FUTURE BUSINESS LEADERS OF AMERICA
(FBLA) AGRIBUSINESS EXAM QUESTIONS
WITH CORRECT DETAILED ANSWERS
free enterprise --ANSWER--economic system that allows individu- als to
organize and conduct business with a minimum of government control;
individuals privately own what they produce
investors --ANSWER--one who provides money to others, usually a business,
for later income or profit
niche --ANSWER--place or position in the community suitable for a person or
thing
rapport --ANSWER--a harmonious or sympathetic relationship
small business --ANSWER--a business that is independently operated, is not
dominant in its field, and meets certain size standards in terms of number of
employees and annual receipts
agribusiness input sector --ANSWER--all resources that go into production
agriculture to produce farm commodities.
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,agribusiness output sector --ANSWER--any phase of the agribusiness sector
after the commodity leaves the farm, such as sales or marketing.
agriservices sector --ANSWER--the portion of the agricultural
industry concerned with researching new and better ways to produce and market
food, to protect food producers
and consumers, and to provide special, custom services to all the other phases of
agriculture.
business cycle --ANSWER--the repeated rise and fall of economic activity over
time
business plan --ANSWER--a written description of a new business venture that
describes all aspects of the proposed agribusi- ness; it helps you focus on
exactly what you want to do, how you want to do it, and what you expect to
accomplish
business survey --ANSWER--a survey that a business conducts to determine the
market potential for a selected business
capital --ANSWER--goods used to produce other goods and services; the
investment that the owner has put into the business
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,capital intensive --ANSWER--having a high capital cost per unit of output;
requiring greater expenditure in the form of capital than of labor
capitalism --ANSWER--an economic system where individuals own resources
and have the right to use their time and resources however they choose
collateral --ANSWER--something of value deposited with a lender as a pledge
to secure repayment of a loan
diligence --ANSWER--steady application; constancy in an effort to accomplish
something
entrepreneur --ANSWER--person who accepts all the risks pertain- ing to
forming and operating a small business. This also entails performing all
business functions associated with a product or service and includes social
responsibility and legal requirements
financial institutions --ANSWER--any business that lends money
financial resources --ANSWER--any place that a consumer or business person
can acquire money
distillation --ANSWER--the process of separating the components
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, of a mixture by differences in boiling point; the evaporation and subsequent
condensation of a liquid, as when water is boiled in a retort and the steam is
condensed in a coil receiver.
E-85 --ANSWER--Fuel blend that is 85 percent ethanol and 15 percent gasoline
(formerly called gasohol).
ecologists --ANSWER--one who is concerned with the interrelationship of
organisms and their environment.
economists --ANSWER--a specialist in economics which is the
science that deals with the production, distribution, and consumption of goods
and services.
enterprises --ANSWER--projects on a farm, such as the production
of any crop or livestock.
envrionmentalists --ANSWER--any person who advocates or works
to protect the air, water, and other natural resources.
ethanol --ANSWER--the alcohol product of fermentation that is
used in alcoholic beverages and for industrial (fuel)
purposes.
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(FBLA) AGRIBUSINESS EXAM QUESTIONS
WITH CORRECT DETAILED ANSWERS
free enterprise --ANSWER--economic system that allows individu- als to
organize and conduct business with a minimum of government control;
individuals privately own what they produce
investors --ANSWER--one who provides money to others, usually a business,
for later income or profit
niche --ANSWER--place or position in the community suitable for a person or
thing
rapport --ANSWER--a harmonious or sympathetic relationship
small business --ANSWER--a business that is independently operated, is not
dominant in its field, and meets certain size standards in terms of number of
employees and annual receipts
agribusiness input sector --ANSWER--all resources that go into production
agriculture to produce farm commodities.
Page 1 of 85
,agribusiness output sector --ANSWER--any phase of the agribusiness sector
after the commodity leaves the farm, such as sales or marketing.
agriservices sector --ANSWER--the portion of the agricultural
industry concerned with researching new and better ways to produce and market
food, to protect food producers
and consumers, and to provide special, custom services to all the other phases of
agriculture.
business cycle --ANSWER--the repeated rise and fall of economic activity over
time
business plan --ANSWER--a written description of a new business venture that
describes all aspects of the proposed agribusi- ness; it helps you focus on
exactly what you want to do, how you want to do it, and what you expect to
accomplish
business survey --ANSWER--a survey that a business conducts to determine the
market potential for a selected business
capital --ANSWER--goods used to produce other goods and services; the
investment that the owner has put into the business
Page 2 of 85
,capital intensive --ANSWER--having a high capital cost per unit of output;
requiring greater expenditure in the form of capital than of labor
capitalism --ANSWER--an economic system where individuals own resources
and have the right to use their time and resources however they choose
collateral --ANSWER--something of value deposited with a lender as a pledge
to secure repayment of a loan
diligence --ANSWER--steady application; constancy in an effort to accomplish
something
entrepreneur --ANSWER--person who accepts all the risks pertain- ing to
forming and operating a small business. This also entails performing all
business functions associated with a product or service and includes social
responsibility and legal requirements
financial institutions --ANSWER--any business that lends money
financial resources --ANSWER--any place that a consumer or business person
can acquire money
distillation --ANSWER--the process of separating the components
Page 3 of 85
, of a mixture by differences in boiling point; the evaporation and subsequent
condensation of a liquid, as when water is boiled in a retort and the steam is
condensed in a coil receiver.
E-85 --ANSWER--Fuel blend that is 85 percent ethanol and 15 percent gasoline
(formerly called gasohol).
ecologists --ANSWER--one who is concerned with the interrelationship of
organisms and their environment.
economists --ANSWER--a specialist in economics which is the
science that deals with the production, distribution, and consumption of goods
and services.
enterprises --ANSWER--projects on a farm, such as the production
of any crop or livestock.
envrionmentalists --ANSWER--any person who advocates or works
to protect the air, water, and other natural resources.
ethanol --ANSWER--the alcohol product of fermentation that is
used in alcoholic beverages and for industrial (fuel)
purposes.
Page 4 of 85
