AGEC 340 EXAM 1 Questions and
Answers Graded A+
Four key functions of managment - Correct answer-Marketing, Financial, Supply
Chain, and Human Resource mgmt
Marketing management definition - Correct answer-the process by which products
flow through the US food system from producer to final consumer
Key aspects of Marketing managment - Correct answer--understanding customer
needs and effectively positioning and selling products and services in the
marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for customer
satisfaction.
Financial management key aspects - Correct answer--Profit is the driver for
agribusiness as they work to generate the greatest possible returns from their
resources.
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,-generating the data needed to make good decisions, using the tools of finance to
make effective decisions, and managing the assets, liabilities, and owners'
investments in the firm.
what allows managers to understand the current "health" of the firm, and to
determine what actions to take to improve? - Correct answer-Financial information
What is another way in which the financial agribusiness scene changes? - Correct
answer-in the sourcing of funds
three types of supply chain managment - Correct answer-supply chain mgmt
operations mgmt
logistics mgmt
which management focuses on quality, lower costs, changes in the supply chain,
and general pressures to be more efficient while providing the tools managers need
to meet these operation and logistical challenges? - Correct answer-supply chain
mgmt
which management 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? and what are some of its issues? - Correct answer-
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,operations management, some issues include scheduling, controlling, storing, and
shipping.
which management involves the set of activities around storing and transporting
goods and services? What are they trying on ways to lower costs? - Correct
answer-Logistics management, shipping and inventory costs are huge, logistics
mgmt is focusing on lowering them
management is about - Correct answer-people
human resource mgmt encompasses managing what two areas: - Correct answer--
the mechanics of the personnel administration, and
-the finer points of motivating people to offer and contribute their maximum
potential.
How to organize a firm, where to find people, how to hire them, and how to
compensate them and how to evaluate them are issues to what mgmt? - Correct
answer-human resource mgmt
what 8 things make agriculture unique? - Correct answer-following 8 cards
food is vital to the --------and----- of every------- . - Correct answer-health, survival,
individual
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, ------nature of agriuclture product brings----- to ------- challenges - Correct answer-
Biological, rise, unique
-------affects both supply and ---- - Correct answer-Seasonality, demand
-----uncertainty is a constant ----- for most ------- - Correct answer-wheater, threat,
agribusiness
there is a ------- variety across the types of ------ in the ------ and agribusiness
sectors. - Correct answer-tremendous, business, food
there is a ----- range of market----- and ------- - Correct answer-wide, conditions,
structures
ties to ----- towns and ---- areas - Correct answer-small, rural
the ------- has a fundamental ----- in food and agribusiness - Correct answer-
government, role
The US food production and marketing system is divided into three sectors which
are? AKA as? - Correct answer-input supply sector
production sector
food sector
AKA as an agricultural supply chain
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
Answers Graded A+
Four key functions of managment - Correct answer-Marketing, Financial, Supply
Chain, and Human Resource mgmt
Marketing management definition - Correct answer-the process by which products
flow through the US food system from producer to final consumer
Key aspects of Marketing managment - Correct answer--understanding customer
needs and effectively positioning and selling products and services in the
marketplace.
-requires selling, advertising, web page design, and pricing.
-everything is focused on costumer needs and wants, quest for customer
satisfaction.
Financial management key aspects - Correct answer--Profit is the driver for
agribusiness as they work to generate the greatest possible returns from their
resources.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,-generating the data needed to make good decisions, using the tools of finance to
make effective decisions, and managing the assets, liabilities, and owners'
investments in the firm.
what allows managers to understand the current "health" of the firm, and to
determine what actions to take to improve? - Correct answer-Financial information
What is another way in which the financial agribusiness scene changes? - Correct
answer-in the sourcing of funds
three types of supply chain managment - Correct answer-supply chain mgmt
operations mgmt
logistics mgmt
which management focuses on quality, lower costs, changes in the supply chain,
and general pressures to be more efficient while providing the tools managers need
to meet these operation and logistical challenges? - Correct answer-supply chain
mgmt
which management 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? and what are some of its issues? - Correct answer-
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,operations management, some issues include scheduling, controlling, storing, and
shipping.
which management involves the set of activities around storing and transporting
goods and services? What are they trying on ways to lower costs? - Correct
answer-Logistics management, shipping and inventory costs are huge, logistics
mgmt is focusing on lowering them
management is about - Correct answer-people
human resource mgmt encompasses managing what two areas: - Correct answer--
the mechanics of the personnel administration, and
-the finer points of motivating people to offer and contribute their maximum
potential.
How to organize a firm, where to find people, how to hire them, and how to
compensate them and how to evaluate them are issues to what mgmt? - Correct
answer-human resource mgmt
what 8 things make agriculture unique? - Correct answer-following 8 cards
food is vital to the --------and----- of every------- . - Correct answer-health, survival,
individual
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, ------nature of agriuclture product brings----- to ------- challenges - Correct answer-
Biological, rise, unique
-------affects both supply and ---- - Correct answer-Seasonality, demand
-----uncertainty is a constant ----- for most ------- - Correct answer-wheater, threat,
agribusiness
there is a ------- variety across the types of ------ in the ------ and agribusiness
sectors. - Correct answer-tremendous, business, food
there is a ----- range of market----- and ------- - Correct answer-wide, conditions,
structures
ties to ----- towns and ---- areas - Correct answer-small, rural
the ------- has a fundamental ----- in food and agribusiness - Correct answer-
government, role
The US food production and marketing system is divided into three sectors which
are? AKA as? - Correct answer-input supply sector
production sector
food sector
AKA as an agricultural supply chain
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
