AGEC 3403- Exam 1 Questions and
correct answers passed
Management - correct answer ✔✔The art and science of successfully pursuing the
organization's desired results with the resources available to the organizations.
Managers - correct answer ✔✔The person charged with the responsibility of planning,
organizing, directing, and controlling the activities of a business organization to accomplish the
objectives establish by the owner.
Agribusiness Management - correct answer ✔✔The management of any firm involved in the
food and fiber production and marketing system.
Marketing - correct answer ✔✔the process by which products flow through the U.S. food
production and marketing system from producer to final consumer.
Marketing management - correct answer ✔✔Involves managing the total process of identifying
customers needs, developing products and services to meet those needs, establishing
promotional programs and pricing policies, and designing a system of distributing products and
services to customers.
Profit - correct answer ✔✔A general term for the difference between total revenue and total
cost.
Financial management - correct answer ✔✔Managing the assets, liabilities, and owner's
investment in the firm: generating the financial data required to make decisions, and using the
tools of finance to make effective decisions.
, Balance sheets - correct answer ✔✔A financial statement that shows the financial makeup and
condition of a business at a specific point in time by listening what the business owns, what is
owes, and what the owners have invested in the business.
Income statements - correct answer ✔✔Financial statement summarizing the firm's revenue,
expenses, and profit during a specific time period.
Supply chain management - correct answer ✔✔The process of managing the complete input
acquisition and output distribution channels for a firm; involves linking the materials and
physical distribution of a firm directly with supplier and customer systems resulting in greater
efficiencies.
Operations management - correct answer ✔✔Involves direction and control of the processes
used by food and agribusiness firms to produce goods and services.
Logistics management - correct answer ✔✔Involves the set of activities around storing and
transporting goods and services from manufacturer to buyer.
Human resources management - correct answer ✔✔Acquiring, organizing, motivating, leading,
and managing the firm's people resources to accomplish its business objective's as effectively as
possible.
Food production and marketing system - correct answer ✔✔The system of firms and
organizations that encompass all economic activity supporting production agriculture,
producing raw farm commodities, converting raw farm products to consumable food and fiber
products, and distributing these final products to end consumers.
Farm-food marketing bill - correct answer ✔✔A breakdown of the consumer's food dollar into
the proportion the farmer gets for producing the raw material and the proportion the food
industry gets for marketing the final product.
correct answers passed
Management - correct answer ✔✔The art and science of successfully pursuing the
organization's desired results with the resources available to the organizations.
Managers - correct answer ✔✔The person charged with the responsibility of planning,
organizing, directing, and controlling the activities of a business organization to accomplish the
objectives establish by the owner.
Agribusiness Management - correct answer ✔✔The management of any firm involved in the
food and fiber production and marketing system.
Marketing - correct answer ✔✔the process by which products flow through the U.S. food
production and marketing system from producer to final consumer.
Marketing management - correct answer ✔✔Involves managing the total process of identifying
customers needs, developing products and services to meet those needs, establishing
promotional programs and pricing policies, and designing a system of distributing products and
services to customers.
Profit - correct answer ✔✔A general term for the difference between total revenue and total
cost.
Financial management - correct answer ✔✔Managing the assets, liabilities, and owner's
investment in the firm: generating the financial data required to make decisions, and using the
tools of finance to make effective decisions.
, Balance sheets - correct answer ✔✔A financial statement that shows the financial makeup and
condition of a business at a specific point in time by listening what the business owns, what is
owes, and what the owners have invested in the business.
Income statements - correct answer ✔✔Financial statement summarizing the firm's revenue,
expenses, and profit during a specific time period.
Supply chain management - correct answer ✔✔The process of managing the complete input
acquisition and output distribution channels for a firm; involves linking the materials and
physical distribution of a firm directly with supplier and customer systems resulting in greater
efficiencies.
Operations management - correct answer ✔✔Involves direction and control of the processes
used by food and agribusiness firms to produce goods and services.
Logistics management - correct answer ✔✔Involves the set of activities around storing and
transporting goods and services from manufacturer to buyer.
Human resources management - correct answer ✔✔Acquiring, organizing, motivating, leading,
and managing the firm's people resources to accomplish its business objective's as effectively as
possible.
Food production and marketing system - correct answer ✔✔The system of firms and
organizations that encompass all economic activity supporting production agriculture,
producing raw farm commodities, converting raw farm products to consumable food and fiber
products, and distributing these final products to end consumers.
Farm-food marketing bill - correct answer ✔✔A breakdown of the consumer's food dollar into
the proportion the farmer gets for producing the raw material and the proportion the food
industry gets for marketing the final product.
