AREC 305 ~ FINAL EXAM QUESTIONS WITH ANSWERS GRADED A

AREC 305 ~ FINAL EXAM QUESTIONS WITH ANSWERS GRADED A By forming strategic alliances, small and medium sized farmers and ranchers can : - Answer-achieve marketing advantages that larger operations enjoy the last step in the decision-making process us to implement the decision - Answer- false more time should be spent on irrevocable decisions than on those which can be easily reversed - Answer-true standardization of farm financial ratios and accounting practices will help farm managers : - Answer-compete with nonfarm businesses for capital which of the following shows the proper sequence of management functions as they would be applied to a specific problem? - Answer-planning, implementation, control "what managers do" is best described by which of the following? - Answer-make decisions because weather and prices are unpredictable, it is impossible to plan more than one year in advance - Answer-false which of the following is an example of a strategic decision? - Answer-determining what type of business/legal organization to use which phase of the strategic management process would be most influenced by a farm family's basic values and attitudes about agriculture? - Answer-setting goals since farm managers are making the same basic types of decisions in the 21st century as they did in the previous century, they can rely on rules of thumb to guide their actions - Answer-false one of the most important areas in which advances in electronics can help farm managers is in collecting the raw data needed to make better decisions - Answer-true "doubling the number of acres farmed in 10 years" is an example of a - Answer-long-run goal goals must be known before management decisions can be made - Answer-true no management decision should be made until all possible information has been acquired - Answer-false even choosing the best alternative action will sometimes produce undesirable results - Answer-true goals should have written, specific, measurable, and have a timetable - Answer-true which of the following is an example of a tactical decision? - Answer-balancing a livestock ration one force that has helped cause US farms to become larger and fewer is : - Answer- lower production costs per unit by spreading fixed investment in technology over more units strategic planning only needs to be done by someone just beginning their business - Answer-false the term describing how much time is available to make a decision is : - Answer- imminence the three major components of a balance sheet are assets, liabilities, and net worth - Answer-true which of the following is an example of a current asset? - Answer-none of the above -- dairy cows, farm buildings, and farm machinery the primary purpose of a balance sheet is to record and measure profitability - Answer- false another term which has the same meaning as owners equity is : - Answer-net worth inventories of grain and feeder livestock would be valued at fair market value on either a cost or market basis balance sheet - Answer-true if a business has working capital greater than $0, its current ration will be : - Answer- greater than one if the debt/asset ration is increasing, then the leverage ration will be : - Answer- increasing