This quiz works best with JavaScript enabled. Home > Business > Agribusiness – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When the U.S. dollar is considered to be weak, the demand for agricultural imports: A) None are correct. B) Have no change. C) Increase. D) Decrease. Show Answer Correct Answer: C) Increase. 2. When an agribusiness enterprise produce beyond family consumption to have marketable surplus, it is called as A) Consumer oriented. B) Profit oriented. C) Market oriented. D) None of above. Show Answer Correct Answer: C) Market oriented. 3. What is our chapter number on the AET website? A) WV0023. B) WV0051. C) WV0076. D) WV0125. Show Answer Correct Answer: C) WV0076. 4. Which type of cooperative receives products from its members and then resells those products for the best possible price? A) Market based. B) Purchasing based. C) Service based. D) Sales based. Show Answer Correct Answer: A) Market based. 5. Special interest groups exist throughout the agricultural sector on the state and federal level. These groups represent food processors, agricultural insurance companies, animal rights, labor groups, etc. These special interest groups employee ..... to represent them through making contact with legislators. A) Lobbyists. B) Producers. C) Economists. D) Regulators. Show Answer Correct Answer: A) Lobbyists. 6. Which of the following should serve as a detailed outline of the company and convince the audience to read the rest of the business plan? A) Executive summary. B) Business description. C) Marketing plan. D) Financial plan. Show Answer Correct Answer: A) Executive summary. 7. The first major discovery of oil was located at A) Spindletop. B) Houston. C) Texas City. D) Dallas. Show Answer Correct Answer: A) Spindletop. 8. Which of the following accounts is created when production labor costs are recorded? A) Overhead cost pool. B) Wages expense. C) Raw materials inventory. D) Merchandise inventory. Show Answer Correct Answer: B) Wages expense. 9. In the long run, a farm business manager should try to cover: A) Fixed costs. B) Total costs. C) All costs. D) Variable costs. Show Answer Correct Answer: A) Fixed costs. 10. Which would be the most effective way that a farmer could keep accurate records? A) Utilizing electronic records and backing them up to another source. B) Having a master paper and pencil copy of all records. C) Keeping all records on their smart phone with no back up. D) Creating a public website for all records where they can be accessed by anyone. Show Answer Correct Answer: A) Utilizing electronic records and backing them up to another source. 11. Which of the following is the minimum age of employment during school hours for children working in agriculture? A) 12. B) 14. C) 16. D) 18. Show Answer Correct Answer: C) 16. 12. Which of the following is NOT a disadvantage of a sole proprietorship? A) Owner has limited skills. B) Harder to raise money. C) High start-up costs. D) Higher governmental regulations. Show Answer Correct Answer: D) Higher governmental regulations. 13. For which of the following does the parent company share experiences and proven techniques? A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 14. An occupational cluster, which focuses in creating and going into business in agriculture is known as A) Agriculture. B) Agribusiness. C) Investment. D) None of above. Show Answer Correct Answer: B) Agribusiness. 15. One strategy to manage financial risk is A) Maintaining a low debt/asset ratio. B) Hedging the market. C) Playing the futures market. D) Borrowing money. Show Answer Correct Answer: A) Maintaining a low debt/asset ratio. 16. What is the top state for Beef Cattle production? A) Oklahoma. B) Nebraska. C) Colorado. D) Texas. Show Answer Correct Answer: D) Texas. 17. Provides goods and services to individuals and operates on donations, volunteers, and philanthropists A) Non-Profit Organizations. B) Service Firms. C) Agricultural Co-ops. D) Ag businesses. Show Answer Correct Answer: A) Non-Profit Organizations. 18. Defined as the quantity of a product that buyers will purchase at a specific given price at a given time A) Supply. B) Demand. C) Quantity. D) Service. Show Answer Correct Answer: B) Demand. 19. What is the length of time current covers? A) 0-12 months. B) 12+ months. C) 36+ months. D) 24+ months. Show Answer Correct Answer: A) 0-12 months. 20. Change raw goods into a more finished form using facilities such as cotton mils, oil refineries, textile mills A) Processors. B) Producers. C) Manufacturers. D) Intermediaries. Show Answer Correct Answer: A) Processors. ← PreviousNext →Related QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 8Agribusiness Quiz 9Agribusiness Quiz 10Agribusiness Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books