This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following bring nonimmigrant foreign workers to the United States? A) Fair Labor Standards. B) Child Labor Law. C) Migrant and Seasonal Agricultural Workers Protection Act. D) H-2A Program. Show Answer Correct Answer: D) H-2A Program. 2. H-2A workers play an important role in the agribusiness sector. These migrant workers provide a labor force that helps in various aspects of the agricultural industry. Which of the following is not a guideline related to H-2A workers in the United States? A) An employer must provide free housing for all laborers including individuals that live within a close proximity and could return home each day. B) An employer must have a labor certificate from the Department of Labor before employing H-2A workers. C) Transportation from and back to the country of origin. D) Guaranteed employment for seventy-five percent of the period specified in the work contract. Show Answer Correct Answer: A) An employer must provide free housing for all laborers including individuals that live within a close proximity and could return home each day. 3. Which one of the following can influence the value of crop land? A) Interest rate of the mortgage. B) National gross farm income. C) A mortgage on the land. D) What it produced last year. Show Answer Correct Answer: B) National gross farm income. 4. Agribusiness is the science and art of mobilizing, utilizing and managing economic resources to produce goods and services to generate profit. A) Agribusiness as a Field of Study. B) Agribusiness as an Investment. C) Agribusiness and Agriculture. D) None of above. Show Answer Correct Answer: B) Agribusiness as an Investment. 5. If a farmer is deciding whether to sell cattle this week or next, this would fall under what decision making category? A) Organizational. B) Operational. C) Capital outlay. D) Short-term. Show Answer Correct Answer: B) Operational. 6. Assume that the cross-price elasticity of pork for chicken is 1.2. This cross-price elasticity indicates that: A) Pork and chicken are complementary goods. B) There is no relationship between the demand for pork and the price of chicken. C) A 1.2 percent increase in the price of chicken will lead to a 1 percent increase in the price of pork. D) A 10 percent increase in the price of check should lead to a 12 percent increase in the demand for pork. Show Answer Correct Answer: D) A 10 percent increase in the price of check should lead to a 12 percent increase in the demand for pork. 7. If a farmer is deciding whether to rent additional land, this would fall under what decision making category? A) Operational. B) Capital outlay. C) Organizational. D) Long-term. Show Answer Correct Answer: C) Organizational. 8. Move finished goods from one business to another, also known as the "middlemen" A) Processors. B) Manufacturers. C) Producers. D) Intermediaries. Show Answer Correct Answer: D) Intermediaries. 9. Where do food retailers (grocery stores) primarily purchase their food? A) Food stores. B) Farm outlets. C) Food cooperatives. D) Food wholesalers. Show Answer Correct Answer: D) Food wholesalers. 10. Cattle and ways of ranching were brought to Texas and North America by the ..... A) English. B) French. C) Spanish. D) Germans. Show Answer Correct Answer: C) Spanish. 11. Which of the following is the roadmap of where the business is going? A) Business plan. B) Business agenda. C) Executive plan. D) Executive agenda. Show Answer Correct Answer: A) Business plan. 12. An identifying symbol for a company or product is called a ..... A) Logo. B) Picture. C) Symbol. D) App. Show Answer Correct Answer: A) Logo. 13. To be a transformation young leader is my aims A) Vision. B) Mission. C) Goal. D) Strategic. Show Answer Correct Answer: A) Vision. 14. What is the purpose of a cash flow budget? A) To determine if available cash and earnings will be sufficient to meet expenditures. B) To only include resources which will be changed. C) To summarize expected income, expense, and profit for an entire farm. D) To design a general framework for any farmer to evaluate his operation. Show Answer Correct Answer: A) To determine if available cash and earnings will be sufficient to meet expenditures. 15. LDP stands for: A) Loan Deficiency Payment. B) Leader Development Program. C) Less Demand for products. D) Lower Demand for Programs. Show Answer Correct Answer: A) Loan Deficiency Payment. 16. Change raw or processed goods using facilities such as boot factories, furniture factories, cotton processing and citrus fruit processing A) Producers. B) Processors. C) Manufacturers. D) Intermediaries. Show Answer Correct Answer: C) Manufacturers. 17. A company only updates their inventory at the end of the year and associates the oldest costs first with the cost of goods sold. Which of the following best describes this scenario? A) Periodic FIFO. B) Periodic LIFO. C) Periodic Average. D) Perpetual FIFO. Show Answer Correct Answer: A) Periodic FIFO. 18. Goals are important for any agribusiness. Goals should be written down and recorded with the ..... goal setting format used for clarity. A) SMART. B) Compatible. C) Financial. D) Whole Farm. Show Answer Correct Answer: A) SMART. 19. The average U.S. farm size has done what? A) Increased. B) Decreased. C) Stayed the same. D) None of above. Show Answer Correct Answer: A) Increased. 20. Which of the following is NOT a factor that affects demand? A) Desire to purchase. B) Weather. C) Quantity available and price. D) Population growth. Show Answer Correct Answer: B) Weather. ← PreviousNext →Related QuizzesBusiness QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 6Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9Agribusiness Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books