This quiz works best with JavaScript enabled. Home > Business > Agribusiness > Agribusiness – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Agribusiness Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What type of organization is created, owned, and controlled by its members? A) Cooperative. B) Entrepreneurial. C) Mid-marketing. D) Small business. Show Answer Correct Answer: A) Cooperative. 2. In order to be defined as a "farm", which of the following statements is TRUE? A) Must have $ 1, 000 of agriculture product sold in a year. B) Must have $ 5, 000 of agriculture product sold in a year. C) Must have $ 12, 000 of agriculture product sold in a year. D) Must be able to make a living from what is produced on the farm. Show Answer Correct Answer: A) Must have $ 1, 000 of agriculture product sold in a year. 3. Land, labor, capital and entrepreneur are called as A) Factors of marketing. B) Factors of production. C) Factors of business. D) None of above. Show Answer Correct Answer: C) Factors of business. 4. Which of the following budgets is usually prepared on a "per unit" basis? A) Whole farm budget. B) Enterprise budget. C) Partial budget. D) Cash flow budget. Show Answer Correct Answer: B) Enterprise budget. 5. What does economy mean? A) The wealth and resources of a nation and how they are managed. B) A risk-taking business person. C) Money, wealth, power. D) Country's power standing. Show Answer Correct Answer: A) The wealth and resources of a nation and how they are managed. 6. What is an example of a non-current asset? A) Fertilizer. B) Land. C) Bill for Lumber. D) Feed. Show Answer Correct Answer: B) Land. 7. When seeking a production loan, what information must you provide to a potential credit source? A) Personal resume. B) Letters of recommendation. C) List of items you will purchase with the borrowed money. D) Personal financial statement and cash flow projections. Show Answer Correct Answer: D) Personal financial statement and cash flow projections. 8. What does a market-basis balance sheet measure? A) Measures the liquidation value of a business. B) Measures business' performance over time. C) Only measures business' failures. D) Only measures business' success. Show Answer Correct Answer: A) Measures the liquidation value of a business. 9. Which of the following is NOT an example of an asset? A) Cash. B) Equipment. C) Credit cards. D) Livestock. Show Answer Correct Answer: C) Credit cards. 10. Specialization in the production of crops and/or livestock generally results in A) Increased returns and decreased risk. B) Increased returns and increased risk. C) Decreased returns and decreased risk. D) Decreased returns and increased risk. Show Answer Correct Answer: B) Increased returns and increased risk. 11. Who operates the majority of all farms in the U.S.? A) Families or individuals. B) Partnerships. C) LLCs. D) Factory farmers. Show Answer Correct Answer: A) Families or individuals. 12. What is an example of a liability? A) Charge account. B) Land. C) Market Steer. D) Pickup. Show Answer Correct Answer: A) Charge account. 13. What type of organization is licensed to manage the buying and selling of goods using a licensed broker? A) Direct sales agency. B) Trade exchange. C) Commodity exchange. D) Wholesale market. Show Answer Correct Answer: C) Commodity exchange. 14. What should a proper debt-to-net worth ratio not exceed? A) 1:1. B) 2:1. C) 3:1. D) 4:1. Show Answer Correct Answer: A) 1:1. 15. Which of the following is the first step in the product flow chart? A) Processor. B) Producer. C) Manufacturer. D) Raw Goods. Show Answer Correct Answer: D) Raw Goods. 16. Which of the following develops products for distribution from raw goods? A) Producers. B) Processors. C) Manufactureres. D) Intermediaries. Show Answer Correct Answer: A) Producers. 17. The regulatory authority for grain elevators in Kentucky is: A) Kentucky Department of Agriculture. B) Commodity Futures Trading Commission. C) Farm Bureau Federation. D) USDA. Show Answer Correct Answer: A) Kentucky Department of Agriculture. 18. If you estimate your local cash price will be $ .15 under the future price at the time you deliver your corn, the approximate net selling price you can lock in by selling a futures contract at $ 8.50 is A) $ 8.60. B) $ 8.35. C) $ 8.50. D) $ 8.65. Show Answer Correct Answer: B) $ 8.35. 19. Which management style is when the leader dictates and controls all decisions in the job? A) Authoritative style. B) Pacesetting style. C) Coaching style. D) Affiliate style. Show Answer Correct Answer: A) Authoritative style. 20. Production, Marketing, Finance, Corporate Planning are called as A) Tools of trade. B) Economic resources. C) Business types. D) None of above. Show Answer Correct Answer: A) Tools of trade. ← PreviousNext →Related QuizzesBusiness QuizzesAgribusiness Quiz 1Agribusiness Quiz 2Agribusiness Quiz 3Agribusiness Quiz 4Agribusiness Quiz 5Agribusiness Quiz 7Agribusiness Quiz 8Agribusiness Quiz 9Agribusiness Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books