Test Bank – Farm Management (10th Edition, Ronald Kay & William Edwards) – Chapters 1–22 Complete Assessment Material

TEST BANK Farm Management 10th Edition by Ronald Kay
and William Edwards Chapters 1-22




Table of content
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Part 1 Management
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1

,1 Farm Management Now and In the Future
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2 Management and Decision Making
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Part 2 Measuring Management Performance
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3 Acquiring and Organizing Management Information
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4 The Balance Sheet and Its Analysis
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5 The Income Statement and Its Analysis
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6 Farm Business Analysis
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Part 3 Applying Economic Principles
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7 Economic Principles - Choosing Production Levels
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8 Economic Principles - Choosing Input and Output Combinations
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9 Cost Concepts and Decision Making
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Part 4 Budgeting for Greater Profit
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10 Enterprise Budgeting
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11 Whole-Farm Planning
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12 Partial Budgeting
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13 Cash Flow Budgeting
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Part 5 Improving Management Skills
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14 Farm Business Organization and Transfer
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15 Managing Risk and Uncertainty
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16 Managing Income Taxes
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17 Investment Analysis
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18 Enterprise Analysis
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2

,Part 6 Acquiring Resources for Management
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19 Capital and Credit
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20 Land - Control and Use
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21 Human Resource Management
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22 Machinery Management
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Chapter 1. fv




3

, TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) In the future, farm managers will have to be concerned about the environmental effects of t
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heir practices on their own farms, but not away from their own farm.
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⊚ true f v




⊚ false f v




2) Standardized accounting practices for farming operations will make comparisons with other f
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arms and nonfarm businesses more meaningful.
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⊚ true f v




⊚ false f v




3) One of the most important areas in which advances in electronics can help farm managers is in
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fv collecting the raw data needed to make better decisions.
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⊚ true f v




⊚ false f v




4) Since farm managers will be making the same basic types of decisions in the 21st century as th
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ey did in the previous century, they can rely on rules of thumb to guide their actions.
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⊚ true f v




⊚ false f v




5) Product differentiation means producing crops and livestock with different characteristics for s
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pecific markets. fv




⊚ true f v




⊚ false f v




6) Entering into vertical integration alliances helps farms or ranches become more independent.
fv fv fv fv fv fv fv fv fv fv fv




⊚ true f v




⊚ false f v




MULTIPLE CHOICE - fv fv




Choose the one alternative that best completes the statement or answers the question.
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7) One force that has helped cause farms in the United States to become larger and fewer is
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A) competition from foreign producers. fv fv fv




B) lower production costs per unit by spreading fixed investment in technology over
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more units. fv




C) more labor used in agricultural production. fv fv fv fv fv




D) declining nonfarm wage rates. fv fv fv




4