Agribusiness part four
MATCHING.
Hint: Each answer will be used once. a. Balance Sheet b. Income Statement c. Statement of Owner Equity d. Statement of Cash Flows e. Current Ratio f. Debt/Asset Ratio g. Return on Assets 1) Measures the relationship between farm liabilities and farm assets and is a measure of solvency. 2. Assets that will not be used or converted to cash within a year. 3. Liabilities such as land mortgages or equipment loans. 4. Shows the profit or loss of a business over a period of time. 5) Shows a business’ inflows and outflows of cash over a period of time. 6) Measures how efficiently farm operating expenses are used to create revenue and is a measure of financial efficiency. 7) Would be considered an accrual adjustment on the accrual income statement. |
h. Operating
Expense Ratio i. Current Asset j. Fixed Asset k. Current Liability l. Long-Term Liability m. Depreciation n. Solvency o. Liquidity 8) Measures the amount of borrowed capital relative to capital invested by owners. Shows the ability of the owners to pay all liabilities if all assets were sold. 9) Shows the assets, liabilities, and owner’s equity of a business at a point in time. 10) Measures the relationship between current assets and current liabilities and is a measure of liquidity. 11) Liabilities that will be repaid within a year. 12) Measures the rate of return on farm assets and is a measure of profitability. 13) Shows the beginning and ending net worth of a business over a period of time, including the source of changes in owner’s equity. 14) Assets such as banking accounts, feed, or market livestock. 15) Measures the business’ ability to meet all the ongoing financial obligations of the operation. |
16) If Michelle and Melanie wanted to use a legal agreement to become co-owners of a business this would make them involved in a:
a. Sole proprietorship
b. Partnership
c. Corporation
d. Franchise
17) ___________ costs include costs that are incurred regardless of production.
a. Overhead
b. Production
c. Variable
d. Fee
18) Which act is enforced by the Equal Employment Opportunity Commission that prohibits discrimination in hiring, firing, promotion, compensation, or terms, conditions, and privileges of employment on the basis of race, color, sex, religion or national origin?
a. Equal Pay Act
b. Immigration Reform and Control Act
c. Federal Unemployment Act
d. Title VII of the Civil Rights Act
19) Many businesses make regular payments for their taxes throughout the year called?
a. estimated taxes.
b. self-employment taxes.
c. income taxes.
d. excise taxes.
20) The ________________budget summarizes the anticipated sales, production activities, and related costs for the year (or other relevant period).
a. operating
b. cash-flow
c. capital expenditures
d. relationship
21) What general communication skills are most employers looking for in their employees?
a. Public speaking skills
b. Ability to make presentations using PowerPoint
c. Effective speaking, listening, reading and writing skills
d. Basic math and writing skills
22) If a job pays $8.00 per hour for 40 hours per week, your gross pay for that week would be
a. $320.
b. $320 minus FICA and taxes.
c. $320 minus social security.
d. $320 minus insurance benefits.
23) How much water would you add to 2 ½ gallons of bleach to make a 10% bleach solution?
a. 2 ½ gallons
b. 5 gallons
c. 10 gallons
d. 25 gallons
24) What determines the relationship between quantities and prices in which quantities can be required at different prices?
a. Market
b. Supply
c. Demand
d. Quantity supplied
25) The trade agreement that was created in 1947 to secure a substantially free and competitive market and considered the most effective method of conducting international trade was:
a. NAFTA.
b. GATT.
c.. WTO.
d. IMF
Answer Key
1. F
2. J
3. L
4. B
5. D
6. H
7. M
8. N
9. A
10. E
11. K
12. G
13. C
14. I
15. O
16. B
17. D
18. D
19. B
20. A
21. C
22. A
23. D
24. C
25. B
a. Sole proprietorship
b. Partnership
c. Corporation
d. Franchise
17) ___________ costs include costs that are incurred regardless of production.
a. Overhead
b. Production
c. Variable
d. Fee
18) Which act is enforced by the Equal Employment Opportunity Commission that prohibits discrimination in hiring, firing, promotion, compensation, or terms, conditions, and privileges of employment on the basis of race, color, sex, religion or national origin?
a. Equal Pay Act
b. Immigration Reform and Control Act
c. Federal Unemployment Act
d. Title VII of the Civil Rights Act
19) Many businesses make regular payments for their taxes throughout the year called?
a. estimated taxes.
b. self-employment taxes.
c. income taxes.
d. excise taxes.
20) The ________________budget summarizes the anticipated sales, production activities, and related costs for the year (or other relevant period).
a. operating
b. cash-flow
c. capital expenditures
d. relationship
21) What general communication skills are most employers looking for in their employees?
a. Public speaking skills
b. Ability to make presentations using PowerPoint
c. Effective speaking, listening, reading and writing skills
d. Basic math and writing skills
22) If a job pays $8.00 per hour for 40 hours per week, your gross pay for that week would be
a. $320.
b. $320 minus FICA and taxes.
c. $320 minus social security.
d. $320 minus insurance benefits.
23) How much water would you add to 2 ½ gallons of bleach to make a 10% bleach solution?
a. 2 ½ gallons
b. 5 gallons
c. 10 gallons
d. 25 gallons
24) What determines the relationship between quantities and prices in which quantities can be required at different prices?
a. Market
b. Supply
c. Demand
d. Quantity supplied
25) The trade agreement that was created in 1947 to secure a substantially free and competitive market and considered the most effective method of conducting international trade was:
a. NAFTA.
b. GATT.
c.. WTO.
d. IMF
Answer Key
1. F
2. J
3. L
4. B
5. D
6. H
7. M
8. N
9. A
10. E
11. K
12. G
13. C
14. I
15. O
16. B
17. D
18. D
19. B
20. A
21. C
22. A
23. D
24. C
25. B