Chapter 1 Study Questions
1. Today, agriculture is a _ _ industry that includes production,
agriscience, and _.
2. Give a summary definition of agribusiness from the text.
3. _ means third-rank; occurring in a series of steps or operations.
must understand all aspects of the
Frequency: daily, yearly
Imminence: how soon
Why keep records?
income tax reporting requirements
assist in planning and management
What kinds of records
need to be kept?
1) Cash Flow Statement: monthly cash inflows and o
What are the factors of
What questions must a manager ask about
the factors of production?
What are the factors of production?
What is the best way to use the available factors?
What crops can be grown?
Cost & Return
Farm & Ranch Business Management
Farm & Ranch Business Management
As inputs are changed, outputs are changed also
Example: fertilizing wheat
Where is the maximum
Lbs. Of Fertilizer
Time Value of Money
How does time affect money?
Does money increase or decrease over time?
What is interest?
Money paid as the cost of borrowing
What is principal?
The money that is borrowed
What is Compounding?
Prof. Rahul Mailcontractor
KLSs Institute of Management Education
The term consumer finance refers to
the activities involved in granting
credit to consumers to enable them
Chapter 15 Study Questions
_ U.S. Presidents have had close farm ties.
Through what mechanisms has government played a role in agriculture?
The governments role in agriculture has always been _.
Most involvement by g
Chapter 13 Study Questions
1. Agricultural education programs were originally funded under the
2. Many years ago, farmers grew products for their_ _.
3. In 1910 labor accounted for _ percent of production expenses.
4. Today, labor accoun
Chapter 12 Study Questions
Within the US, economics is expressed through our _ _.
Our food and fiber system comprises what four major sectors?
The _ _ sector represents the market for finished goods.
The _ _
Chapter 11 Study Questions
1. Effective farm management provides _ and _ for successful
2. _ are individual who make sure things get done.
3. Name five effective management skills needed by farm managers.
4. Name three basic function
Chapter 9 Study Questions and Answers
_ is a big part of success.
Name six reasons we need to keep records.
_ refers to the actual recording of business transactions. g
The purpose of an accounting system for a business is to _
Chapter 8 Study Questions
1. George Washington was better able to serve his country because he was
2. You must _ and then work your plan.
3. The total earned before deductions is _ _.
4. The amount of money left after deductions is _ _
Chapter 7 Study Questions
1. In the agricultural industry, credit is needed to overcome a shortage of _
2. _ allows production agriculturalists to increase production, improve the
quality of what is produced and revise operations to make
Chapter 6 Study Questions
What are the three major types of business organizations?
_ is the simplest type of business and is the easiest to organize.
_ is the type closest to the American dream in which the ow
Chapter 5 Study Questions
1. It is still possible for a person to start with very little _ and build a
2. In business in economic terminology, most agribusinesses are _ _.
3. There is no single definition of _ _.
Chapter 3 Study Questions
There could no agribusinesses without _ _.
Currently the average American farm is _ _.
Economists predict that the trend toward _ farms will continue.
_ farms are expected to increase in number and v
Chapter 2 Study Questions
1. Consider the various definitions of economics and form an original definition.
2. _is the economic term for a situation in there are not enough available
resources to satisfy the needs of a population.
3. A type
Intro to Agribusiness
A Business Organization
Provide access to sufficient resources such as capital, land, labor
Encourage planning ahead for as many years as possible
Increase efficiency of land, labor, capital, m