Final 2006 Key

Final 2006 Key - AAE 320 Spring 2006 Final Exam Name: _KEY_...

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1 AAE 320 Spring 2006 Final Exam Name: ___KEY ___________________ 1) (10 pts. Total, 2 pts. each) True or False? Mark your answer. a) T_ X _ F___ No generally recognized format and method for constructing enterprise budgets exists for agricultural enterprises. b) T_ X _ F___ Risk neutrality is a decision making criterion that ignores the risk and chooses the prospect with the highest average outcome. c) T___ F_ X _ Eliminating decision making flexibility is one general category of risk reduction we discussed in class. d) T___ F_ X _ As a rule of thumb, the mean plus and minus one standard deviation give the lower and upper limits of the 50% confidence interval. e) T___ F_ X _ The interpode of a distribution is the most likely outcome. 2) (10 pts. total) Please answer the following questions for full credit. a) (4 pts.) What is one topic or issue that was not covered in AAE 320 that you wish had been covered, or what is one topic you wish had been covered in more detail than it actually was? b) (4 pts.) What is one topic or issue that was covered in AAE 320 that you wish had not been covered, or what is one topic you wish had been covered in less detail than it actually was? c) (2 pts.) Comment on the level at which the course was taught—was it too hard, too easy, or about right? Were you overwhelmed, or did you want more? 3) (12 pts.) We discussed five categories of risks that farms (and businesses in general) face. List four of these risk categories below and give two examples of specific risks for each category you list. Read class notes from 2006 to answer these questions. 4) (8 pts.) Give two examples of specific risk management tools commonly used to manage risks for each category you listed above.
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This note was uploaded on 08/08/2008 for the course AAE 320 taught by Professor Mitchell during the Spring '08 term at Wisconsin.

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Final 2006 Key - AAE 320 Spring 2006 Final Exam Name: _KEY_...

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