AGEC 340 Final Exam Questions and
Answers Graded A+
What does supply chain mgmt focuses on? - Correct answer-focuses on quality,
lower costs, changes in the supply chain and general pressures to be more efficient
while providing the tools managers need to meet these operation and logistical
challenges.
What does operations magmt focuses on? - Correct answer-focuses on the direction
and the control of the processes used to produce the goods and services that we buy
and use each day through strategic use and movement of resources.
What does logistics mgmt involve? - Correct answer-involves the set of activities
around storing and transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management focuses on new
ways to lower these costs.
What is human resource management? and what is it about? - Correct answer--
managment is about PEOPLE
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,-Human resources management encompasses managing two areas: the mechanics
of the personnel administration, and the finer points of motivating people to offer
and contribute their maximum potential.
• Issues: how to organize the firm, where to find people, how to hire them, how to
compensate them, and how to evaluate them
What makes agriculture unique? - Correct answer-Food is vital to the health and
survival of every individual.
Biological nature of agriculture product brings rise to unique challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food and
agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small towns and
rural areasThe government has a fundamental role in food and agribusiness.
Managment is both an _____ and a ____ of succesfully pursuing desire results with
the resources available to the organization - Correct answer-Art and Science
what does Managment requires? - Correct answer-• Technical knowledge about the
organization's product
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,and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors surrounding the
production of food and fiber
What are the four key tasks of Agribusiness managers? - Correct answer-Planning
organizing
directing
controlling
Definition of Planning - Correct answer-Planning can be defined as forward-
thinking about courses of action based on a full understanding of all factors
involved and directed at specific goals and performance objectives.
Definition of organizing? - Correct answer-Organizing represents the systematic
classification and grouping of human and other resources in a manner consistent
with the firm's goals.
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, Definition of directing - Correct answer-Directing is guiding the efforts of others
toward achieving a common goal.
Definition of Controlling - Correct answer-Controlling represents the monitoring
and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of the
business and allows for earlier interventions if standards are not being met and
warrant investigation.
The study of economics involves - Correct answer-Macroeconomics &
Microeconomics
Macroeconommics focuses on - Correct answer-focuses on the "big pictures" view
of our economic system.• Topics: national income, GDP, inflation, unemployment,
and interest rates (affects everybody)
Microeconomics is.. - Correct answer-is the application of basic economic
principles to decisions within the firm.
• Combining physical, human, and financial resources in production and marketing
of foods and services to meet customers' needs and generate a profit (affects more
of a business)
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
Answers Graded A+
What does supply chain mgmt focuses on? - Correct answer-focuses on quality,
lower costs, changes in the supply chain and general pressures to be more efficient
while providing the tools managers need to meet these operation and logistical
challenges.
What does operations magmt focuses on? - Correct answer-focuses on the direction
and the control of the processes used to produce the goods and services that we buy
and use each day through strategic use and movement of resources.
What does logistics mgmt involve? - Correct answer-involves the set of activities
around storing and transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management focuses on new
ways to lower these costs.
What is human resource management? and what is it about? - Correct answer--
managment is about PEOPLE
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,-Human resources management encompasses managing two areas: the mechanics
of the personnel administration, and the finer points of motivating people to offer
and contribute their maximum potential.
• Issues: how to organize the firm, where to find people, how to hire them, how to
compensate them, and how to evaluate them
What makes agriculture unique? - Correct answer-Food is vital to the health and
survival of every individual.
Biological nature of agriculture product brings rise to unique challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food and
agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small towns and
rural areasThe government has a fundamental role in food and agribusiness.
Managment is both an _____ and a ____ of succesfully pursuing desire results with
the resources available to the organization - Correct answer-Art and Science
what does Managment requires? - Correct answer-• Technical knowledge about the
organization's product
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors surrounding the
production of food and fiber
What are the four key tasks of Agribusiness managers? - Correct answer-Planning
organizing
directing
controlling
Definition of Planning - Correct answer-Planning can be defined as forward-
thinking about courses of action based on a full understanding of all factors
involved and directed at specific goals and performance objectives.
Definition of organizing? - Correct answer-Organizing represents the systematic
classification and grouping of human and other resources in a manner consistent
with the firm's goals.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, Definition of directing - Correct answer-Directing is guiding the efforts of others
toward achieving a common goal.
Definition of Controlling - Correct answer-Controlling represents the monitoring
and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of the
business and allows for earlier interventions if standards are not being met and
warrant investigation.
The study of economics involves - Correct answer-Macroeconomics &
Microeconomics
Macroeconommics focuses on - Correct answer-focuses on the "big pictures" view
of our economic system.• Topics: national income, GDP, inflation, unemployment,
and interest rates (affects everybody)
Microeconomics is.. - Correct answer-is the application of basic economic
principles to decisions within the firm.
• Combining physical, human, and financial resources in production and marketing
of foods and services to meet customers' needs and generate a profit (affects more
of a business)
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
