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```Farm Management
2007 MC Non-Math
1.
The turnover ratio is calculated by dividing ________ by average
assets.
A.
B.
C.
D.
E.
• c
total sales
beginning inventory
value of farm production
net farm income
None of the above
total
5.
The net business profit for a year would be found on
A.
B.
C.
D.
E.
• c
the balance sheet.
the cash flow budget.
the income statement.
a partial budget.
None of the above
18.
The type of life insurance which provides protection for a limited
is usually cheaper per dollar of protection is called
A.
B.
C.
D.
E.
• b
whole life.
term.
endowment.
new life.
universal life.
time and
20.
A trader with a long position in the futures market
A.
B.
C.
D.
E.
• c
profits when prices go down; loses when prices go up.
profits when prices go neither up nor down.
profits when prices go up; loses when prices go down.
cannot lose money.
None of the above
21.
The main difference between a joint tenancy and tenancy in common is
A. the surviving joint tenant will eventually own all of the land as a result of right of
survivorship.
B. the surviving tenant in common will eventually own all the land as a result of right
of survivorship.
C. only husbands and wives may be joint tenants.
D. tenants in common must own equal shares of the property while joint tenants may
own unequal shares (i.e., H owns 1/4 and W owns 3/4).
E. None of the above
• a
22.
Increasing leverage during a period when a farm's percent return
capital is less than the interest rate will mean
A.
B.
C.
D.
E.
• b
higher returns to equity.
lower returns to equity.
lower risk.
lower gross income.
None of the above
to total
23.
A marketing function which tends to regulate the supply of a
provide a stable market price is
A.
B.
C.
D.
E.
• d
transporting.
processing.
storing.
None of the above
product and
24.
Which one of the following would cause an increase in the price of
agricultural commodity?
A.
B.
C.
D.
E.
• b
An increase in supply and a decrease in demand
A decrease in supply with no change in demand
A decrease in demand with no change in supply
All of the above would cause price to increase
None of the above
an
25.
A firm should shut down in the short run if it cannot cover its
A.
B.
C.
D.
E.
• c
fixed costs.
total costs.
variable costs.
time costs.
26.
Changes in price within a year which tend to follow the same
time are called
A.
B.
C.
D.
E.
• b
price cycle.
price seasonality.
price volatility.
price discrimination.
None of the above
pattern over
27.
If the price of a commodity is too high, the supply will be
demand resulting in a
A.
B.
C.
D.
E.
• a
surplus.
boycott.
monopoly.
shortage.
None of the above
greater than the
28.
A farmer who buys feeder pigs could use the options market to
price risk by
A.
B.
C.
D.
E.
• a
selling a hog Put option.
selling a hog Call option.
All of the above
reduce his
31.
A township is six miles square and includes
A.
B.
C.
D.
E.
• b
6 sections.
36 sections.
40 sections.
160 sections.
None of the above
33.
The present value formula for estimating land prices (PV = annual
returns divided by discount rate) assumes
A.
B.
C.
D.
E.
• e
future prices and yields can be estimated accurately.
the discount rate is appropriate.
income will continue to infinity.
net income will not trend up or down.
All of the above
net
35.
A constant payment loan with payments consisting of principal and
is called
A.
B.
C.
D.
E.
• a
an amortized loan.
a complementary loan.
a discounted loan.
a fixed rate loan.
a capital loan.
interest
37.
A charge for capital used in a farmer's cattle herd is usually included in an
enterprise budget regardless of whether he borrowed money to buy the
cows or not. This illustrates the principle of
A.
B.
C.
D.
E.
• c
marginal cost.
fixed cost.
opportunity cost.
variable cost.
alternative cost.
38.
Net worth is a measure of
A.
B.
C.
D.
E.
• b
managerial ability.
financial position.
profitability.
liquidity.
All of the above
39.
The main reason for hedging is
A. to make more profit.
B. to insure against a production loss.
C. to reduce the price risk associated with producing or
cash commodity.
D. to take an opposite position from the speculator.
E. None of the above
• c
storing a
40.
Cooperatives pay patronage refunds according to
A.
B.
C.
D.
E.
• c
one man, one vote.
size of farm.
amount of business done by patron.
total assets.
All of the above
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