MEDSTUDY.COM
TEST BANK
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ED
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Y
TEST BANK
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,MEDSTUDY.COM
Test bank for Loose Leaf for Farm Management 10th Edition
Ronald Kay, William Edwards, Patricia A. Duffy
Chapter 1.
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) In the future, farm managers will have to be concerned about the environmental effects of their
practices on their own farms, but not away from their own farm.
M
⊚ true
⊚ false
ED
2) Standardized accounting practices for farming operations will make comparisons with other farms and
nonfarm businesses more meaningful.
⊚ true
ST
⊚ false
3) One of the most important areas in which advances in electronics can help farm managers is in
U
collecting the raw data needed to make better decisions.
⊚ true
D
⊚ false
Y
4) Since farm managers will be making the same basic types of decisions in the 21st century as they did in
the previous century, they can rely on rules of thumb to guide their actions.
⊚ true
⊚ false
5) Product differentiation means producing crops and livestock with different characteristics for specific
markets.
⊚ true
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,MEDSTUDY.COM
⊚ false
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ED
ST
U
D
Y
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6) Entering into vertical integration alliances helps farms or ranches become more independent.
⊚ true
⊚ false
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers
the question.
7) One force that has helped cause farms in the United States to become larger and fewer is
A) competition from foreign producers.
M
B) lower production costs per unit by spreading fixed investment in technology over more units.
C) more labor used in agricultural production.
ED
D) declining nonfarm wage rates.
8) Improved data collection technology such as satellite or drone-based photography will be most helpful
to farm managers for
ST
A) preparing up-to-date financial statements.
B) balancing livestock rations.
C) prescribing fertility and pest control practices for smaller land units.
U
D) producing more uniform products.
D
9) Standardization of farm financial ratios and accounting practices will help farm managers
Y
A) compete with nonfarm businesses for capital.
B) summarize their account books in less time.
C) pay less income tax.
D) manage hired employees more effectively.
10) Agricultural processors will probably want more uniform products in the future in order to
A) pay lower prices to producers.
Page | 4
TEST BANK
M
ED
ST
U
D
Y
TEST BANK
Page | 1
,MEDSTUDY.COM
Test bank for Loose Leaf for Farm Management 10th Edition
Ronald Kay, William Edwards, Patricia A. Duffy
Chapter 1.
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) In the future, farm managers will have to be concerned about the environmental effects of their
practices on their own farms, but not away from their own farm.
M
⊚ true
⊚ false
ED
2) Standardized accounting practices for farming operations will make comparisons with other farms and
nonfarm businesses more meaningful.
⊚ true
ST
⊚ false
3) One of the most important areas in which advances in electronics can help farm managers is in
U
collecting the raw data needed to make better decisions.
⊚ true
D
⊚ false
Y
4) Since farm managers will be making the same basic types of decisions in the 21st century as they did in
the previous century, they can rely on rules of thumb to guide their actions.
⊚ true
⊚ false
5) Product differentiation means producing crops and livestock with different characteristics for specific
markets.
⊚ true
Page | 2
,MEDSTUDY.COM
⊚ false
M
ED
ST
U
D
Y
Page | 3
, MEDSTUDY.COM
6) Entering into vertical integration alliances helps farms or ranches become more independent.
⊚ true
⊚ false
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers
the question.
7) One force that has helped cause farms in the United States to become larger and fewer is
A) competition from foreign producers.
M
B) lower production costs per unit by spreading fixed investment in technology over more units.
C) more labor used in agricultural production.
ED
D) declining nonfarm wage rates.
8) Improved data collection technology such as satellite or drone-based photography will be most helpful
to farm managers for
ST
A) preparing up-to-date financial statements.
B) balancing livestock rations.
C) prescribing fertility and pest control practices for smaller land units.
U
D) producing more uniform products.
D
9) Standardization of farm financial ratios and accounting practices will help farm managers
Y
A) compete with nonfarm businesses for capital.
B) summarize their account books in less time.
C) pay less income tax.
D) manage hired employees more effectively.
10) Agricultural processors will probably want more uniform products in the future in order to
A) pay lower prices to producers.
Page | 4
