This quiz works best with JavaScript enabled. Home > Business > Agribusiness – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Less workers are needed for farm production due to A) Technology. B) Organic farming. C) Specialization. D) Education. Show Answer Correct Answer: A) Technology. 2. A farmer produces most of what his family needs. This kind of farming is called A) Marginal. B) Communal. C) Corporate. D) Subsistence. Show Answer Correct Answer: D) Subsistence. 3. On what document does a borrower sign to indicate the loan will be paid on or before a specified date? A) Registration form. B) Promissory note. C) Installment document. D) Reliability voucher. Show Answer Correct Answer: B) Promissory note. 4. Which of the following is NOT a reason for budgeting? A) Provides company or personal financial stability. B) Generates a map of financial practices. C) Guides efficient business decisions. D) Allows companies to spend as much money as they want. Show Answer Correct Answer: D) Allows companies to spend as much money as they want. 5. To show ownership of cattle what did ranchers perform? A) Tattooing. B) Branding. C) Cutting. D) Stamping. Show Answer Correct Answer: B) Branding. 6. Farm Financial Standards Council promotes uniformity of farm financial records for the purpose of: A) Analyzing farm production characteristics. B) Fair comparisons between all farms. C) Fair comparisons between farms in foreign countries. D) Analyzing competitive advantages. Show Answer Correct Answer: B) Fair comparisons between all farms. 7. What do the letters S.A.E. stand for? A) Supervised Agricultural Experience. B) Supportive Agricultural Education. C) Supervised Animal Experience. D) Supervised Agricultural Entrepreneurship. Show Answer Correct Answer: A) Supervised Agricultural Experience. 8. What is the owner's equity? A) Net worth. B) Asset. C) Liability. D) Current. Show Answer Correct Answer: A) Net worth. 9. Which is an example of an asset? A) Land. B) Bank Loan. C) Note. D) None of above. Show Answer Correct Answer: A) Land. 10. The length of time required at a specific temperature to destroy 90% of the microorganisms present is referred to as the A) F-value. B) G-value. C) C-value. D) D-value. Show Answer Correct Answer: D) D-value. 11. Marian and Sara borrow $ 175, 000 on March 15. They expect to repay $ 100, 000 on October 15 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 8% and interest is charged on the daily outstanding principle balance. A) $ 6, 904. B) $ 8, 718. C) $ 8, 666. D) $ 7, 500. Show Answer Correct Answer: B) $ 8, 718. 12. Which of the following is a firm or business owned and operated by its members? A) Cooperative (co-op). B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Cooperative (co-op). 13. Develop products for distribution from raw goods, such as forestry, farming & mining A) Producers. B) Processors. C) Intermediaries. D) Service Firms. Show Answer Correct Answer: A) Producers. 14. Development of a plan to identify ways to make potential customers aware of a product or service is called the: A) Buying function. B) Distribution function. C) Promoting function. D) Selling function. Show Answer Correct Answer: C) Promoting function. 15. Encourages appropriate standards of conservation, restoration management and the proper use of soil, water and natural resources 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: D) The Association of Soil and Water Conservation Districts. 16. What type of business is expensive to set up, but has no personal liability? A) Sole proprietorship. B) Corporation. C) LLC. D) Partnership. Show Answer Correct Answer: B) Corporation. 17. When a good is completed it is moved from work-in-progress inventory to which of the following? A) Raw goods inventory. B) Finished goods inventory. C) Overhead inventory. D) Overhead cost pool. Show Answer Correct Answer: B) Finished goods inventory. 18. Which of the following describes strategies for branding, packaging, advertising and promoting the business and its products? A) Executive agend. B) Business description. C) Marketing plan. D) Financial plan. Show Answer Correct Answer: C) Marketing plan. 19. Many business operators must make choices on keeping inventory or liquidating that inventory. Which of the following would be a situation when inventory should be liquidated? A) Shelves in the back of a storage room that are not utilized any longer to store records that are now kept electronically. B) A computer that is used daily to keep records of the business. C) A tractor that is only used in the spring for plowing a plot of land. D) Benches in a greenhouse that are only used for overflow plants in the spring of the year. Show Answer Correct Answer: A) Shelves in the back of a storage room that are not utilized any longer to store records that are now kept electronically. 20. As an agribusiness manager, what is one of the best ways to minimize risk? A) Fail to pay loans on time. B) Maintain a proper debt to income relationship. C) Increase the amount of loan if given the opportunity. D) Take out multiple lines of credit through different credit sources. Show Answer Correct Answer: B) Maintain a proper debt to income relationship. ← PreviousNext →Related QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9Agribusiness Quiz 10Agribusiness Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books