Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
TEST BANK
FARM MANAGEMENT 10TH EDITION (MCGRAW
HILL, 2023) BY KAY, EDWARDS AND DUFFY,
ISBN NO; 9781266318559 (CHAPTERS 1-22)
COMPLETE STUDY GUIDE!!!!!!!
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
Test Bank for Farm Management 10th Edition (McGraw Hill, 2023) by Kay, Edwards
and Duffy, Isbn no; 9781266318559 (Chapters 1-22) Complete Study Guide!!!!!!!
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.
⊚ true
⊚ false
2) Standardized accounting practices for farming operations will make
comparisons with other farms and nonfarm businesses more meaningful.
⊚ true
⊚ false
3) One of the most important areas in which advances in electronics can help
farm managers is in collecting the raw data needed to make better decisions.
⊚ true
⊚ false
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
⊚ false
6) Entering into vertical integration alliances helps farms or ranches become
more independent.
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
⊚ 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.
B) lower production costs per unit by spreading fixed investment in technology
over more units.
C) more labor used in agricultural production.
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
A) preparing up-to-date financial statements.
B) balancing livestock rations.
C) prescribing fertility and pest control practices for smaller land units.
D) producing more uniform products.
9) Standardization of farm financial ratios and accounting practices will help
farm managers
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.
B) diversify their product lines.
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
C) reduce environmental contamination.
D) make more efficient use of processing and packaging equipment.
11) By forming strategic alliances, small and medium-sized farmers and ranchers
can
A) increase their managerial freedom.
B) achieve advantages of diversification.
C) achieve marketing advantages that larger operations enjoy.
D) increase their own volume of production.
12) An increase in the number of nonfarmers living in rural areas will cause
A) farmland values to decrease.
B) farmers to pay more attention to off-farm effects of their production
practices.
C) less regulation of agricultural production practices.
D) profit maximization to be the only criterion for adopting new technologies.
13) Globalization refers to the process of
A) reducing trade barriers among countries.
B) protecting a country’s farmers by taxing competing products from other
countries.
C) a gradual rise in the average temperature of the earth.
D) countries producing a greater variety of agricultural products for their
own needs.
14) Vertical integration refers to the process by which farmers or ranchers
A) grow taller crops.
B) grow a greater variety of products.
C) increase the size of their operation by leasing or buying more land.
D) enter into agreements with processors or distributors to supply them with
their products.
TEST BANK
FARM MANAGEMENT 10TH EDITION (MCGRAW
HILL, 2023) BY KAY, EDWARDS AND DUFFY,
ISBN NO; 9781266318559 (CHAPTERS 1-22)
COMPLETE STUDY GUIDE!!!!!!!
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
Test Bank for Farm Management 10th Edition (McGraw Hill, 2023) by Kay, Edwards
and Duffy, Isbn no; 9781266318559 (Chapters 1-22) Complete Study Guide!!!!!!!
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.
⊚ true
⊚ false
2) Standardized accounting practices for farming operations will make
comparisons with other farms and nonfarm businesses more meaningful.
⊚ true
⊚ false
3) One of the most important areas in which advances in electronics can help
farm managers is in collecting the raw data needed to make better decisions.
⊚ true
⊚ false
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
⊚ false
6) Entering into vertical integration alliances helps farms or ranches become
more independent.
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
⊚ 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.
B) lower production costs per unit by spreading fixed investment in technology
over more units.
C) more labor used in agricultural production.
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
A) preparing up-to-date financial statements.
B) balancing livestock rations.
C) prescribing fertility and pest control practices for smaller land units.
D) producing more uniform products.
9) Standardization of farm financial ratios and accounting practices will help
farm managers
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.
B) diversify their product lines.
, Test Bank for Farm Management 10th Edition by Kay, Edwards and Duffy
C) reduce environmental contamination.
D) make more efficient use of processing and packaging equipment.
11) By forming strategic alliances, small and medium-sized farmers and ranchers
can
A) increase their managerial freedom.
B) achieve advantages of diversification.
C) achieve marketing advantages that larger operations enjoy.
D) increase their own volume of production.
12) An increase in the number of nonfarmers living in rural areas will cause
A) farmland values to decrease.
B) farmers to pay more attention to off-farm effects of their production
practices.
C) less regulation of agricultural production practices.
D) profit maximization to be the only criterion for adopting new technologies.
13) Globalization refers to the process of
A) reducing trade barriers among countries.
B) protecting a country’s farmers by taxing competing products from other
countries.
C) a gradual rise in the average temperature of the earth.
D) countries producing a greater variety of agricultural products for their
own needs.
14) Vertical integration refers to the process by which farmers or ranchers
A) grow taller crops.
B) grow a greater variety of products.
C) increase the size of their operation by leasing or buying more land.
D) enter into agreements with processors or distributors to supply them with
their products.
