This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is an SAE? A) A class project which is always completed at school. B) Planned, practical activities conducted outside of class time. C) Activities that must only involve raising and showing livestock. D) Planned activities that your parents are obligated to help with and pay for. Show Answer Correct Answer: B) Planned, practical activities conducted outside of class time. 2. The government agency that regulates drainage of cattle yards and protects wetlands is the A) FDA. B) EPA. C) USDA. D) FTC. Show Answer Correct Answer: B) EPA. 3. What are the three main types of cooperatives? A) Market, purchase, and service based. B) Market, sales, and serviced based. C) Sales, purchasing, and service based. D) Market, purchasing, and sales based. Show Answer Correct Answer: A) Market, purchase, and service based. 4. It refers to the ability of the agribusiness firm to recover all its investments and generate sufficient income. A) Environmental Sustainability. B) Social Sustainability. C) Economic Sustainability. D) None of above. Show Answer Correct Answer: C) Economic Sustainability. 5. An example of an Entrepreneurship SAE would be: A) John raises laying hens and sells the eggs to his neighbors. B) Jill has a lawn mowing business in her community. C) Jeff raises a garden every summer, then uses the produce to can and feed his family through the winter. D) All of these are Entrepreneurship SAEs. Show Answer Correct Answer: D) All of these are Entrepreneurship SAEs. 6. About what percentage of your food dollars goes back to the farmer? A) 20%. B) 35%. C) 15%. D) 30%. Show Answer Correct Answer: A) 20%. 7. The price of beef goes up in the grocery store due to a shortage of beef production in the country. This represents the economic concept of A) Supply and demand. B) Inelasticity. C) Elasticity. D) Inflation. Show Answer Correct Answer: A) Supply and demand. 8. A depreciable asset's book value will equal its salvage value A) Every year of its useful life. B) Only at the mid-point of its useful life. C) Only at the end of the useful life. D) Only on the purchase date. Show Answer Correct Answer: C) Only at the end of the useful life. 9. A local farm lending agency has operating loans for 3.5% on up to $ 25, 000 a year with no additional charges. You secure your loan for the $ 25, 000 for a 1 year period, but complete the payments in 5 months. Through changing your financial option how much did you save your farm business in interest? A) $ 510.39. B) $ 611.27. C) $ 574.98. D) $ 482.16. Show Answer Correct Answer: A) $ 510.39. 10. Which is not a function of managers? A) Actuating. B) Controlling and evaluating. C) Organizing people and resources. D) Setting policy. Show Answer Correct Answer: D) Setting policy. 11. Which of the following compares the sources of cash to the uses of the cash over a specific period of time? 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. 12. Which of the following moves finished goods from one business to another? A) Intermediaries. B) Manufacturers. C) Service Firms. D) Producers. Show Answer Correct Answer: A) Intermediaries. 13. Which of the following is an example of a fixed expense? A) Utility bill. B) Insurance. C) Gas. D) Animal health care. Show Answer Correct Answer: B) Insurance. 14. Why should a person know what their business is worth? A) To sell the business right away. B) To evaluate the financial health of the business. C) To keep others from stealing the produce. D) To keep business at a consistent level. Show Answer Correct Answer: B) To evaluate the financial health of the business. 15. After the Civil War where was cattle demanded the most? A) California. B) Canada. C) Europe. D) Northern States. Show Answer Correct Answer: D) Northern States. 16. Whole farm budgets are NOT used for which of the following? A) Comparing profitability of several farm plans. B) Determining income possibilities. C) Totaling the number of acres. D) Learning the worth of a ranch. Show Answer Correct Answer: C) Totaling the number of acres. 17. Which one of the following states is NOT one of the top states in farm numbers, total sales, crops sales, or livestock sales? A) California. B) Iowa. C) Oklahoma. D) Missouri. Show Answer Correct Answer: C) Oklahoma. 18. Organic farmers aim to sell their product to health-conscious consumers. The health-conscious consumers are a A) Mass market. B) Secondary market. C) Primary market. D) Niche market. Show Answer Correct Answer: D) Niche market. 19. Which of the following is the most common form of business ownership? A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole Proprietorship. 20. Which of the following is NOT a true statement? A) With a budget, there is no disciplined approach to keeping spending in line. B) Budgeting helps monitor expenditures. C) Budgeting is a building block of setting up a farm or ranch. D) Spending without budgeting may cause someone to spend money on less important items. Show Answer Correct Answer: A) With a budget, there is no disciplined approach to keeping spending in line. ← PreviousNext →Related QuizzesBusiness QuizzesAgribusiness Quiz 1Agribusiness 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