Farm and Ranch Management Final
Exam questions well answered
Which function of management is concerned with monitoring the results of a description and
taking corrective action?
a. planning
b. implementation
c. control
d. organization - correct answer ✔✔Answer:
c. control (think PICA)
Which of the following shows the proper sequence of management functions as they would be
applied to a specific problem?
a. planning, control, implementation
b. planning, implimentation, control
c. control, planning, implementation
d. control, implementation, planning - correct answer ✔✔Answer:
b. planning implementation, control
"Doubling the number of acres farmed in 10 years" is an example of a:
a. long run goal
b. short-term goal
c. mission statement
d. decision - correct answer ✔✔Answer:
,a. long-run goal
Which of the following is an example of a tactical decision?
a. balancing a livestock ration
b. forming a partnership with a relative
c. joining a feeder pig co-op
d. installing an irrigation system - correct answer ✔✔Answer:
a. balancing a livestock ration
Tactical decisions are short term
Exernal scanning could include asseccing...
a. the finicial condition of a business
b. changes in customer taste
c. the basic returne on investment of new enterprises
d. productivity of the farm land - correct answer ✔✔Answer:
b. changes in customer taste
Which of the following is an example of a strategic decision?
a. determining fertilizer levels for crops
b. deciding when to sell grain
c. determining what type of business/legal organization to use
d. setting milking times for a dairy - correct answer ✔✔Answer:
c. determining what type of business/legal organization to use
remember that strategic decisions are long-term
, One characteristic that makes decision-making in agriculture different from other types of
business is:
a. more government regulations
b. prevalence of very large business units
c. predictability of production processes
d. fixed supply of a major resource - correct answer ✔✔Answer:
d. fixed supply of a major resource
Which of the following is an example of a non-current liability?
a. farm machinery
b. loan on feeder livestock
c. loan on farm machinery
d. pre-paid expense - correct answer ✔✔Answer:
c. loan on farm machinery
WHich of the following is an example of a current asset?
a. dairy cows
b. farm buildings
c. faarm machinery
d. none of the above - correct answer ✔✔Answer:
d. none of the above
Of the following, which is the most liquid asset?
a. farm machinery
b. balance in checking account
c. breeder livestock
Exam questions well answered
Which function of management is concerned with monitoring the results of a description and
taking corrective action?
a. planning
b. implementation
c. control
d. organization - correct answer ✔✔Answer:
c. control (think PICA)
Which of the following shows the proper sequence of management functions as they would be
applied to a specific problem?
a. planning, control, implementation
b. planning, implimentation, control
c. control, planning, implementation
d. control, implementation, planning - correct answer ✔✔Answer:
b. planning implementation, control
"Doubling the number of acres farmed in 10 years" is an example of a:
a. long run goal
b. short-term goal
c. mission statement
d. decision - correct answer ✔✔Answer:
,a. long-run goal
Which of the following is an example of a tactical decision?
a. balancing a livestock ration
b. forming a partnership with a relative
c. joining a feeder pig co-op
d. installing an irrigation system - correct answer ✔✔Answer:
a. balancing a livestock ration
Tactical decisions are short term
Exernal scanning could include asseccing...
a. the finicial condition of a business
b. changes in customer taste
c. the basic returne on investment of new enterprises
d. productivity of the farm land - correct answer ✔✔Answer:
b. changes in customer taste
Which of the following is an example of a strategic decision?
a. determining fertilizer levels for crops
b. deciding when to sell grain
c. determining what type of business/legal organization to use
d. setting milking times for a dairy - correct answer ✔✔Answer:
c. determining what type of business/legal organization to use
remember that strategic decisions are long-term
, One characteristic that makes decision-making in agriculture different from other types of
business is:
a. more government regulations
b. prevalence of very large business units
c. predictability of production processes
d. fixed supply of a major resource - correct answer ✔✔Answer:
d. fixed supply of a major resource
Which of the following is an example of a non-current liability?
a. farm machinery
b. loan on feeder livestock
c. loan on farm machinery
d. pre-paid expense - correct answer ✔✔Answer:
c. loan on farm machinery
WHich of the following is an example of a current asset?
a. dairy cows
b. farm buildings
c. faarm machinery
d. none of the above - correct answer ✔✔Answer:
d. none of the above
Of the following, which is the most liquid asset?
a. farm machinery
b. balance in checking account
c. breeder livestock
