AGEC 340 Final Exam questions &
answers already passed
List the eight factors that combine to make the agribusiness sector unique? - correct answer
✔✔1) Food as a product
2) Uncertainty of the weather
3) Seasonality
4) Types of firms
5) Variety of market condition
6) Rural ties
7) Government Involvement
8) Biological Nature
How or why could agribusinesses and firms outside the agribusiness sectors make different
decisions under similar situations? - correct answer ✔✔No firms outside of agribusiness have
all 8 unique factors of an agribusiness. These 8 factors would impact the decisions an
agribusiness would make.
What are the four key functions of management in agribusiness? - correct answer ✔✔1) Human
Resource Management
2) Supply Chain Management
3) Financial Management
4) Marketing Management
How does our textbook define management in agribusiness? - correct answer ✔✔
, What is the ultimate goal of the agribusiness manager? - correct answer ✔✔To maximize long
run profits of the firm by profitably satisfying customer needs
What are the three roles of the manager? - correct answer ✔✔1)
2)
3)
What are the four key tasks of an agribusiness manager? - correct answer ✔✔1) Planning
2) Directing
3) Organizing
4) Controlling
What are the three types of planning? Give a brief description of each - correct answer ✔✔1)
Strategic- planning to meet long run goals
2) Tactical- Planning what to do in the short term to help meet long run goals
3) Contingency- Alternative plans for various possible situations
Discuss management by exception and how an agribusiness manager would use this concept -
correct answer ✔✔Management by exception involves a manager focusing on aspects of the
firm that are not progressing according to the plan. An agribusiness manager can use this to
decide where to focus their energy on, if one part of the firm is doing what it is supposed to
then the manager doesn't need to spend time focusing on that.
How is accounting profit used by an agribusiness manager? - correct answer ✔✔Accounting
profit can be used by an agribusiness manager to help make sound financial decisions and
calculate economic profit.
Write the equation for calculating accounting profits - correct answer ✔✔Accounting
profit=total revenue-actual measurable costs
answers already passed
List the eight factors that combine to make the agribusiness sector unique? - correct answer
✔✔1) Food as a product
2) Uncertainty of the weather
3) Seasonality
4) Types of firms
5) Variety of market condition
6) Rural ties
7) Government Involvement
8) Biological Nature
How or why could agribusinesses and firms outside the agribusiness sectors make different
decisions under similar situations? - correct answer ✔✔No firms outside of agribusiness have
all 8 unique factors of an agribusiness. These 8 factors would impact the decisions an
agribusiness would make.
What are the four key functions of management in agribusiness? - correct answer ✔✔1) Human
Resource Management
2) Supply Chain Management
3) Financial Management
4) Marketing Management
How does our textbook define management in agribusiness? - correct answer ✔✔
, What is the ultimate goal of the agribusiness manager? - correct answer ✔✔To maximize long
run profits of the firm by profitably satisfying customer needs
What are the three roles of the manager? - correct answer ✔✔1)
2)
3)
What are the four key tasks of an agribusiness manager? - correct answer ✔✔1) Planning
2) Directing
3) Organizing
4) Controlling
What are the three types of planning? Give a brief description of each - correct answer ✔✔1)
Strategic- planning to meet long run goals
2) Tactical- Planning what to do in the short term to help meet long run goals
3) Contingency- Alternative plans for various possible situations
Discuss management by exception and how an agribusiness manager would use this concept -
correct answer ✔✔Management by exception involves a manager focusing on aspects of the
firm that are not progressing according to the plan. An agribusiness manager can use this to
decide where to focus their energy on, if one part of the firm is doing what it is supposed to
then the manager doesn't need to spend time focusing on that.
How is accounting profit used by an agribusiness manager? - correct answer ✔✔Accounting
profit can be used by an agribusiness manager to help make sound financial decisions and
calculate economic profit.
Write the equation for calculating accounting profits - correct answer ✔✔Accounting
profit=total revenue-actual measurable costs
