Name: Quiz: ky agribusiness Skill Stds. Practice Quiz



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96)

What is an agreement between two or more parties that includes a promise that the law will enforce or recognize as a duty?

  1. restitution

  2. rescission

  3. contract

  4. consideration







 







97)

What is a type of mandatory insurance that provides payment to employees injured on the job regardless of who is at fault?

  1. social security

  2. worker's compensation

  3. 401 K's

  4. comp time







 







98)

How is child labor defined?

  1. as individuals under the age of 18 working in return for payment

  2. as individuals under the age of 21 working in return for payment

  3. as individuals under the age of 18 working for free

  4. as individuals under the age of 21 working for free







 







99)

What is the role of OSHA?

  1. It sets forth minimum requirements for those employers using migrant labor.

  2. It attempted to balance the need for foreign workers in certain areas of agriculture with increased control over illegal immigration.

  3. It is federal legislation that addresses minimum wages for workers.

  4. It provides for standards intended to reduce work related injuries and requires employers to furnish a workplace free of recognized hazards.







 







100)

What is a liquid asset?

  1. one that can be converted to cash quickly

  2. one that can be converted to stocks quickly

  3. one that can be converted to bonds quickly

  4. one that can be converted to credit quickly







 







101)

What is the insertion of products into containers?

  1. assembling

  2. material handling

  3. packaging

  4. storing







 







102)

What specify restrictions on travel in order to keep pests and diseases from spreading?

  1. licensing

  2. quarantine regulations

  3. operations regulations

  4. service regulations







 







103)

Why do we need taxes?

  1. We don't.

  2. We need taxes to pay for many things including schools, roads, payment of elected officials, police, military forces, public buildings, firefighters, and bridges.

  3. We need taxes to pay tax refunds.

  4. We need taxes to pay corporations and small businesses.







 







104)

What is the collection agency for taxes in the United States?

  1. EPA

  2. OSHA

  3. IRS

  4. FDA







 







105)

What is money collected on the sale of goods and services?

  1. stamp tax

  2. property tax

  3. inheritance tax

  4. sales tax







 







106)

What is the Chicago Board of Trade?

  1. a center where contracts for gold, silver, U.S. Treasury bonds, U.S. Treasury notes, wheat, corn, oats, rough rice, and others can be traded

  2. a center where gold, silver, U.S. Treasury bonds, U.S. Treasury notes, wheat, corn, oats, rough rice, and others can be displayed

  3. a center where mortgage interest rate contracts are traded

  4. a center for the Great Chicago Fire







 







107)

What are simply contracts that are legally binding agreements made on the trading floors?

  1. futures

  2. options

  3. cash settlements

  4. exchanges







 







108)

___________ are contracts that give you the right, but not the obligation to buy or sell a futures contract at a specific price.

  1. futures

  2. options

  3. cash settlements

  4. exchanges







 







109)

What is the chance that loss may occur?

  1. insurance

  2. premium

  3. risk

  4. contract







 







110)

What is a system requiring employers to cover employees for job related injuries?

  1. life insurance

  2. health insurance

  3. workers' compensation

  4. property insurance







 







111)

What term is used for the amount the policyholder pays to the insurance company?

  1. insurance

  2. premium

  3. risk

  4. contract







 







112)

What is enterprise diversification in agriculture?

  1. It involves spreading production out over a wide geographical area.

  2. It refers to the undertaking of a variety of business projects by an agricultural producer.

  3. It is the process of holding multiple assets in order to minimize the total effect of variations in their returns.

  4. It is the savings in production costs as a result of specialization.







 







113)

What is an insurance carrier?

  1. the company that offers protection against financial loss based on the occurrence of specific events

  2. the company that provides human risk training

  3. the company that offers financial rewards based on the occurrence of injuries

  4. the company that offers peer reviews







 







114)

Agricultural exports make up about _________% of all U.S. exports.

  1. 90

  2. 50

  3. 25

  4. 10







 







115)

Agricultural imports make up about _______% of total U.S. imports.

  1. 80

  2. 50

  3. 20

  4. 5







 







116)

What are fees imposed by importing nations upon sales of products in their country from exporting nations?

  1. tariffs

  2. embargoes

  3. trade concessions

  4. duties







 







117)

What is the purpose of the North American Free Trade Agreement (NAFTA)?

  1. expand international trade

  2. to remove most barriers of trade and investment among the U.S., Canada, and Mexico

  3. to provide a framwork to negotiate reduction of tariffs and other trade barriers

  4. assist those in need







 

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