Name: Quiz: ky agribusiness Skill Stds. Practice Quiz

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What is an investment that sees individual investors pool their money and professional money managers manage the pool?

  1. mutual funds

  2. stocks

  3. bonds

  4. certificate of deposit



What is collateral?

  1. a monthly budget

  2. a listing of assets, debts, etc.

  3. property that will be taken if repayment is not made

  4. a loan for a vacation



Using the formula agiven what is the interest amount on $5,000 at 10% interest for one year?

Interest=principal x rate x time

  1. $50

  2. $100

  3. $500

  4. $1,000



Why are records important for an agricultural business?

  1. to determine earnings

  2. to determine profit and loss

  3. to determine financial progress or net worth

  4. all of the above



What are items owned by the business and have value?

  1. assets

  2. liabilities

  3. profits

  4. debts



What is revenue?

  1. cash receipts from services performed, products sold, etc.

  2. cash paid for services, inputs purchased, etc.

  3. debts due after one year

  4. those items with useful lives of greater than one year



How can computerized record keeping be helpful to agribusiness managers?

  1. Monitor feed rations.

  2. Provide financial statements.

  3. Record tax and accounting information.

  4. All of the above.



What is the value or worth of the property beyond what is owed on it?

  1. taxation

  2. expenses

  3. capital

  4. equity



How is a balance sheet defined?

  1. a business event or activity that must be recorded

  2. a statement detailing the profits and losses of a business over a given period of time, such as monthly, quarterly, or yearly

  3. a formal financial statement that makes plans for the future

  4. a financial statement that summarizes the assets, liabilities, and net worth of a business



What is a listing of the duties and responsibilites of an employee?

  1. interview

  2. job description

  3. obituary

  4. resume



Which of the following is a way of evaluating prospective employees?

  1. Evaluate previous training and experience through candidates' resumes and applications.

  2. Check with business and personal references.

  3. Contact other employers in the industry to gain more information about different candidates.

  4. All of the above.



What does it mean to provide equal employment opportunities?

  1. improved working conditions outlined by the Occupation and Safety Health Act (OSHA)

  2. elimination of any sexual harassment in the work place

  3. employment without prejudicial discrimination including recruitment; hiring; termination; promotion; training; salary, benefits, and privileges; and working conditions.

  4. discrimination in employment based on race, sex, color, or religion



Which pay system option has employees paid according to the number of items they produce rather than by the hour or day?

  1. salary system

  2. hourly work or day work system

  3. piecework system

  4. all of the above



____________ are ways for employers to provide additional compensation to employees beyond base wages.

  1. piecework

  2. salary

  3. commision

  4. fringe benefits



What is the purpose of advertising?

  1. to assist in marketing decisions

  2. to determine marketing decisions

  3. to decrease sales of products or services

  4. to increase sales of products or services



Which of the following is true of a personal sales approach?

  1. They are often held in conjunction with local universities.

  2. It involves providing customers and potential customers a regular publication.

  3. It is relatively expensive, but most businesses recognize that the personal relationship involved in such an approach is generally more effective than other methods of selling.

  4. This approach is used most often to develop early contacts or to keep customers informed of new developments.



How is insurance defined?

  1. the protection by written contract against whole or part of a financial loss based on the happenings of specific events

  2. the amount of covered charges incurred by the insured that must be assumed by the insured before benefits from the insurance company become payable

  3. protection against minor occurrences, which may only be of minor financial consequence

  4. all of the above



__________ is a legally enforceable agreement negotiated between two or more persons.

  1. A deed

  2. A lease

  3. A contract

  4. A title



Which of the following is a function required of a package?

  1. Attract the buyer's attention.

  2. Describe the contents and give information about the contents.

  3. Protect the goods inside.

  4. All of the above



What is the amount that is added to a price called?

  1. mark up

  2. fixed cost

  3. variable cost

  4. total revenue



The largest percentage of goods in the United States is shipped by ______________.

  1. barges

  2. trucks

  3. airplane

  4. rail



What form documents the country in which the goods being shipped were produced?

  1. certificate of origin

  2. insurance certificate

  3. bill of lading

  4. Pro forma invoice



What are the three essential elements of a marketing program?

  1. sales, receipts, and profit

  2. price, quality, and service

  3. customers, goods, and facilities

  4. inventory, merchandise, and costs



What is a problem-solving process to find out what the customer needs, provide the customer with choices, help the customer select the best solution, and solve the problem?

  1. advertising

  2. buying

  3. marketing

  4. selling



What are four steps prior to buying a product?

  1. figuring out needs, checking one's finances, finding a solution, and reaffirming the choice

  2. figuring out needs, looking for facts to fulfill needs, finding the perfect goods, and reaffirming the choice

  3. figuring out needs, looking for facts to fulfill needs, finding a solution, and reaffirming the choice

  4. figuring out needs, looking for facts to fulfill needs, finding a solution, and second-guessing the choice



Which buying motive involves buyers that base their purchases on fact?

  1. emotional motive

  2. rational motive

  3. product buying motive

  4. patronage motive



A ___________ is any person or organization that uses goods or services.

  1. heterotroph

  2. producer

  3. consumer

  4. autotroph



What is per capita consumption?

  1. the amount of consumption of specific items per individual in a nation

  2. the amount of production of specific items per individual in a nation

  3. the amount of consumption of specific items by the entire population in a nation

  4. the amount of production of specific items by the entire population in a nation



When U.S. commodities are purchased by other countries to satisfy their needs they are called _______________.

  1. import markets

  2. export markets

  3. domestic markets

  4. open markets



Which of the following statements is true?

  1. Citizens in the U.S. are decreasingly concerned with their health.

  2. Ready-to-cook and ready-to-serve food products are in low demand, even though they cost less than foods that require more preparation.

  3. Single income families have more money and are willing to spend it for different kinds of food, clothing, and housing.

  4. Major consumer trends are associated with health, ease of use or preparation, and standard of living.



What is agricultural law?

  1. a system of rules intended to reflect generally accepted principles of right and wrong

  2. those rules of law specifically applicable to agricultural issues and pursuits

  3. a body with authority, such as Congress, a state legislature, a city council, or a village board, sets forth in the form of written commands, prohibitions, requirements, privileges and rights, which then become the duties or the rights of those to whom they apply

  4. law developed from court interpretations of rules of law


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