FARM BUSINESS MANAGEMENT ASSESSMENT TEST QUESTIONS AND ANSWERS LATEST UPDATE
1. For farm business income taxation purposes, depreciation is? ANSWER - a deductible expense 2. Which of the following would most likely be considered a fixed cost? ANSWER - machinery depreciation 3. For which of the following conditions would an increase in the quantity of cantaloupes produced by a cantaloupe enterprise increase the profits from that enterprise? ANSWER - marginal revenue marginal cost 4. If a sweet corn farmer is marketing his/her product direct which of the following is most likely to be the farmer's customers? ANSWER - local farmers’ markets, restaurants, and grocery stores 5. Which of the following has happened for a farm firm whose current assets have increased more than current liabilities? ANSWER - liquidity has increased 6. If a producer's debt-to-asset ratio decreases, the producer's? ANSWER - long-term credit riskiness has decreased
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