FBLA AGRIBUSINESS 2026/2027
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
Parts of a resume - correct answer-education, diversions, work
experience,qualifications and honors and activities.
Letter of application (cover letter) - correct answer-
accompanies with the resume
Enc; enclosure - correct answer-means that you are including
your resume
The banking industry - correct answer-introduction into the
terms associated with banking
Open - correct answer-the first time you place money into an
account
,Deposit - correct answer-to place money in an account
Close - correct answer-to remove all your money from your
bank account
3 things to open an account - correct answer-photo ID, social
security #, and money
3 types of bank accounts - correct answer-joint, custodial, and
individual
Joint - correct answer-at least two people have to be there for
signature and be present
Individual - correct answer-one person operates the account
Custodial - correct answer-"trustfunds" a person
,Gross Margin Analysis - correct answer-Evaluate/assess &
compare profitability of different enterprises
To allow comparisons: normal to divide gross margin by major
limiting resource
GMA Assumptions: - correct answer-Set of fixed assets on the
farm
Only considers inputs that vary according to scale of enterprise
Analysis period: - correct answer-Usually a year
Less if enterprise completed in shorter period
Gross Margin = - correct answer-Output - Variable Costs
(Enterprise output)
Variable Costs: - correct answer-Resources that vary according
to enterprise chosen by farmer & scale
Specific to single enterprise *and* vary with size of enterprise
Incl: conc feed, forage, mineral supplements, vet inputs, seed,
fertiliser, insecticide, marketing costs, casual labour for *certain
jobs*
, Gross Margins: - correct answer-Be used to perform price
sensitive analysis
Generated from on-farm records *or* taken from standard
reference books e.g. Nix Handbook
Gross Margin Useful: - correct answer-Where qua*n*titative
data available
Farmers motivated by profit maximisation
Enterprise comparisons & asses efficiency/productivity
Limits of Gross Margin: - correct answer-Only useful if
production systems similar
Diff's due to level of yield obtained, price diff of inputs/outputs,
climatic conditions - show workings for costs
Do *not* directly measure profit
Exclude *fixed* costs
Not to be looked at in isolation - doesn't consider changes in
the enterprise
Gross Margin figures: - correct answer-Never looked at in
isolation
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
Parts of a resume - correct answer-education, diversions, work
experience,qualifications and honors and activities.
Letter of application (cover letter) - correct answer-
accompanies with the resume
Enc; enclosure - correct answer-means that you are including
your resume
The banking industry - correct answer-introduction into the
terms associated with banking
Open - correct answer-the first time you place money into an
account
,Deposit - correct answer-to place money in an account
Close - correct answer-to remove all your money from your
bank account
3 things to open an account - correct answer-photo ID, social
security #, and money
3 types of bank accounts - correct answer-joint, custodial, and
individual
Joint - correct answer-at least two people have to be there for
signature and be present
Individual - correct answer-one person operates the account
Custodial - correct answer-"trustfunds" a person
,Gross Margin Analysis - correct answer-Evaluate/assess &
compare profitability of different enterprises
To allow comparisons: normal to divide gross margin by major
limiting resource
GMA Assumptions: - correct answer-Set of fixed assets on the
farm
Only considers inputs that vary according to scale of enterprise
Analysis period: - correct answer-Usually a year
Less if enterprise completed in shorter period
Gross Margin = - correct answer-Output - Variable Costs
(Enterprise output)
Variable Costs: - correct answer-Resources that vary according
to enterprise chosen by farmer & scale
Specific to single enterprise *and* vary with size of enterprise
Incl: conc feed, forage, mineral supplements, vet inputs, seed,
fertiliser, insecticide, marketing costs, casual labour for *certain
jobs*
, Gross Margins: - correct answer-Be used to perform price
sensitive analysis
Generated from on-farm records *or* taken from standard
reference books e.g. Nix Handbook
Gross Margin Useful: - correct answer-Where qua*n*titative
data available
Farmers motivated by profit maximisation
Enterprise comparisons & asses efficiency/productivity
Limits of Gross Margin: - correct answer-Only useful if
production systems similar
Diff's due to level of yield obtained, price diff of inputs/outputs,
climatic conditions - show workings for costs
Do *not* directly measure profit
Exclude *fixed* costs
Not to be looked at in isolation - doesn't consider changes in
the enterprise
Gross Margin figures: - correct answer-Never looked at in
isolation
