TEST BANK For Farm Management 10th Edition By
Ronald Kay
Complete Chapters 1-22 With Expert Verified Q&As|
A+ PASS All Answers At The Back Of Each Chapter
,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.
⊚ 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.
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
Ronald Kay
Complete Chapters 1-22 With Expert Verified Q&As|
A+ PASS All Answers At The Back Of Each Chapter
,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.
⊚ 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.
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
