A farmer or rancher has certain duties toward people that are on their land. The people that are on the farmers or rancher's land can be divided into three groups. Which one of the following is not one of the three groups?

A farmer or rancher has certain duties toward people that are on their land. The people that are on the farmers or rancher's land can be divided into...

___ is the buying and selling of commodity futures to protect a grower or producer from extreme price fluctuations in the marketplace at the time the product is sold.

___ is the buying and selling of commodity futures to protect a grower or producer from extreme price fluctuations in the marketplace at the time the...

A person appointed in a will or by the court system to carry out requests and dispose of all property in accordance with the deceased is a:

A person appointed in a will or by the court system to carry out requests and dispose of all property in accordance with the deceased is a: Answe...

When demand and supply are equal, price is said to be at

When demand and supply are equal, price is said to be at Answer: equilibrium...

Failure to comply with the terms of a contract is known as:

Failure to comply with the terms of a contract is known as: Answer: Breach of contrac...

Cooperatives are best characterized by the fact that

Cooperatives are best characterized by the fact that Answer: each member has some voice in the cooperative business affai...

Dana's cow gets out and is found by Chris. Chris has several options, which one is NOT true?

Dana's cow gets out and is found by Chris. Chris has several options, which one is NOT true? Answer: The stray cow becomes the property of Chris...

Most states have laws that govern boundary fences. In some states the fencing regulations are left largely to local government. Although, laws vary and are subject to change, which one usually prevails?

Most states have laws that govern boundary fences. In some states the fencing regulations are left largely to local government. Although, laws vary...

Dane has a herd of Angus cows. One rainy night a driver runs into the fence and then drives away leaving the fence broken. One of the Angus cows wanders out on the road. Another car driven by Christy hits the cow. The cow dies and Christy=s car is damaged. Who is responsible?

Dane has a herd of Angus cows. One rainy night a driver runs into the fence and then drives away leaving the fence broken. One of the Angus cows wanders...

A riparian is someone who:

A riparian is someone who: Answer: owns land bordering a strea...

A contains the financial history of your business transaction for a given time period.

A contains the financial history of your business transaction for a given time period. Answer: Cash flow summar...

The formula for measuring price elasticity is:

The formula for measuring price elasticity is: Answer: Percentage change in quantity/ Percentage change in pric...

Gail and her fellow producers often base their price expectations on past price levels. If prices are higher in one year, then they probably will increase production the next. Then the supply will increase and prices will fall. If there is an increase in demand the prices will:

Gail and her fellow producers often base their price expectations on past price levels. If prices are higher in one year, then they probably will increase...

A cash lease is good for livestock grazing because it is simple, and reduces the chance of controversy. Frank uses a cash lease when he leases grazing land. He and the landowner set a fixed price per acre when they make their deal. This is the most common type of cash lease. The landlord may prefer the cash lease because:

A cash lease is good for livestock grazing because it is simple, and reduces the chance of controversy. Frank uses a cash lease when he leases grazing...

By using distant banks buyers have the use of your money interest free while checks are in transit. What is this called?

By using distant banks buyers have the use of your money interest free while checks are in transit. What is this called? Answer: Floa...

Of the following which is not an example of a tangible function?

Of the following which is not an example of a tangible function? Answer: Financin...

Liquidity is best defined as:

Liquidity is best defined as: Answer: the ability to meet cash obligations as they come du...

A(n) is a marketplace where there are many businesses producing the same product. A single buyer or seller can=t influence the price structure. No producer is so large as to control or perceptively affect market supply or demand.

A(n) is a marketplace where there are many businesses producing the same product. A single buyer or seller can=t influence the price structure. No producer...

Ray owns a greenhouse in North Georgia. Two hundred yards away from Ray's greenhouse is a chicken house owned and operated by Marc. On a cold stormy night, part of the roof of the chicken house blew off into the side of the greenhouse and broke a good portion of the glass. This damage allowed the cold temperature to kill all of the Easter Lilies Ray was growing for the Easter holiday. In this case is Marc responsible for the anything?

Ray owns a greenhouse in North Georgia. Two hundred yards away from Ray's greenhouse is a chicken house owned and operated by Marc. On a cold stormy...

In a production function, levels of production are divided into:

In a production function, levels of production are divided into: Answer: three stages called I, II, and II...

You have been showing hogs for several years. An example of a variable cost in your established show hog project is

You have been showing hogs for several years. An example of a variable cost in your established show hog project is Answer: feed...

A poultry producer is producing 100,000 broilers a year, but after determining he was in stage I of production he decided he needed to. This would allow him to maximize his profit.

A poultry producer is producing 100,000 broilers a year, but after determining he was in stage I of production he decided he needed to. This would allow...

Out of the following, which one usually has a low capital turnover ratio and low profitability?

Out of the following, which one usually has a low capital turnover ratio and low profitability? Answer: Beef cow-calf operatio...

The ability to pay debts as they come due is called:

The ability to pay debts as they come due is called: Answer: solven...

Assets are items that have a market value. They are separated into three categories which are , ,and .

Assets are items that have a market value. They are separated into three categories which are , ,and . Answer: Current, Intermediate, and Lo...

____ is used to record income and expenses that cannot be attributed directly to an enterprise at the time incurred.

____ is used to record income and expenses that cannot be attributed directly to an enterprise at the time incurred. Answer: Overhead enterp...

Goals are important in farm management because:

Goals are important in farm management because: Answer: they give direction in decision makin...

In the 1996 Farm Bill the Government set the price of peanuts at a minimum of $610 a ton. This price setting can best be termed as a:

In the 1996 Farm Bill the Government set the price of peanuts at a minimum of $610 a ton. This price setting can best be termed as a: Answer: price...

The price of corn was high this year. What factor probably caused the price to be higher than normal?

The price of corn was high this year. What factor probably caused the price to be higher than normal? Answer: There was a shortage of corn. ...

Of the following, which one is NOT an example of business expenses?

Of the following, which one is NOT an example of business expenses? Answer: items purchased for resa...

Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets/Total Liabilities

Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets/Total Liabilities Answer: 2....

A person appointed in a will or by the court system to carry out requests and dispose of all property in accordance with the deceased is a:

A person appointed in a will or by the court system to carry out requests and dispose of all property in accordance with the deceased is a: Answe...

When demand and supply are equal, price is said to be at:

When demand and supply are equal, price is said to be at: Answer: equilibrium...

Failure to comply with the terms of a contract is known as:

Failure to comply with the terms of a contract is known as: Answer: Breach of contrac...

Cooperatives are best characterized by the fact that:

Cooperatives are best characterized by the fact that: Answer: each member has some voice in the cooperative business affair...

Dana's cow gets out and is found by Chris. Chris has several options, which one is NOT true?

Dana's cow gets out and is found by Chris. Chris has several options, which one is NOT true? Answer: The stray cow becomes the property of Chris...

Most states have laws that govern boundary fences. In some states the fencing regulations are left largely to local government. Although, laws vary and are subject to change, which one usually prevails?

Most states have laws that govern boundary fences. In some states the fencing regulations are left largely to local government. Although, laws vary...

Dane has a herd of Angus cows. One rainy night a driver runs into the fence and then drives away leaving the fence broken. One of the Angus cows wanders out on the road. Another car driven by Christy hits the cow. The cow dies and Christy's car is damaged. Who is responsible?

Dane has a herd of Angus cows. One rainy night a driver runs into the fence and then drives away leaving the fence broken. One of the Angus cows wanders...

A riparian is someone who:

A riparian is someone who: Answer: owns land bordering a strea...

_________ are the cash value of assets based on actual cost or market value less sale expenses.

_________ are the cash value of assets based on actual cost or market value less sale expenses. Answer: Current valu...

Money that is owed to you at the end of the year is termed:

Money that is owed to you at the end of the year is termed: Answer: accounts receivabl...

What is the single best record keeping system for everyone?

What is the single best record keeping system for everyone? Answer: There is no single best record keeping system for everyon...

________ is a type of accounting system.

________ is a type of accounting system. Answer: Single-ent...

When the price of a product is increased with no change in factors other than price, less product will be purchased. This is the:

When the price of a product is increased with no change in factors other than price, less product will be purchased. This is the: Answer: Law...

Cash flow summaries, net worth statement, income statement, and detailed enterprise analysis are all forms of:

Cash flow summaries, net worth statement, income statement, and detailed enterprise analysis are all forms of: Answer: recor...

A document that shows the exact size, location, ownership, and method of ownership of property is a

A document that shows the exact size, location, ownership, and method of ownership of property is a Answer: dee...

A pork producer who does not produce this year will lose some money including _____.

A pork producer who does not produce this year will lose some money including _____. Answer: depreciati...

If a tractor purchased in 1987 for $12,000 is valued at $14,000 today, then it has

If a tractor purchased in 1987 for $12,000 is valued at $14,000 today, then it has Answer: appreciate...

If all other factors remain the same and the supply of a product goes up, then the price of that product will probably

If all other factors remain the same and the supply of a product goes up, then the price of that product will probably Answer: fal...

Mr. Brown is the owner of the local hardware store. He does not farm but likes to buy and sell in the futures market. He is a

Mr. Brown is the owner of the local hardware store. He does not farm but likes to buy and sell in the futures market. He is a Answer: specul...

With which method of record keeping is it easiest to determine the net farm income and analyze the strong and weak points of an agricultural business from year to year?

With which method of record keeping is it easiest to determine the net farm income and analyze the strong and weak points of an agricultural business...

Ann knows that she will need $100,000 for living expenses when she retires in 20 years. She used __________ to determine how much she needs to invest today at 10% interest to accumulate the needed funds.

Ann knows that she will need $100,000 for living expenses when she retires in 20 years. She used __________ to determine how much she needs to invest...

An advantage of a farm corporation is that:

An advantage of a farm corporation is that: Answer: it limits liability of the owners. ...

Suppose John Brown has 100 acres of cropland. He wants to plant it in corn and soybeans. To decide what ratio of corn and beans will give him the most returns he should use a:

Suppose John Brown has 100 acres of cropland. He wants to plant it in corn and soybeans. To decide what ratio of corn and beans will give him the most...

If the price of a product increases and the demand does not change, the demand for the product is said to be:

If the price of a product increases and the demand does not change, the demand for the product is said to be: Answer: inelast...

If demand for a product goes down and all other factors remain the same, then the price of that product will probably:

If demand for a product goes down and all other factors remain the same, then the price of that product will probably: Answer: decrea...

An agreement to buy and receive or to sell and deliver a commodity at an upcoming date with certain specified characteristics is a:

An agreement to buy and receive or to sell and deliver a commodity at an upcoming date with certain specified characteristics is a: Answer: futures...

The ability of a business to pay off liabilities without disrupting business is termed:

The ability of a business to pay off liabilities without disrupting business is termed: Answer: liquidi...

A business that is owned and controlled by one person is a:

A business that is owned and controlled by one person is a: Answer: sole proprietorsh...

Suppose farmer Johnson buys a new cotton picker for $160,000. It has a useful life of six years and a salvage value of $40,000. What is the annual depreciation using the straight line method? "

Suppose farmer Johnson buys a new cotton picker for $160,000. It has a useful life of six years and a salvage value of $40,000. What is the annual depreciation...

Suppose that the government passed a law setting the maximum interest rate that could be charged to agricultural producers by commercial banks at 5%. A likely result would be that

Suppose that the government passed a law setting the maximum interest rate that could be charged to agricultural producers by commercial banks at 5%....

A producer most often uses a cash flow statement to

A producer most often uses a cash flow statement to Answer: estimate the amount of credit needed and when it will be neede...

A plan that projects expected returns and costs is called a

A plan that projects expected returns and costs is called a Answer: budge...

The total quantity of goods and services produced is called

The total quantity of goods and services produced is called Answer: suppl...

Speculators in the futures market

Speculators in the futures market Answer: accept the price risk the hedgers are seeking to avoi...

Hedgers and speculators in the futures market are different in that

Hedgers and speculators in the futures market are different in that Answer: speculators do not produce a product to sel...

How much will the total soil cost be for Ann's 8,000 hanging baskets?

How much will the total soil cost be for Ann's 8,000 hanging baskets? Answer: $4,0...

When Jill sold her crossbred steer she received $1,250. She figured her total expenses to be $975. The percentage net return realized was:

When Jill sold her crossbred steer she received $1,250. She figured her total expenses to be $975. The percentage net return realized was: Answer...

The price of a commodity is basically determined by the:

The price of a commodity is basically determined by the: Answer: supply and demand for the produ...

The process of searching for the equilibrium or market clearing price is called price discovery

The process of searching for the equilibrium or market clearing price is called price discovery Answer: TR...

A spouse who works for the other spouse has to pay social security taxes

A spouse who works for the other spouse has to pay social security taxes Answer: FAL...

Fixed costs occur no matter what or how much product is produced.

Fixed costs occur no matter what or how much product is produced. Answer: TR...

Stage 3 of production begins when the marginal product (M.P.) becomes zero.

Stage 3 of production begins when the marginal product (M.P.) becomes zero. Answer: TR...

Planning the acquisition, enjoyment and distribution of property for the benefit of their family is a(n):

Planning the acquisition, enjoyment and distribution of property for the benefit of their family is a(n): Answer: estate pl...

The coordination of activities that are involved with the moving of a commodity from the producer to the ultimate consumer is:

The coordination of activities that are involved with the moving of a commodity from the producer to the ultimate consumer is: Answer: marke...

What type of insurance protects the farmer from lawsuits if he/she causes personal injury or property damage to another person?

What type of insurance protects the farmer from lawsuits if he/she causes personal injury or property damage to another person? Answer: liability...

The purpose of insurance is to:

The purpose of insurance is to: Answer: reduce risk and uncertain...

A decline in the value of an asset over its useful life associated with use, age and obsolescence is:

A decline in the value of an asset over its useful life associated with use, age and obsolescence is: Answer: depreciati...

A budget for corn would be a(n):

A budget for corn would be a(n): Answer: enterprise budg...

Ann made $41,303 profit on her nursery operation last year. Her capital investment was $216,108. What was her rate of return to capital invested?

Ann made $41,303 profit on her nursery operation last year. Her capital investment was $216,108. What was her rate of return to capital invested? ...

Efforts to reduce tariffs, taxes, domestic subsidies and other barriers to free trade are not important and do not affect the American farmer.

Efforts to reduce tariffs, taxes, domestic subsidies and other barriers to free trade are not important and do not affect the American farmer. An...

The accounting system that keeps balance in financial transactions is:

The accounting system that keeps balance in financial transactions is: Answer: double entry accounti...

Goals that can be achieved in less than one year and usually provide immediate satisfaction are:

Goals that can be achieved in less than one year and usually provide immediate satisfaction are: Answer: short-term goa...

If you negligently keep an object or condition on your land that is attractive and dangerous to children, you will be liable if a child is injured by that object or condition. This is called:

If you negligently keep an object or condition on your land that is attractive and dangerous to children, you will be liable if a child is injured by...

Jason borrowed $1,000 from the bank at 8% interest. He is to make a lump

Jason borrowed $1,000 from the bank at 8% interest. He is to make a lump Answer: sum payment at the end of the year. If simple interest is used,...

If a farmer's equity is $560,000 and his liabilities are $270,000, his debt

If a farmer's equity is $560,000 and his liabilities are $270,000, his debt Answer: equity ratio is: - 0....

A legal statement of a person's wishes concerning the disposal of property after death is a(n):

A legal statement of a person's wishes concerning the disposal of property after death is a(n): Answer: wi...

You are only liable for personal injuries if you intentionally inflict them on a trespasser.

You are only liable for personal injuries if you intentionally inflict them on a trespasser. Answer: TR...

A legally enforceable arrangement or agreement between two or more parties is a(n):

A legally enforceable arrangement or agreement between two or more parties is a(n): Answer: de...

If an employee is paid wages of $2,500 during the year, the employer is required to pay social security tax for that employee.

If an employee is paid wages of $2,500 during the year, the employer is required to pay social security tax for that employee. Answer: TR...

When earnings are distributed to owners and then those earnings are taxed as personal income for each owner, this is a

When earnings are distributed to owners and then those earnings are taxed as personal income for each owner, this is a Answer: partnersh...

Sums of money paid or received in periodic payments for a specific period of time are annuities.

Sums of money paid or received in periodic payments for a specific period of time are annuities. Answer: TRU...

Compounding calculates the present value of a future sum of money.

Compounding calculates the present value of a future sum of money. Answer: FALS...

A contract calling for delivery of a carefully described commodity at some later time period is a(n):

A contract calling for delivery of a carefully described commodity at some later time period is a(n): Answer: futures contrac...

When a price ceiling is imposed at a level below the equilibrium price, this creates a shortage.

When a price ceiling is imposed at a level below the equilibrium price, this creates a shortage. Answer: TR...

If the variable operating costs of Lisa's watermelon production is $334.57 and the yield is 7 tons, what is Lisa's break

If the variable operating costs of Lisa's watermelon production is $334.57 and the yield is 7 tons, what is Lisa's break Answer: even price per...

A business is solvent if:

A business is solvent if: Answer: total assets exceed total liabilitie...

One of the best measures of liquidity is:

One of the best measures of liquidity is: Answer: current rati...

An estimate of monthly cash inflows and outflows is a:

An estimate of monthly cash inflows and outflows is a: Answer: cash flow projectio...

The percent change in quantity divided by the percent change in price is defined as:

The percent change in quantity divided by the percent change in price is defined as: Answer: elastici...

The demand curve shows the relationship between:

The demand curve shows the relationship between: Answer: price and the quantity demand...