This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT a true statement concerning budgets? A) Are a specific plan on how to spend and save money. B) Are numerical records which do not express spending results over a specific time period. C) Are a blueprint. D) Are used as a planning guide. Show Answer Correct Answer: B) Are numerical records which do not express spending results over a specific time period. 2. Which of the following is NOT a factor that price is determined by? A) Supply of the item. B) Demand of the item. C) Time the item has been manufactured. D) General price level. Show Answer Correct Answer: C) Time the item has been manufactured. 3. Respect someone whatever their duties so that he feels his presence in the group or organization becomes important. A) Organizing. B) Planning. C) Leading. D) Controlling. Show Answer Correct Answer: C) Leading. 4. Which of the following is subject to more governmental regulations? A) Cooperative (co-op). B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 5. Which of the following is NOT a type of farming budget? A) Enterprise. B) Whole farm. C) Partial. D) Liability. Show Answer Correct Answer: D) Liability. 6. Which of the following is the least common form of business organization? A) Sole proprietorship. B) Parternship. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Parternship. 7. Into what lending agency was the Production Credit Agency and the Federal Land Bank merged? A) Commodity Credit Corporation. B) Farmers Home Administration. C) Fannie Mae/Fannie Mac. D) Farm Credit Services. Show Answer Correct Answer: D) Farm Credit Services. 8. Which of the following is a subsidiary ledger for specific inventory? A) Liability record. B) Expense report. C) Stock record. D) Stock entry. Show Answer Correct Answer: C) Stock record. 9. Which of the following is an example of partial budgeting? A) Totaling acres. B) Crop enterprise budget. C) Helping the operator analyze important adjustments in the farm operation. D) Deciding what crop to plant on a small plot. Show Answer Correct Answer: D) Deciding what crop to plant on a small plot. 10. Which of the following is an inventory method which requires a business to identify each good with the good's cost of goods sold? A) LIFO. B) FIFO. C) Average. D) Specific Identification. Show Answer Correct Answer: D) Specific Identification. 11. When an economy is not doing well, this is called a A) Boom. B) Bust. C) Good day. D) Bear. Show Answer Correct Answer: B) Bust. 12. Companies that are serious about health initiatives who implement exercises and weight reduction programs for employees A) Decrease the price of health insurance. B) Increase the amount of employee resentment. C) Increase the number of sick leave days taken by employees. D) Increase the price of health insurance. Show Answer Correct Answer: A) Decrease the price of health insurance. 13. At one time, New York state raised sheep. Today those farms produce milk because the popularity of milk and the potential profit that can be generated from milk products is greater than that of sheep production. This scenario is an example of what economic law? A) Law of Comparative Advantage. B) Law of Diminishing Returns. C) Law of Opportunity Costs. D) Law of Supply and Demand. Show Answer Correct Answer: A) Law of Comparative Advantage. 14. The federal government subsidizes the cost of insurance that covers the loss of revenue to a farmer as a result of: A) Damage to a crop due to severe drought. B) Higher costs for distributing and marketing a product. C) A drop in prices due to oversupply of a commodity. D) Lower prices due to competition with foreign producers. Show Answer Correct Answer: A) Damage to a crop due to severe drought. 15. What is West Virginia's top agricultural product? A) Corn. B) Eggs. C) Beef. D) Apples. Show Answer Correct Answer: D) Apples. 16. Which of the following is NOT a factor that influences the supply of products? A) Weather. B) Ability to buy items needed to produce that product. C) Cost & availability of credit. D) Quantity of delivery trucks. Show Answer Correct Answer: D) Quantity of delivery trucks. 17. Farm Bureaus are considered which of the following? A) Non-profit agricultural organization. B) Producer. C) Manufacturer. D) Processor. Show Answer Correct Answer: A) Non-profit agricultural organization. 18. Materials derived from natural resources clearly defines which of the following? A) Processed Goods. B) Raw Goods. C) Finished Goods. D) Intangible Goods. Show Answer Correct Answer: B) Raw Goods. 19. When a market moves up & down adjusting the quantity of supply & the quantity of demand until they are equal is called the ..... price A) Market. B) Equilibrium. C) Demand. D) Value. Show Answer Correct Answer: B) Equilibrium. 20. Which economic factors determine the price a producer receives for his or her products? A) Supply and demand. B) Amount invested in the crop. C) Futures market. D) Breakeven prices. Show Answer Correct Answer: A) Supply and demand. ← PreviousNext →Related QuizzesBusiness QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books