FBLA AGRIBUSINESS EXAM
QUESTIONS AND ANSWERS 2026
VERIFIED.
Business cycle - ANS the repeated rise and fall of economic activity over time
business plan - ANS a written description of a new business venture that describes all aspects
of the proposed agribusi- ness; it helps you focus on exactly what you want to do, how you want
to do it, and what you expect to accomplish
business survey - ANS a survey that a business conducts to determine the market potential
for a selected business
capital - ANS goods used to produce other goods and services; the investment that the
owner has put into the business
capital intensive - ANS having a high capital cost per unit of output; requiring greater
expenditure in the form of capital than of labor
capitalism - ANS an economic system where individuals own resources and have the right to
use their time and resources however they choose
collateral - ANS something of value deposited with a lender as a pledge to secure repayment
of a loan
diligence - ANS steady application; constancy in an effort to accomplish something
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,entrepreneur - ANS person who accepts all the risks pertain- ing to forming and operating a
small business. This also entails performing all business functions associated with a product or
service and includes social responsibility and legal requirements
financial institutions - ANS any business that lends money
financial resources - ANS any place that a consumer or business person can acquire money
free enterprise - ANS economic system that allows individu- als to organize and conduct
business with a minimum of government control; individuals privately own what they produce
investors - ANS one who provides money to others, usually a business, for later income or
profit
niche - ANS place or position in the community suitable for a person or thing
rapport - ANS a harmonious or sympathetic relationship
small business - ANS a business that is independently operated, is not dominant in its field,
and meets certain size standards in terms of number of employees and annual receipts
agribusiness input sector - ANS all resources that go into production
agriculture to produce farm commodities.
agribusiness output sector - ANS any phase of the agribusiness sector after the commodity
leaves the farm, such as sales or marketing.
agriservices sector - ANS the portion of the agricultural
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 59
,industry concerned with researching new and better ways to produce and market food, to
protect food producers
and consumers, and to provide special, custom services to all the other phases of agriculture.
distillation - ANS the process of separating the components
of a mixture by differences in boiling point; the evaporation and subsequent condensation of a
liquid, as when water is boiled in a retort and the steam is condensed in a coil receiver.
E-85 - ANS Fuel blend that is 85 percent ethanol and 15 percent gasoline (formerly called
gasohol).
ecologists - ANS one who is concerned with the interrelationship of organisms and their
environment.
economists - ANS a specialist in economics which is the
science that deals with the production, distribution, and consumption of goods and services.
enterprises - ANS projects on a farm, such as the production
of any crop or livestock.
envrionmentalists - ANS any person who advocates or works
to protect the air, water, and other natural resources.
ethanol - ANS the alcohol product of fermentation that is
used in alcoholic beverages and for industrial (fuel)
purposes.
exports - ANS shipments of commodities or products, such as agricultural commodities, to
foreign countries.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 3 OF 59
, fermentation - ANS the process of food by means of yeast,
molds, or bacteria.
gasohol - ANS registered trade name for a blend of
90 percent unleaded gasoline with 10 percent fermentation ethanol.
gross domestic product (GDP) - ANS measures the value of goods and services that a country
produces in a year.
humus - ANS organic matter in the soil that has reached
an advanced stage of decomposition and has become colloidal in nature.
imports - ANS shipments of commodities and products, such as agricultural commodities,
from foreign countries for sale, use, or donation.
industralization - ANS the process of becoming mechanized
or industrialized.
outstanding loans - ANS loans that have not yet been paid.
private agriservices - ANS any services not included in federal,
state, or local government programs; for example, the Farm Credit System.
production efficiency - ANS receiving optimum output from a reasonable input.
public agriservices - ANS groups at the federal, state, and
local levels that provide special services to production agriculturalists and others.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 4 OF 59
QUESTIONS AND ANSWERS 2026
VERIFIED.
Business cycle - ANS the repeated rise and fall of economic activity over time
business plan - ANS a written description of a new business venture that describes all aspects
of the proposed agribusi- ness; it helps you focus on exactly what you want to do, how you want
to do it, and what you expect to accomplish
business survey - ANS a survey that a business conducts to determine the market potential
for a selected business
capital - ANS goods used to produce other goods and services; the investment that the
owner has put into the business
capital intensive - ANS having a high capital cost per unit of output; requiring greater
expenditure in the form of capital than of labor
capitalism - ANS an economic system where individuals own resources and have the right to
use their time and resources however they choose
collateral - ANS something of value deposited with a lender as a pledge to secure repayment
of a loan
diligence - ANS steady application; constancy in an effort to accomplish something
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 59
,entrepreneur - ANS person who accepts all the risks pertain- ing to forming and operating a
small business. This also entails performing all business functions associated with a product or
service and includes social responsibility and legal requirements
financial institutions - ANS any business that lends money
financial resources - ANS any place that a consumer or business person can acquire money
free enterprise - ANS economic system that allows individu- als to organize and conduct
business with a minimum of government control; individuals privately own what they produce
investors - ANS one who provides money to others, usually a business, for later income or
profit
niche - ANS place or position in the community suitable for a person or thing
rapport - ANS a harmonious or sympathetic relationship
small business - ANS a business that is independently operated, is not dominant in its field,
and meets certain size standards in terms of number of employees and annual receipts
agribusiness input sector - ANS all resources that go into production
agriculture to produce farm commodities.
agribusiness output sector - ANS any phase of the agribusiness sector after the commodity
leaves the farm, such as sales or marketing.
agriservices sector - ANS the portion of the agricultural
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 59
,industry concerned with researching new and better ways to produce and market food, to
protect food producers
and consumers, and to provide special, custom services to all the other phases of agriculture.
distillation - ANS the process of separating the components
of a mixture by differences in boiling point; the evaporation and subsequent condensation of a
liquid, as when water is boiled in a retort and the steam is condensed in a coil receiver.
E-85 - ANS Fuel blend that is 85 percent ethanol and 15 percent gasoline (formerly called
gasohol).
ecologists - ANS one who is concerned with the interrelationship of organisms and their
environment.
economists - ANS a specialist in economics which is the
science that deals with the production, distribution, and consumption of goods and services.
enterprises - ANS projects on a farm, such as the production
of any crop or livestock.
envrionmentalists - ANS any person who advocates or works
to protect the air, water, and other natural resources.
ethanol - ANS the alcohol product of fermentation that is
used in alcoholic beverages and for industrial (fuel)
purposes.
exports - ANS shipments of commodities or products, such as agricultural commodities, to
foreign countries.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 3 OF 59
, fermentation - ANS the process of food by means of yeast,
molds, or bacteria.
gasohol - ANS registered trade name for a blend of
90 percent unleaded gasoline with 10 percent fermentation ethanol.
gross domestic product (GDP) - ANS measures the value of goods and services that a country
produces in a year.
humus - ANS organic matter in the soil that has reached
an advanced stage of decomposition and has become colloidal in nature.
imports - ANS shipments of commodities and products, such as agricultural commodities,
from foreign countries for sale, use, or donation.
industralization - ANS the process of becoming mechanized
or industrialized.
outstanding loans - ANS loans that have not yet been paid.
private agriservices - ANS any services not included in federal,
state, or local government programs; for example, the Farm Credit System.
production efficiency - ANS receiving optimum output from a reasonable input.
public agriservices - ANS groups at the federal, state, and
local levels that provide special services to production agriculturalists and others.
@COPYRIGHT ALL RIGHTS RESERVED PAGE 4 OF 59
