This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In terms of marketing a product, what is a promotion? A) A catchy phrase or jingle. B) Letting people know about goods & services in a positive way that will make them want to buy. C) Letting people know about goods & services, but not encouraging them to buy it. D) Feedback via attendance, contributions, or purchases. Show Answer Correct Answer: B) Letting people know about goods & services in a positive way that will make them want to buy. 2. Dividing total job into specific job, design connecting, span of control, are A) Planning. B) Organizing. C) Leading. D) Controlling. Show Answer Correct Answer: B) Organizing. 3. A lender will only lend money to an agribusiness or farmer if there is enough ..... and/or the agribusiness or farmer will make enough money to pay off the loan. A) Collateral. B) Character. C) Contracts. D) Equity. Show Answer Correct Answer: A) Collateral. 4. Determining reasons that customers may wish to buy a product or service is called the: A) Buying function. B) Distribution function. C) Promoting function. D) Selling function. Show Answer Correct Answer: D) Selling function. 5. Which person or component starts and ends the Ag Production cycle? A) Farmer. B) Consumer. C) Retailer. D) Harvester. Show Answer Correct Answer: A) Farmer. 6. Succession planning refers to: A) Planning to raise a new variety of soybeans that have not been tried before. B) Planning for next year's success of the business. C) Planning to move the business to the younger generation. D) Planning to increase the size of the farm business. Show Answer Correct Answer: C) Planning to move the business to the younger generation. 7. Which of the following is NOT an example of a liability? A) Equipment loans. B) Feed store bills. C) Car loans. D) Feed. Show Answer Correct Answer: D) Feed. 8. Which of the following is required as a part of a company's financial reports? A) Net worth statement. B) Net income statement. C) Statement of cash flow. D) Statement of ownership equity. Show Answer Correct Answer: C) Statement of cash flow. 9. The government has set a price floor for milk at $ 14/cwt (cwt = 100 pounds), but market conditions indicate that the market equilibrium is $ 11/cwt. What effect will the price floor have? A) Stimulate establishment of new dairies. B) Cause a shortage of milk in the market. C) No effect on the supply of milk. D) Cause a surplus of milk in the market. Show Answer Correct Answer: D) Cause a surplus of milk in the market. 10. Cattle on feed should be marketed when A) They have reached their maximum weight. B) Their marginal cost of gain is no longer below their selling price. C) Their average cost of gain is no longer below their selling price. D) Their marginal cost of gain is no longer below their original purchase price. Show Answer Correct Answer: B) Their marginal cost of gain is no longer below their selling price. 11. What law refers to the amount of profit generated by additional inputs (i.e.., at what point does the cost of adding more fertilizer outweigh the benefit of getting a higher yield)? A) Law of Diminishing Returns. B) Law of Comparative Advantage. C) Law of Opportunity Costs. D) Law of Resource Substitution. Show Answer Correct Answer: A) Law of Diminishing Returns. 12. A farmer increases an investment in land, building, and equipment to increase the total units of production. The cost per unit of production A) Decreases. B) Increases. C) Varies with the operator. D) Remains the same. Show Answer Correct Answer: A) Decreases. 13. A good which cannot be physically touched; usually involving a service, such as going to the doctor A) Manufactured good. B) Intangible good. C) Tangible good. D) Processed good. Show Answer Correct Answer: B) Intangible good. 14. Which of the following is NOT a benefit of budgeting? A) Setting up emergency funds. B) Relying on debt. C) Improving credit score. D) Establishing a projected goal. Show Answer Correct Answer: B) Relying on debt. 15. Holding combinations of investments is called A) Diersification. B) Verification. C) Dissatisfaction. D) Variations. Show Answer Correct Answer: A) Diersification. 16. What is the length of non-current? A) 2 months. B) 6 months. C) 12+ months. D) 0-12 months. Show Answer Correct Answer: C) 12+ months. 17. The selection of a product or service to be sold for profit is called the: A) Buying function. B) Distribution function. C) Promoting function. D) Selling function. Show Answer Correct Answer: A) Buying function. 18. Which agricultural commodity must be imported to the United States? A) Sugar. B) Rice. C) Wheat. D) Coffee. Show Answer Correct Answer: D) Coffee. 19. Which of the following operates on donations and volunteers rather than income and profit? A) Service firms. B) Production firms. C) Non-profit organizations. D) Producers organizations. Show Answer Correct Answer: C) Non-profit organizations. 20. Which of the following requires applicants to qualify? A) Fair Labor Standards Act of 1938. B) Child Law for Agricultural Employment. C) Migrant and Seasonal Agricultural Worker Protection Act. D) H-2A Program. Show Answer Correct Answer: D) H-2A Program. Next →Related QuizzesBusiness QuizzesAgribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9Agribusiness Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books