Farm and Ranch Management
questions well answered
"What managers do" is best described by? - correct answer ✔✔make decisions
External scanning could include assessing - correct answer ✔✔changes in consumer tastes
The standardization of farm financial rations and accounting practices will help farm managers?
- correct answer ✔✔compete with nonfarm businesses for capital
"Doubling the number of acres farmed in 10 years" is an example of? - correct answer ✔✔long-
term goal
What is an example of a strategic decision? - correct answer ✔✔determining what type of
business / legal organization to use
What is an example of a tatical decision? - correct answer ✔✔balancing a livestock ration
If $50,000 cash on hand is used to pay a $50,000 operating loan then on the day of the
transaction: - correct answer ✔✔neither net worth not the current ratio will change
The best description of a business which has increased it's dept / asset ratio is? - correct answer
✔✔one which increased its dept relative to total assets
The statement "achieve an average feed conversion rate of 2.75 pounds of feed per pound of
gain for my market hogs by 2022" is? - correct answer ✔✔a goal
, An organization that develops and publishes guidelines for farm financial analysis and reporting
- correct answer ✔✔Farm Financial Standards Council (SFSC)
Example noncurrent liabilities - correct answer ✔✔loan on farm machinery
Example of a current assest - correct answer ✔✔loan on feeder livestock
A business with working capital less than $0, the current ratio is? - correct answer ✔✔less than
one
The degree to which a farm's assets adequately secure its debts is referred to as: - correct
answer ✔✔solvency
Financial statement that covers on a single point in time is? - correct answer ✔✔balance sheet
How would a lender usually prefer to have Farm Assets valued? - correct answer ✔✔the market
value on a balance sheet that is part of a loan application
What happens to equity if $20,000 in cash and a new loan of $80,000 is used to purchase land
for $100,000? - correct answer ✔✔it will not change
When using cash accounting what accounts would never be used? - correct answer
✔✔accounts payable
A prepaid expense is one where payment is made: - correct answer ✔✔in an acounting period
prior to the one in which the item will be used to produce income
Any item of value is called? - correct answer ✔✔asset
questions well answered
"What managers do" is best described by? - correct answer ✔✔make decisions
External scanning could include assessing - correct answer ✔✔changes in consumer tastes
The standardization of farm financial rations and accounting practices will help farm managers?
- correct answer ✔✔compete with nonfarm businesses for capital
"Doubling the number of acres farmed in 10 years" is an example of? - correct answer ✔✔long-
term goal
What is an example of a strategic decision? - correct answer ✔✔determining what type of
business / legal organization to use
What is an example of a tatical decision? - correct answer ✔✔balancing a livestock ration
If $50,000 cash on hand is used to pay a $50,000 operating loan then on the day of the
transaction: - correct answer ✔✔neither net worth not the current ratio will change
The best description of a business which has increased it's dept / asset ratio is? - correct answer
✔✔one which increased its dept relative to total assets
The statement "achieve an average feed conversion rate of 2.75 pounds of feed per pound of
gain for my market hogs by 2022" is? - correct answer ✔✔a goal
, An organization that develops and publishes guidelines for farm financial analysis and reporting
- correct answer ✔✔Farm Financial Standards Council (SFSC)
Example noncurrent liabilities - correct answer ✔✔loan on farm machinery
Example of a current assest - correct answer ✔✔loan on feeder livestock
A business with working capital less than $0, the current ratio is? - correct answer ✔✔less than
one
The degree to which a farm's assets adequately secure its debts is referred to as: - correct
answer ✔✔solvency
Financial statement that covers on a single point in time is? - correct answer ✔✔balance sheet
How would a lender usually prefer to have Farm Assets valued? - correct answer ✔✔the market
value on a balance sheet that is part of a loan application
What happens to equity if $20,000 in cash and a new loan of $80,000 is used to purchase land
for $100,000? - correct answer ✔✔it will not change
When using cash accounting what accounts would never be used? - correct answer
✔✔accounts payable
A prepaid expense is one where payment is made: - correct answer ✔✔in an acounting period
prior to the one in which the item will be used to produce income
Any item of value is called? - correct answer ✔✔asset
