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

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




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,TABLE OF CONTENT t t




Part 1 Management
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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
t t t t


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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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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. Farm Management Now and In the Future
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TRUE/FALSEt-tWritet'T'tiftthetstatementtisttruetandt'F'tiftthetstatementtistfalse.
1) Intthetfuture,tfarmtmanagerstwillthavettotbetconcernedtabouttthetenvironmentalteffectstoftth
eirtpracticestonttheirtowntfarms,tbuttnottawaytfromttheirtowntfarm.
⊚t true
⊚t false

2) Standardizedtaccountingtpracticestfortfarmingtoperationstwilltmaketcomparisonstwithtothertfa
rmstandtnonfarmtbusinessestmoretmeaningful.
⊚t true
⊚t false

3) Onetoftthetmosttimportanttareastintwhichtadvancestintelectronicstcanthelptfarmtmanagerstistint
collectingtthetrawtdatatneededttotmaketbettertdecisions.
⊚t true
⊚t false


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, 4) Sincetfarmtmanagerstwilltbetmakingtthetsametbasicttypestoftdecisionstintthet21sttcenturytastth
eytdidtintthetprevioustcentury,ttheytcantrelytontrulestoftthumbttotguidettheirtactions.
⊚t true
⊚t false

5) Producttdifferentiationtmeanstproducingtcropstandtlivestocktwithtdifferenttcharacteristicstforts
pecifictmarkets.
⊚t true
⊚t false

6) Enteringtintotverticaltintegrationtalliancesthelpstfarmstortranchestbecometmoretindependent.
⊚t true
⊚t false

MULTIPLEtCHOICEt-
tChoosetthetonetalternativetthattbesttcompletestthetstatementtortanswerstthetquestion.


7) OnetforcetthatthasthelpedtcausetfarmstintthetUnitedtStatesttotbecometlargertandtfewertis
A) competitiontfromtforeigntproducers.
B) lowertproductiontcoststpertunittbytspreadingtfixedtinvestmenttinttechnologytovertm
oretunits.
C) moretlabortusedtintagriculturaltproduction.
D) decliningtnonfarmtwagetrates.




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