Farm Management Exam 1 Questions with Correct Answers Latest Update 2025/2026
Which is true about the change in U.S. farm structure over the last century: - Answers larger
farms and less farms
Under which management function are goals established? - Answers planning
Collecting and analyzing financial information for the firm/farm is done under which
management function? - Answers Control
Day to day decisions - Answers Tactical
Long term decisions - Answers Strategical
Why is the structure of farms and ranches changing? - Answers Mechanization, Off-farm job
opportunities, Increasing farm household Income, Technology
Four general business strategies - Answers 1. Low volume, high value
2. High volume, low margin
3. Specialty product and service providers
4. Part-time operators
Four Functions of Management - Answers Planning, Implementation, Control, Adjustment
Planning - Answers choosing a course of action, policy or procedure (what and when)
Implementation - Answers Acquiring the resources & materials necessary to put plan into effect
(how)
Control - Answers Evaluating, monitoring, recording, acquiring, comparing
Adjustment - Answers If objectives are not being met, adjustments need to be made.
What does SMART goals stand for? - Answers Specific
Measurable
Attainable
Relevant
Time
Formulating Goals - Answers 1. Define a mission
2. Goals
Which is true about the change in U.S. farm structure over the last century: - Answers larger
farms and less farms
Under which management function are goals established? - Answers planning
Collecting and analyzing financial information for the firm/farm is done under which
management function? - Answers Control
Day to day decisions - Answers Tactical
Long term decisions - Answers Strategical
Why is the structure of farms and ranches changing? - Answers Mechanization, Off-farm job
opportunities, Increasing farm household Income, Technology
Four general business strategies - Answers 1. Low volume, high value
2. High volume, low margin
3. Specialty product and service providers
4. Part-time operators
Four Functions of Management - Answers Planning, Implementation, Control, Adjustment
Planning - Answers choosing a course of action, policy or procedure (what and when)
Implementation - Answers Acquiring the resources & materials necessary to put plan into effect
(how)
Control - Answers Evaluating, monitoring, recording, acquiring, comparing
Adjustment - Answers If objectives are not being met, adjustments need to be made.
What does SMART goals stand for? - Answers Specific
Measurable
Attainable
Relevant
Time
Formulating Goals - Answers 1. Define a mission
2. Goals
