AGEC 340 Exam 1 Questions and
Answers Graded A+
Management definition - Correct answer-the group that drives and directs the
firms, farms, and food companies that come together in the food production and
marketing system
Managers definition - Correct answer-the individuals responsible for ensuring
successful completion of the functions, tasks, and activities that will determine an
organization's success
Agribusiness management definition - Correct answer-the management of any firm
involved in the food and fiber production and marketing system
Key functions of agribusiness management - Correct answer-Marketing
management
Financial management
Supply chain management
Human resource
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,Key aspects of marketing management - Correct answer-Understanding customer
needs
effectively positioning and selling products and services in the marketplace
requires integration of several different activities: all focused on customer needs,
wants, and satisfaction
Key aspects of financial management - Correct answer-Profit is the driver for
agribusinesses as they work to generate the greatest possible returns from their
resources
generating the data needed to make good decisions, using the tools of finance to
make effective decisions, and managing the assets, liabilities, and owner's
investment in the firm
Supply chain management definition - Correct answer-focuses on the coordination
and integration of activities, processes, and partners across the entire supply chain,
from the initial production of goods and services to their distribution to end
consumers. The goal is to optimize efficiency, minimize costs, and enhance overall
performance
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, Operations management definition - Correct answer-focuses on the direction and
the control of the processes used to produce the goods and services that we buy and
use each day through strategic use and movement of resources
Logistics management definition - Correct answer-involves the set of activities
around storing and transporting goods and services (storing & transporting)
Human resources management key functions - Correct answer-encompasses
managing two areas: the mechanics of the personnel administration, and the finer
points of motivating people to offer and contribute their maximum potential
Issues: how to organize the firm, where to find people, how to hire them, how to
compensate them, how to evaluate them
What makes agriculture unique? - Correct answer-Food as a product
Biological nature of agriculture product
Seasonality
Weather uncertainty
Types of firms
Variety of market conditions
rural ties
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Answers Graded A+
Management definition - Correct answer-the group that drives and directs the
firms, farms, and food companies that come together in the food production and
marketing system
Managers definition - Correct answer-the individuals responsible for ensuring
successful completion of the functions, tasks, and activities that will determine an
organization's success
Agribusiness management definition - Correct answer-the management of any firm
involved in the food and fiber production and marketing system
Key functions of agribusiness management - Correct answer-Marketing
management
Financial management
Supply chain management
Human resource
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Key aspects of marketing management - Correct answer-Understanding customer
needs
effectively positioning and selling products and services in the marketplace
requires integration of several different activities: all focused on customer needs,
wants, and satisfaction
Key aspects of financial management - Correct answer-Profit is the driver for
agribusinesses as they work to generate the greatest possible returns from their
resources
generating the data needed to make good decisions, using the tools of finance to
make effective decisions, and managing the assets, liabilities, and owner's
investment in the firm
Supply chain management definition - Correct answer-focuses on the coordination
and integration of activities, processes, and partners across the entire supply chain,
from the initial production of goods and services to their distribution to end
consumers. The goal is to optimize efficiency, minimize costs, and enhance overall
performance
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, Operations management definition - Correct answer-focuses on the direction and
the control of the processes used to produce the goods and services that we buy and
use each day through strategic use and movement of resources
Logistics management definition - Correct answer-involves the set of activities
around storing and transporting goods and services (storing & transporting)
Human resources management key functions - Correct answer-encompasses
managing two areas: the mechanics of the personnel administration, and the finer
points of motivating people to offer and contribute their maximum potential
Issues: how to organize the firm, where to find people, how to hire them, how to
compensate them, how to evaluate them
What makes agriculture unique? - Correct answer-Food as a product
Biological nature of agriculture product
Seasonality
Weather uncertainty
Types of firms
Variety of market conditions
rural ties
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
