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Farm Managements Quiz 1 (30 MCQs)

Quiz Instructions

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1. The operator knows that the value of the dollar on the world market can have an impact on grain markets. If the dollar increases in value related to other currencies, it will impact U.S. corn and wheat prices in what way?
2. What could you do if the cash position in a certain month indicated that there would be more expenses than income?
3. Price movement across months within the year is ..... variability.
4. A "limited" partnership in one in which:
5. An increase in the number of buyers in an area will result in a
6. Basis in a futures market is the difference between:
7. If an increase in income results in an increase in the demand for chicken, then chicken is
8. The general economic term used to describe where and when buyers and sellers interact regarding a specific product is called:
9. The middlemen in the marketing system operate on
10. The relationship between quantity supplied and price is known as .....
11. Suppose that the supply curve shifts right. What is the most likely effect on price and quantity?
12. Accrued interest on a balance sheet refers to:
13. A farmer has determined that his total variable cost per acre for corn will be approximately $ 248. His fixed cost per acre is $ 95 per acre. If he is raising 2, 500 acres of corn and expects a yield of 125 bushels per acre, what is his breakeven price per bushel?
14. The price where demand and supply intersect is known as .....
15. When an increase in the level of production of one enterprise causes a reduction in the level of production in another enterprise, these two enterprises are said to be
16. The dynamic process of searching for the equilibrium or market - clearing prices is called .....
17. On a chart, a line that connects all the high points as the markets move higher forms a trend line. When projected out, it forms points of
18. What does stage two in production function graph determine?
19. When a farmer writes a check for $ 5, 000 to pay off the remainder of a machinery loan:
20. By dropping hay sales from a beef cattle operation, a producer becomes more:
21. Selling through a farmers' market or roadside market is known as .....
22. An agriculture producer learns what from the production function?
23. If the market is said to be "bearish, " prices are expected to:
24. Your ability to plan loan payments is best determined by analyzing your:
25. When a market has huge swings on a daily basis, it is described as .....?
26. Net farm income from operations for a sole proprietorship business refers to:
27. Comparing the retail price to the farm price for an agricultural commodity allows you to determine the portion of each dollar spent at the retail level that farmers receive for their commodities. The difference between retail value and the farm value is
28. On March 1, JD Farms borrowed $ 15, 000 to plant soybeans. On November 1, they repaid the $ 15, 000 along with $ 500 in interest. What annual interest rate was paid on the loan?
29. On a production function graph MC=MR
30. The present value of $ 175 that will be received at the end of one year, given a 5% interest (discount) rate is:
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