Farm Business Management Quiz 1
with correct solutions
(1)Organic vegetable producers are considered low-volume, high-value producers - correct
answer ✔✔True
(1)Agri-tourism would be considered which one of the following strategies for farm and ranch
businesses? - correct answer ✔✔Specialty product and service providers
(1)Production costs are minimized with high-volume, low-margin producers. - correct answer
✔✔True
(1)The process of combining multiple stages of production into one company is known as: -
correct answer ✔✔vertical integration
(1)Match the trend in agriculture with the management skills that future farmers and ranchers
will need. - correct answer ✔✔- New technology: cost and benefit analysis/decision making
- Information age: handling and interpreting data
- Controlling assets: finance decision making and budgeting
- Human Resources: motivation, communication, evaluation and training personnel
(1)In order to produce to meet consumer demand, agricultural producers must evaluate costs
and risks associated with adopting new production techniques. - correct answer ✔✔True
(1)Part-time operators utilize specialty product and service provider strategies on their lifestyle
farms. - correct answer ✔✔False
with correct solutions
(1)Organic vegetable producers are considered low-volume, high-value producers - correct
answer ✔✔True
(1)Agri-tourism would be considered which one of the following strategies for farm and ranch
businesses? - correct answer ✔✔Specialty product and service providers
(1)Production costs are minimized with high-volume, low-margin producers. - correct answer
✔✔True
(1)The process of combining multiple stages of production into one company is known as: -
correct answer ✔✔vertical integration
(1)Match the trend in agriculture with the management skills that future farmers and ranchers
will need. - correct answer ✔✔- New technology: cost and benefit analysis/decision making
- Information age: handling and interpreting data
- Controlling assets: finance decision making and budgeting
- Human Resources: motivation, communication, evaluation and training personnel
(1)In order to produce to meet consumer demand, agricultural producers must evaluate costs
and risks associated with adopting new production techniques. - correct answer ✔✔True
(1)Part-time operators utilize specialty product and service provider strategies on their lifestyle
farms. - correct answer ✔✔False
