Name: Quiz: ky agribusiness Skill Stds. Practice Quiz



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33)

GIS is the basis for _______.

  1. modern agriculture

  2. profitable agriculture

  3. precision farming

  4. satellite agriculture







 







34)

What are the goods produced to meet the needs of customers?

  1. products

  2. services

  3. scarcities

  4. resources







 







35)

Which is an economic system where the individual owns the resources and can use their time and resources as they want?

  1. communism

  2. socialism

  3. capitalism

  4. fascism







 







36)

What is the main emphasis of agricultural economics?

  1. food processing

  2. fiber production

  3. farm production

  4. finance







 







37)

Which of the following is a definition of agribusiness?

  1. the science that deals with the production, distribution, and consumption of wealth

  2. agricultural groups that provide services at the federal, state, and local levels

  3. a business that buys items from farmers for production; provides services to other agricultural businesses; or is any business that is engaged in the marketing, transportation, processing, and distribution of natural resources

  4. a business that sells items to farmers for production; provides services to other agricultural businesses; or is any business that is engaged in the marketing, transportation, processing, and distribution of agricultural products







 







38)

What is a resource used in production?

  1. input

  2. output

  3. shotput

  4. import







 







39)

How are value-added products defined?

  1. those products improved through processing or manufacturing

  2. the value of goods and services America produces

  3. receiving optimum output from an input

  4. an increase in production efficiency







 







40)

Another term for self-concept is ____________.

  1. philosophy

  2. social skills

  3. self-image

  4. professional image







 







41)

What are those traits related to how a person relates to others called?

  1. philosophy

  2. social skills

  3. self-image

  4. professional image







 







42)

Which of the following would hold careers related to agrimarketing?

  1. ornamental horticulture

  2. meat and livestock industry

  3. fruit and vegetable industry

  4. all of the above







 







43)

Agriculture careers that include export and import services, foreign agricultural services, international agricultural research, and the Peace Corps would be classified as _______________.

  1. international agriculture

  2. agrimarketing

  3. agribusiness credit

  4. all of the above







 







44)

What is a business owned by one person who makes the decisions?

  1. sole proprietorship

  2. corporation

  3. partnership

  4. limited partnership







 







45)

What is a business that is treated as a single entity but is owned by a group of people?

  1. sole proprietorship

  2. corporation

  3. partnership

  4. limited partnership







 







46)

What is a business that is owned by two or more people?

  1. sole proprietorship

  2. corporation

  3. partnership

  4. limited partnership







 







47)

What is the best definition of business management?

  1. determining what is to be done, where, how, and when it is to be done

  2. the responsibility of a person to make decisions, organize resources to implement decisions, monitor the implementation of decisions, and evaluate the effects of decisions on the overall success of the operation

  3. the grouping together of activities, people, and other resources to carry out the plan

  4. providing instruction and guidance to employees







 







48)

A concise statement of the goals and objectives of a business is referred to as a ___________.

  1. policy

  2. regulation

  3. constitution

  4. mission







 







49)

Who receives all profits in a sole proprietorship?

  1. the owner

  2. the partners

  3. the stockholders

  4. the board of directors







 







50)

Who is responsible for business debts in a sole proprietorship?

  1. the owner

  2. the partners

  3. the stockholders

  4. the board of directors







 







51)

Which of the following is a disadvantage of a sole proprietorship?

  1. Sole proprietors are their own bosses.

  2. The proprietor owns the assets and runs the business.

  3. It may be difficult to raise enough capital to begin business.

  4. Business expansion decisions are easy to accomplish.







 







52)

What can a franchisor offer to the franchisee?

  1. access to a company and product with a proven track record

  2. management training

  3. advertising

  4. all of the above







 







53)

What is an advantage of a franchise?

  1. The franchisee must invest a significant amount in set-up and franchise costs.

  2. The franchisor may require that a portion of each month's sales be paid back to it in the form of a royalty.

  3. The franchise offers a nationally recognized name and reputation.

  4. The franchisee may not have much say in the design of the building and its interior design.







 







54)

What is a disadvantage of a franchise?

  1. Franchisees have access to initial and continuing training and counseling.

  2. The franchisee can depend on successful methods for controlling inventory and operations.

  3. The franchisee is offered assistance in securing a location and designing a building.

  4. Franchisors usually have a large number of rules and regulations that must be followed.







 







55)

What are goods sold to another country?

  1. exports

  2. imports

  3. contraband

  4. emigrants







 







56)

_____________ states that when the price of a product is lowered, with no change in other factors, less of the product will be supplied.

  1. Law of Supply

  2. Law of Diminishing Returns

  3. Law of Demand

  4. Principle of Equimarginal Returns







 







57)

Which law states that when the price of a product is increased with no change in other factors, less product will be purchased?

  1. Law of Supply

  2. Law of Diminishing Returns

  3. Law of Demand

  4. Principle of Equimarginal Returns







 







58)

____________ states that as a variable resource is added to fixed resources, marginal output declines immediately or after an initial stage of increasing marginal returns.

  1. Law of Supply

  2. Law of Diminishing Returns

  3. Law of Demand

  4. Principle of Equimarginal Returns







 







59)

_____________ means that only the original principal earns interest over the life of the transaction.

  1. compound interest

  2. simple interest

  3. interest calculation

  4. exchange rate







 







60)

________________ is the study of individual economic choices.

  1. resource scarcity

  2. budgeting

  3. macroeconomics

  4. microeconomics







 







61)

Which of the following is a basic principle of a good business organization?

  1. The method of organization is complex and the levels of authority are tricky to understand.

  2. Resources such as facilities, labor, equipment, and capital, need not be available for the business.

  3. The business operation must be inefficient.

  4. Employee compensation should be equitable and provide incentives for productivity.







 







62)

________________ is an end one strives to attain.

  1. mission statement

  2. guideline

  3. promotion

  4. goal







 







63)

What is a business plan?

  1. a study of an area including possible consumers, traffic patterns, accessibility, and visibility

  2. the written description of all aspects of an agribusiness

  3. local, state, and federal restrictions and insurance requirements

  4. the money invested in an agribusiness by an investor







 







64)

What is a fixed cost?

  1. those costs not dependent on sales, production, or service

  2. are those costs directly related to the business's volume of sales and production

  3. initial costs related to starting a business

  4. all of the above







 






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