Farm Management Final Exam Questions with Correct Answers| Latest Update
Guaranteed Success
Management A set of activities directed at efficient and effective use of resources in pursuit
of one or more goals
One force that has helped cause U.S. farms to become larger and fewer is Lower production
costs per unit by spreading fixed investment in technology over more units
Improved data collection technology such as satellite photography will be most helpful to farm
managers for Prescribing fertility and pest control practices for smaller land units
Ag processors will probably want more uniform products in the future in order to Make
more efficient use of processing and packaging equipment
Globalization refers to the process of Reducing trade barriers among countries
A short summary of why a particular business is in operation Mission statement
Example of a tactical decision Balancing a livestock ration
One characteristic that makes decision making agriculture different from other types of
business is Fixed supply of a major resource
How much time is available to make a decision Imminence
In the future farm managers will have to be concerned about the environmental effects of their
practices on their own farms but not away from their own farm False
, One of the most important areas in which advances in electronics can help farm managers is in
collecting the raw data needed to make a better decision True
Entering into vertical integration alliances helps farms or ranches become more independent
False
Because weather and prices are unpredictable, it is impossible to plan more than one year in
advance False
Farm and ranch managers can usually set the selling prices for their products False
More time should be spent on irrevocable decisions than on those which can be easily reversed
True
Biological production processes are more predictable than industrial production processes
False
Define the problem is the first step in the decision making process True
What factors affect the choice of accounting period for farmers and ranchers Busiest time
Growing cycle of crops
How would one construct a balance sheet if the accounting was done using a single-entry, cash
system? Only record when it affects cash
Is it possible to use double entry with a cash accounting system? If so, what are the advantages
and disadvantages? Yes
You know where all your money is going and helps you keep track of accounts payable easier
Depreciation is the only exception
Guaranteed Success
Management A set of activities directed at efficient and effective use of resources in pursuit
of one or more goals
One force that has helped cause U.S. farms to become larger and fewer is Lower production
costs per unit by spreading fixed investment in technology over more units
Improved data collection technology such as satellite photography will be most helpful to farm
managers for Prescribing fertility and pest control practices for smaller land units
Ag processors will probably want more uniform products in the future in order to Make
more efficient use of processing and packaging equipment
Globalization refers to the process of Reducing trade barriers among countries
A short summary of why a particular business is in operation Mission statement
Example of a tactical decision Balancing a livestock ration
One characteristic that makes decision making agriculture different from other types of
business is Fixed supply of a major resource
How much time is available to make a decision Imminence
In the future farm managers will have to be concerned about the environmental effects of their
practices on their own farms but not away from their own farm False
, One of the most important areas in which advances in electronics can help farm managers is in
collecting the raw data needed to make a better decision True
Entering into vertical integration alliances helps farms or ranches become more independent
False
Because weather and prices are unpredictable, it is impossible to plan more than one year in
advance False
Farm and ranch managers can usually set the selling prices for their products False
More time should be spent on irrevocable decisions than on those which can be easily reversed
True
Biological production processes are more predictable than industrial production processes
False
Define the problem is the first step in the decision making process True
What factors affect the choice of accounting period for farmers and ranchers Busiest time
Growing cycle of crops
How would one construct a balance sheet if the accounting was done using a single-entry, cash
system? Only record when it affects cash
Is it possible to use double entry with a cash accounting system? If so, what are the advantages
and disadvantages? Yes
You know where all your money is going and helps you keep track of accounts payable easier
Depreciation is the only exception
