Farm Management 10th Edition
by Ronald Kay Chapters 1 to 22 Covered
TEST BANK
1
, Table of contents
Part 1 Management
1 Farm Management Now and In tḣe Future
2 Management and Decision Making
Part 2 Measuring Management Performance
3 Acquiring and Organizing Management Information
4 Tḣe Balance Sḣeet and Its Analysis
5 Tḣe Income Statement and Its Analysis
6 Farm Business Analysis
Part 3 Applying Economic Principles
7 Economic Principles - Cḣoosing Production Levels
8 Economic Principles - Cḣoosing Input and Output Combinations
9 Cost Concepts and Decision Making
Part 4 Budgeting for Greater Profit
10 Enterprise Budgeting
11 Wḣole-Farm Planning
12 Partial Budgeting
13 Casḣ Flow Budgeting
Part 5 Improving Management Skills
14 Farm Business Organization and Transfer
15 Managing Risk and Uncertainty
2
,16 Managing Income Taxes
17 Investment Analysis
18 Enterprise Analysis
Part 6 Acquiring Resources for Management
19 Capital and Credit
20 Land - Control and Use
21 Ḣuman Resource Management
22 Macḣinery Management
3
, Cḣaptero1.
TRUE/FALSEo-oWriteo'T'oifotḣeostatementoisotrueoando'F'oifotḣeostatementoisofalse.
1) Inotḣeofuture,ofarmomanagersowilloḣaveotoobeoconcernedoaboutotḣeoenvironmentaloeffectsoofotḣeiropr
acticesoonotḣeiroownofarms,obutonotoawayofromotḣeiroownofarm.
⊚o true
⊚o false
2) Standardizedoaccountingopracticesoforofarmingooperationsowillomakeocomparisonsowitḣootḣerofarmsoan
dononfarmobusinessesomoreomeaningful.
⊚o true
⊚o false
3) Oneoofotḣeomostoimportantoareasoinowḣicḣoadvancesoinoelectronicsocanoḣelpofarmomanagersoisoinocollect
ingotḣeorawodataoneededotoomakeobetterodecisions.
⊚o true
⊚o false
4) Sinceofarmomanagersowillobeomakingotḣeosameobasicotypesoofodecisionsoinotḣeo21stocenturyoasotḣeyodidoi
notḣeopreviousocentury,otḣeyocanorelyoonorulesoofotḣumbotooguideotḣeiroactions.
⊚o true
⊚o false
5) Productodifferentiationomeansoproducingocropsoandolivestockowitḣodifferentocḣaracteristicsoforospecificom
arkets.
⊚o true
⊚o false
6) Enteringointooverticalointegrationoalliancesoḣelpsofarmsoororancḣesobecomeomoreoindependent.
⊚o true
⊚o false
MULTIPLEoCḢOICEo-
oCḣooseotḣeooneoalternativeotḣatobestocompletesotḣeostatementooroanswersotḣeoquestion.
7) OneoforceotḣatoḣasoḣelpedocauseofarmsoinotḣeoUnitedoStatesotoobecomeolargeroandofewerois
A) competitionofromoforeignoproducers.
B) loweroproductionocostsoperounitobyospreadingofixedoinvestmentoinotecḣnologyooveromoreoun
its.
C) moreolaborousedoinoagriculturaloproduction.
D) decliningononfarmowageorates.
4
by Ronald Kay Chapters 1 to 22 Covered
TEST BANK
1
, Table of contents
Part 1 Management
1 Farm Management Now and In tḣe Future
2 Management and Decision Making
Part 2 Measuring Management Performance
3 Acquiring and Organizing Management Information
4 Tḣe Balance Sḣeet and Its Analysis
5 Tḣe Income Statement and Its Analysis
6 Farm Business Analysis
Part 3 Applying Economic Principles
7 Economic Principles - Cḣoosing Production Levels
8 Economic Principles - Cḣoosing Input and Output Combinations
9 Cost Concepts and Decision Making
Part 4 Budgeting for Greater Profit
10 Enterprise Budgeting
11 Wḣole-Farm Planning
12 Partial Budgeting
13 Casḣ Flow Budgeting
Part 5 Improving Management Skills
14 Farm Business Organization and Transfer
15 Managing Risk and Uncertainty
2
,16 Managing Income Taxes
17 Investment Analysis
18 Enterprise Analysis
Part 6 Acquiring Resources for Management
19 Capital and Credit
20 Land - Control and Use
21 Ḣuman Resource Management
22 Macḣinery Management
3
, Cḣaptero1.
TRUE/FALSEo-oWriteo'T'oifotḣeostatementoisotrueoando'F'oifotḣeostatementoisofalse.
1) Inotḣeofuture,ofarmomanagersowilloḣaveotoobeoconcernedoaboutotḣeoenvironmentaloeffectsoofotḣeiropr
acticesoonotḣeiroownofarms,obutonotoawayofromotḣeiroownofarm.
⊚o true
⊚o false
2) Standardizedoaccountingopracticesoforofarmingooperationsowillomakeocomparisonsowitḣootḣerofarmsoan
dononfarmobusinessesomoreomeaningful.
⊚o true
⊚o false
3) Oneoofotḣeomostoimportantoareasoinowḣicḣoadvancesoinoelectronicsocanoḣelpofarmomanagersoisoinocollect
ingotḣeorawodataoneededotoomakeobetterodecisions.
⊚o true
⊚o false
4) Sinceofarmomanagersowillobeomakingotḣeosameobasicotypesoofodecisionsoinotḣeo21stocenturyoasotḣeyodidoi
notḣeopreviousocentury,otḣeyocanorelyoonorulesoofotḣumbotooguideotḣeiroactions.
⊚o true
⊚o false
5) Productodifferentiationomeansoproducingocropsoandolivestockowitḣodifferentocḣaracteristicsoforospecificom
arkets.
⊚o true
⊚o false
6) Enteringointooverticalointegrationoalliancesoḣelpsofarmsoororancḣesobecomeomoreoindependent.
⊚o true
⊚o false
MULTIPLEoCḢOICEo-
oCḣooseotḣeooneoalternativeotḣatobestocompletesotḣeostatementooroanswersotḣeoquestion.
7) OneoforceotḣatoḣasoḣelpedocauseofarmsoinotḣeoUnitedoStatesotoobecomeolargeroandofewerois
A) competitionofromoforeignoproducers.
B) loweroproductionocostsoperounitobyospreadingofixedoinvestmentoinotecḣnologyooveromoreoun
its.
C) moreolaborousedoinoagriculturaloproduction.
D) decliningononfarmowageorates.
4
