Direct sellers. Show Answer Correct Answer: A) Cooperatives. 8. A disadvantage of being an employee is: A) Overtime pay. B) Little or no control over future job. C) Fringe benefits. D) Regular hours. Show Answer Correct Answer: B) Little or no control over future job. 9. This connotes that agribusiness should not focus only on production of goods and services for self-subsistence. A) Profit orientation. B) Consumer orientation. C) Production orientation. D) None of above. Show Answer Correct Answer: A) Profit orientation. 10. Agriculture accounts for what percentage of child labor worldwide? A) 60%. B) 80%. C) 70%. D) 50%. Show Answer Correct Answer: C) 70%. 11. What is a disadvantage of being an employee instead of an owner? A) Receiving overtime pay. B) Working regular hours. C) Having little or no control over our future. D) Getting fringe benefits. Show Answer Correct Answer: C) Having little or no control over our future. 12. A well-known restaurant chain has an outbreak of salmonella poisoning from tomatoes. Business has declined for the restaurant chain since the report of the salmonella. The customer response to this situation represents economic A) Inelasticity. B) Instability. C) Elasticity. D) Downturn. Show Answer Correct Answer: C) Elasticity. 13. The Food, Conservation, and Energy Act passed by the U.S. Congress in 2008 also is called A) The Patient Protection and Affordable Care Act. B) The Green Energy Initiative. C) The Farm Bill. D) The Farmers Full Employment Act. Show Answer Correct Answer: C) The Farm Bill. 14. Agricultural marketing is a series of inter-connected activities such as planning production, growing and harvesting, grading, packing, transport, storage, agro- and ..... distribution and sale A) Nutrition. B) Food microbiology. C) Food chemistry. D) Food processing. Show Answer Correct Answer: D) Food processing. 15. What is an example of a current liability? A) Tractor. B) Credit Card Bill. C) Property mortgage. D) Trailer. Show Answer Correct Answer: B) Credit Card Bill. 16. What are the 2 basic parts of a budget? A) Income and expenses. B) Assets and liabilities. C) Cash and loans. D) Savings and bills. Show Answer Correct Answer: A) Income and expenses. 17. What government owned credit source provides loans for specific crops like grain and peanuts? A) Freddie Mac. B) Farmers Home Administration. C) Commodity Credit Corporation. D) Fannie Mae. Show Answer Correct Answer: C) Commodity Credit Corporation. 18. What is Preston County's top agricultural commodity? A) Hay. B) Corn. C) Buckwheat. D) Beef. Show Answer Correct Answer: A) Hay. 19. As a financial record, what is the role of a cash flow statement? A) Project costs and other expenses. B) Availability of funds. C) Identify the units of product on hand. D) Verify the business makes a profit each year. Show Answer Correct Answer: B) Availability of funds. 20. Compensation after taxes and other deductions is called ..... A) Credit. B) Wages. C) Gross income. D) Net income. Show Answer Correct Answer: D) Net income. 21. An example of a Research SAE is: A) Raising breeding goats. B) Logging journal hours after riding/training your family's horse. C) Working for the local florist. D) Conducting an experiment to see which type of growing media for plants produces the most flower blooms. Show Answer Correct Answer: D) Conducting an experiment to see which type of growing media for plants produces the most flower blooms. 22. What is a current liability? A) Long-term debt you owe within 12 months. B) Long-term debt you owe past 12 months. C) What you own within 12 months. D) None of above. Show Answer Correct Answer: A) Long-term debt you owe within 12 months. 23. What is the name of the one page summary of information about a job applicant? A) Resume. B) Interest survey. C) Job application. D) Letter of recommendation. Show Answer Correct Answer: A) Resume. 24. Which of the following principles requires the amounts recorded in the accounts and on the financial statements to be the actual cost of an item rather than the current value of the item? A) Accuracy principle. B) Asset principle. C) Cost principle. D) Inventory principle. Show Answer Correct Answer: C) Cost principle. 25. In a perfectly competitive market, which one of the following is most correct? A) Sellers cannot differentiate their products by advertising. B) A firm's demand curve is perfectly inelastic. C) There are many sellers but very few buyers. This means sellers have market power. D) Sellers can increase their profits by charging a higher price for their goods. Show Answer Correct Answer: D) Sellers can increase their profits by charging a higher price for their goods. 26. How many subsystem on agribusiness system? A) 2. B) 4. C) 1. D) 5. Show Answer Correct Answer: D) 5. 27. Which is a major advantage of owning your own agribusiness? A) Control over your own destiny. B) Shorter work week. C) Use personal money for business expenses. D) Financial responsibility. Show Answer Correct Answer: A) Control over your own destiny. 28. Supports the members management of the financial risks of everyday life and successfully recover from any insured loss 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: B) Farm Bureaus. 29. It means the establishment of standards for matters such as quality, size, weight, and color; and once these are set it uses the criteria established in the standards A) Standardization and grading. B) Standardization and size. C) Standardization and modification. D) Standardization and criteria. Show Answer Correct Answer: A) Standardization and grading. 30. What are the two basic parts of a budget? A) Income and expenses. B) Assets and liabilities. C) Cash and loans. D) Savings and bills. Show Answer Correct Answer: A) Income and expenses. ← PreviousNext →Related QuizzesBusiness QuizzesAgriculture QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books