Agribusiness part one
1) The best strategy for handling a “know-it-all” customer is:
a. telling the customer that you know it all
b. letting the customer know that you don’t agree with “know-it-all” customers
c. not being competitive or argumentative with the customer
d. asking the customer to leave the store and come back later
2) A disadvantage associated with projected cash flow is that it:
a. shows when excess cash will be available
b. projects prices that are difficult to estimate
c. allows planned purchases
d. evaluates the relationship of short-term debt to repayment capacity
3) The practice of cultivating, processing, and distributing food in or around a village, town or city is known as:
a. sustainable agriculture
b. urban agriculture
c. organic agriculture
d. community gardening
4) The practice of using an integrated system of plant and animal production practices that have a site-specific application that will last over the long term is known as:
a. hydroponics
b. sustainable agriculture
c. organic farming
d. integrated pest management
5) One advantage of incorporating a farm business is that it will:
a. result in double taxation
b. result in fewer rules and regulations to follow
c. limit personal liability of the owners
d. reduce the amount of record keeping
6) Which of the following is the most accurate about agriculture in the U.S?
a. A vast majority of U.S. farms have a large amount of debt outstanding.
b. A majority of U.S. farms are operated for a profit.
c. Very few U.S. farmers have non-farm income.
d. Environmental regulation is having a larger impact on the management of U.S. farms.
7) Technology-advanced farm equipment:
a. reduced the labor market for agriculture
b. increased the labor market for agriculture
c. has not impacted the labor market
d. has resulted in economic inefficiency
8) Since farmers are continually exposed to loud noises, they should have periodic hearing tests
called:
a. visualgrams
b. physicals
c. audiograms
d. ophthalmologram
9) The projected cash flow for a business includes:
a. projected incomes, debt payments, and expenses
b. debt payments and expenses
c. expenses, inventories, and debt payments
d. cash income, cash expenses, and debt payments
10) The Food, Conservation, and Energy Act passed by the U.S. Congress in 2008 is also called:
a. the Farm Bill
b. the Farmers Full Employment Act
c. the Patient Protection and Affordable Care Act
d. the Green Energy Initiative
11) What is record keeping?
a. Keeping book at a basketball game.
b. Keeping track of your personal life.
c. Making a scrapbook.
d. The process of keeping a journal or record of what you
have done.
12) One effect of ethical behavior is..
a. Getting grounded
b. Having no friends
c. Gaining respect of others
d. Legal consequences
13) True or false: Citizenship includes rights, responsibilities, duties, and privileges.
a. True
b. False
14) True or false: Creating a first impression with someone takes about 30 minutes.
a. True
b. False
15) What is the Federal Insurance Contribution Act?
a. A Federal Law that says you don't have to pay taxes if you are self-employed.
b. An act where employees pay their tax as well as their employers.
c. A Federal Law where employers only pay for their tax.
d. A Federal Law that imposes an employment tax on both employers and employees to fund Social Security and Medicare; self-employed persons pay both the employer and employer and employee share.
16) What are the five traits of agribusiness?
a. Family focus, location and commodity based, risk management, digestible/wearable products, high perishability
b. GMOs, cash crop, land, low perishability, employees
c. All of the above
17) What is the approach to control uncertainties and risks by developing strategies?
a. gambling
b. risk management
c. risking everything
d. stock market
18) What's one challenge managers face?
a. being too successful
b. going to conferences
c. not enough competition
d. increased productivity
19) What is downsizing?
a. When the economy slows down and there isn't enough business.
b. When there is a drought and there are no crops to farm.
c. A planned reduction in size, which became popular when global competition grew and a larger emphasis was placed on quality and productivity. This helped some organizations, but led to a lack of worker confidence and no sense of job security.
d. When you are unable to expand your business because there aren't enough workers to work.
20) Niches are...
a. An ecosystem
b. A place in the community suitable for a person or thing.
c. Place to get a milkshake.
d. A role in the neighborhood watch system.
21) The repeated rise and fall of economic activity over time.
a. Business cycles
b. Business plan
c. Economy report
d. Recession
22) Business related to the production, processing, and distribution of agriculture.
a. 4-H
b. Agribusiness
c. Business procedures
d. FFA
23) What is a farm?
a. An operation much like the stock market, but on a smaller scale.
b. A place for Old MacDonald to live.
c. A place where they slaughter horses to make glue.
d. An operation during the calendar year produced or would have produced products worth $1k.
24) What is the amount of feet in one acre?
a. 5,000 sq. feet
b. 35,897 sq. feet
c. 43,560 sq. feet
d. 55,550 sq. feet
25) What is the 4th step of Maslow's Hierarchy?
a. Security
b. Ethics
c. Needs
d. Self-actualization
Answer Key
1. C
2. B
3. B
4. B
5. C
6. D
7. A
8. C
9. A
10. A
11. D
12. C
13. A
14. B
15. D
16. A
17. B
18. D
19. C
20. B
21. A
22. B
23. D
24. C
25. A
a. telling the customer that you know it all
b. letting the customer know that you don’t agree with “know-it-all” customers
c. not being competitive or argumentative with the customer
d. asking the customer to leave the store and come back later
2) A disadvantage associated with projected cash flow is that it:
a. shows when excess cash will be available
b. projects prices that are difficult to estimate
c. allows planned purchases
d. evaluates the relationship of short-term debt to repayment capacity
3) The practice of cultivating, processing, and distributing food in or around a village, town or city is known as:
a. sustainable agriculture
b. urban agriculture
c. organic agriculture
d. community gardening
4) The practice of using an integrated system of plant and animal production practices that have a site-specific application that will last over the long term is known as:
a. hydroponics
b. sustainable agriculture
c. organic farming
d. integrated pest management
5) One advantage of incorporating a farm business is that it will:
a. result in double taxation
b. result in fewer rules and regulations to follow
c. limit personal liability of the owners
d. reduce the amount of record keeping
6) Which of the following is the most accurate about agriculture in the U.S?
a. A vast majority of U.S. farms have a large amount of debt outstanding.
b. A majority of U.S. farms are operated for a profit.
c. Very few U.S. farmers have non-farm income.
d. Environmental regulation is having a larger impact on the management of U.S. farms.
7) Technology-advanced farm equipment:
a. reduced the labor market for agriculture
b. increased the labor market for agriculture
c. has not impacted the labor market
d. has resulted in economic inefficiency
8) Since farmers are continually exposed to loud noises, they should have periodic hearing tests
called:
a. visualgrams
b. physicals
c. audiograms
d. ophthalmologram
9) The projected cash flow for a business includes:
a. projected incomes, debt payments, and expenses
b. debt payments and expenses
c. expenses, inventories, and debt payments
d. cash income, cash expenses, and debt payments
10) The Food, Conservation, and Energy Act passed by the U.S. Congress in 2008 is also called:
a. the Farm Bill
b. the Farmers Full Employment Act
c. the Patient Protection and Affordable Care Act
d. the Green Energy Initiative
11) What is record keeping?
a. Keeping book at a basketball game.
b. Keeping track of your personal life.
c. Making a scrapbook.
d. The process of keeping a journal or record of what you
have done.
12) One effect of ethical behavior is..
a. Getting grounded
b. Having no friends
c. Gaining respect of others
d. Legal consequences
13) True or false: Citizenship includes rights, responsibilities, duties, and privileges.
a. True
b. False
14) True or false: Creating a first impression with someone takes about 30 minutes.
a. True
b. False
15) What is the Federal Insurance Contribution Act?
a. A Federal Law that says you don't have to pay taxes if you are self-employed.
b. An act where employees pay their tax as well as their employers.
c. A Federal Law where employers only pay for their tax.
d. A Federal Law that imposes an employment tax on both employers and employees to fund Social Security and Medicare; self-employed persons pay both the employer and employer and employee share.
16) What are the five traits of agribusiness?
a. Family focus, location and commodity based, risk management, digestible/wearable products, high perishability
b. GMOs, cash crop, land, low perishability, employees
c. All of the above
17) What is the approach to control uncertainties and risks by developing strategies?
a. gambling
b. risk management
c. risking everything
d. stock market
18) What's one challenge managers face?
a. being too successful
b. going to conferences
c. not enough competition
d. increased productivity
19) What is downsizing?
a. When the economy slows down and there isn't enough business.
b. When there is a drought and there are no crops to farm.
c. A planned reduction in size, which became popular when global competition grew and a larger emphasis was placed on quality and productivity. This helped some organizations, but led to a lack of worker confidence and no sense of job security.
d. When you are unable to expand your business because there aren't enough workers to work.
20) Niches are...
a. An ecosystem
b. A place in the community suitable for a person or thing.
c. Place to get a milkshake.
d. A role in the neighborhood watch system.
21) The repeated rise and fall of economic activity over time.
a. Business cycles
b. Business plan
c. Economy report
d. Recession
22) Business related to the production, processing, and distribution of agriculture.
a. 4-H
b. Agribusiness
c. Business procedures
d. FFA
23) What is a farm?
a. An operation much like the stock market, but on a smaller scale.
b. A place for Old MacDonald to live.
c. A place where they slaughter horses to make glue.
d. An operation during the calendar year produced or would have produced products worth $1k.
24) What is the amount of feet in one acre?
a. 5,000 sq. feet
b. 35,897 sq. feet
c. 43,560 sq. feet
d. 55,550 sq. feet
25) What is the 4th step of Maslow's Hierarchy?
a. Security
b. Ethics
c. Needs
d. Self-actualization
Answer Key
1. C
2. B
3. B
4. B
5. C
6. D
7. A
8. C
9. A
10. A
11. D
12. C
13. A
14. B
15. D
16. A
17. B
18. D
19. C
20. B
21. A
22. B
23. D
24. C
25. A