This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This connotes that agribusiness should not focus only on production of goods and services for self-subsistence. A) Profit orientation. B) Consumer orientation. C) Production orientation. D) None of above. Show Answer Correct Answer: A) Profit orientation. 2. Agriculture accounts for what percentage of child labor worldwide? A) 50%. B) 60%. C) 70%. D) 80%. Show Answer Correct Answer: C) 70%. 3. What is a disadvantage of being an employee instead of an owner? A) Receiving overtime pay. B) Working regular hours. C) Getting fringe benefits. D) Having little or no control over our future. Show Answer Correct Answer: D) Having little or no control over our future. 4. A well-known restaurant chain has an outbreak of salmonella poisoning from tomatoes. Business has declined for the restaurant chain since the report of the salmonella. The customer response to this situation represents economic A) Elasticity. B) Inelasticity. C) Downturn. D) Instability. Show Answer Correct Answer: A) Elasticity. 5. The Food, Conservation, and Energy Act passed by the U.S. Congress in 2008 also is called A) The Patient Protection and Affordable Care Act. B) The Green Energy Initiative. C) The Farm Bill. D) The Farmers Full Employment Act. Show Answer Correct Answer: C) The Farm Bill. 6. Agricultural marketing is a series of inter-connected activities such as planning production, growing and harvesting, grading, packing, transport, storage, agro- and ..... distribution and sale A) Food chemistry. B) Food microbiology. C) Food processing. D) Nutrition. Show Answer Correct Answer: C) Food processing. 7. What is an example of a current liability? A) Credit Card Bill. B) Property mortgage. C) Trailer. D) Tractor. Show Answer Correct Answer: A) Credit Card Bill. 8. What are the 2 basic parts of a budget? A) Income and expenses. B) Assets and liabilities. C) Cash and loans. D) Savings and bills. Show Answer Correct Answer: A) Income and expenses. 9. What government owned credit source provides loans for specific crops like grain and peanuts? A) Commodity Credit Corporation. B) Fannie Mae. C) Farmers Home Administration. D) Freddie Mac. Show Answer Correct Answer: A) Commodity Credit Corporation. 10. What is Preston County's top agricultural commodity? A) Beef. B) Corn. C) Hay. D) Buckwheat. Show Answer Correct Answer: C) Hay. 11. As a financial record, what is the role of a cash flow statement? A) Project costs and other expenses. B) Availability of funds. C) Identify the units of product on hand. D) Verify the business makes a profit each year. Show Answer Correct Answer: B) Availability of funds. 12. Compensation after taxes and other deductions is called ..... A) Wages. B) Credit. C) Net income. D) Gross income. Show Answer Correct Answer: C) Net income. 13. An example of a Research SAE is: A) Logging journal hours after riding/training your family's horse. B) Working for the local florist. C) Raising breeding goats. D) Conducting an experiment to see which type of growing media for plants produces the most flower blooms. Show Answer Correct Answer: D) Conducting an experiment to see which type of growing media for plants produces the most flower blooms. 14. What is a current liability? A) Long-term debt you owe within 12 months. B) Long-term debt you owe past 12 months. C) What you own within 12 months. D) None of above. Show Answer Correct Answer: A) Long-term debt you owe within 12 months. 15. What is the name of the one page summary of information about a job applicant? A) Resume. B) Interest survey. C) Job application. D) Letter of recommendation. Show Answer Correct Answer: A) Resume. 16. Which of the following principles requires the amounts recorded in the accounts and on the financial statements to be the actual cost of an item rather than the current value of the item? A) Asset principle. B) Inventory principle. C) Cost principle. D) Accuracy principle. Show Answer Correct Answer: C) Cost principle. 17. In a perfectly competitive market, which one of the following is most correct? A) Sellers cannot differentiate their products by advertising. B) A firm's demand curve is perfectly inelastic. C) There are many sellers but very few buyers. This means sellers have market power. D) Sellers can increase their profits by charging a higher price for their goods. Show Answer Correct Answer: D) Sellers can increase their profits by charging a higher price for their goods. 18. How many subsystem on agribusiness system? A) 2. B) 5. C) 4. D) 1. Show Answer Correct Answer: B) 5. 19. Which is a major advantage of owning your own agribusiness? A) Shorter work week. B) Financial responsibility. C) Control over your own destiny. D) Use personal money for business expenses. Show Answer Correct Answer: C) Control over your own destiny. 20. Supports the members management of the financial risks of everyday life and successfully recover from any insured loss 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: B) Farm Bureaus. ← 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