1
AGEC 340 EXAM 1 Questions with Answers (100%
Correct Answers)
Four key functions of managment Answer: Marketing, Financial,
Supply Chain, and Human Resource mgmt
Marketing management definition Answer: the process by which
products flow through the US food system from producer to final
consumer
Key aspects of Marketing managment Answer: -understanding
customer needs and effectively positioning and selling products and
services in the marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for
customer satisfaction.
Financial management key aspects Answer: -Profit is the driver for
agribusiness as they work to generate the greatest possible returns
from their resources.
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,2
-generating the data needed to make good decisions, using the tools of
finance to make effective decisions, and managing the assets, liabilities,
and owners' investments in the firm.
what allows managers to understand the current "health" of the firm,
and to determine what actions to take to improve? Answer: Financial
information
What is another way in which the financial agribusiness scene
changes? Answer: in the sourcing of funds
three types of supply chain managment Answer: supply chain mgmt
operations mgmt
logistics mgmt
which management focuses on quality, lower costs, changes in the
supply chain, and general pressures to be more efficient while
providing the tools managers need to meet these operation and
logistical challenges? Answer: supply chain mgmt
which management focuses on the direction and the control of the
processes used to produce the goods and services that we buy and use
each day through strategic use and movement of resources? and what
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,3
are some of its issues? Answer: operations management, some issues
include scheduling, controlling, storing, and shipping.
which management involves the set of activities around storing and
transporting goods and services? What are they trying on ways to
lower costs? Answer: Logistics management, shipping and inventory
costs are huge, logistics mgmt is focusing on lowering them
management is about Answer: people
human resource mgmt encompasses managing what two areas:
Answer: -the mechanics of the personnel administration, and
-the finer points of motivating people to offer and contribute their
maximum potential.
How to organize a firm, where to find people, how to hire them, and
how to compensate them and how to evaluate them are issues to what
mgmt? Answer: human resource mgmt
what 8 things make agriculture unique? Answer: following 8 cards
food is vital to the --------and----- of every------- . Answer: health,
survival, individual
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, 4
------nature of agriuclture product brings----- to ------- challenges
Answer: Biological, rise, unique
-------affects both supply and ---- Answer: Seasonality, demand
-----uncertainty is a constant ----- for most ------- Answer: wheater,
threat, agribusiness
there is a ------- variety across the types of ------ in the ------ and
agribusiness sectors. Answer: tremendous, business, food
there is a ----- range of market----- and ------- Answer: wide, conditions,
structures
ties to ----- towns and ---- areas Answer: small, rural
the ------- has a fundamental ----- in food and agribusiness Answer:
government, role
The US food production and marketing system is divided into three
sectors which are? AKA as? Answer: input supply sector
production sector
food sector
© 2025 All rights reserved
AGEC 340 EXAM 1 Questions with Answers (100%
Correct Answers)
Four key functions of managment Answer: Marketing, Financial,
Supply Chain, and Human Resource mgmt
Marketing management definition Answer: the process by which
products flow through the US food system from producer to final
consumer
Key aspects of Marketing managment Answer: -understanding
customer needs and effectively positioning and selling products and
services in the marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for
customer satisfaction.
Financial management key aspects Answer: -Profit is the driver for
agribusiness as they work to generate the greatest possible returns
from their resources.
© 2025 All rights reserved
,2
-generating the data needed to make good decisions, using the tools of
finance to make effective decisions, and managing the assets, liabilities,
and owners' investments in the firm.
what allows managers to understand the current "health" of the firm,
and to determine what actions to take to improve? Answer: Financial
information
What is another way in which the financial agribusiness scene
changes? Answer: in the sourcing of funds
three types of supply chain managment Answer: supply chain mgmt
operations mgmt
logistics mgmt
which management focuses on quality, lower costs, changes in the
supply chain, and general pressures to be more efficient while
providing the tools managers need to meet these operation and
logistical challenges? Answer: supply chain mgmt
which management focuses on the direction and the control of the
processes used to produce the goods and services that we buy and use
each day through strategic use and movement of resources? and what
© 2025 All rights reserved
,3
are some of its issues? Answer: operations management, some issues
include scheduling, controlling, storing, and shipping.
which management involves the set of activities around storing and
transporting goods and services? What are they trying on ways to
lower costs? Answer: Logistics management, shipping and inventory
costs are huge, logistics mgmt is focusing on lowering them
management is about Answer: people
human resource mgmt encompasses managing what two areas:
Answer: -the mechanics of the personnel administration, and
-the finer points of motivating people to offer and contribute their
maximum potential.
How to organize a firm, where to find people, how to hire them, and
how to compensate them and how to evaluate them are issues to what
mgmt? Answer: human resource mgmt
what 8 things make agriculture unique? Answer: following 8 cards
food is vital to the --------and----- of every------- . Answer: health,
survival, individual
© 2025 All rights reserved
, 4
------nature of agriuclture product brings----- to ------- challenges
Answer: Biological, rise, unique
-------affects both supply and ---- Answer: Seasonality, demand
-----uncertainty is a constant ----- for most ------- Answer: wheater,
threat, agribusiness
there is a ------- variety across the types of ------ in the ------ and
agribusiness sectors. Answer: tremendous, business, food
there is a ----- range of market----- and ------- Answer: wide, conditions,
structures
ties to ----- towns and ---- areas Answer: small, rural
the ------- has a fundamental ----- in food and agribusiness Answer:
government, role
The US food production and marketing system is divided into three
sectors which are? AKA as? Answer: input supply sector
production sector
food sector
© 2025 All rights reserved
