Suzie signed a contract to sell her soybeans locally to a feed dealer. The best term for this transaction is

Suzie signed a contract to sell her soybeans locally to a feed dealer. The best term for this transaction is Answer: forward contracti...

All of the following are said to be inelastic with regard to demand except

All of the following are said to be inelastic with regard to demand except Answer: b...

A document that shows the exact size, location, ownership and method of ownership of property is called a .

A document that shows the exact size, location, ownership and method of ownership of property is called a .Answer: D...

A market where there are a few large firms that control the market is called a(n)

A market where there are a few large firms that control the market is called a(n) Answer: oligop...

To the untrained eye, workers at businesses such as the telephone company and the post office may not appear to be moving when actually they are just very slow workers. Slow service is often blamed on the situation of those businesses, where workers have no incentive to do a good job.

To the untrained eye, workers at businesses such as the telephone company and the post office may not appear to be moving when actually they are just...

In the short run, if variable costs cannot be covered

In the short run, if variable costs cannot be covered Answer: then the product should not be produc...

A budget to determine if holding hogs to a heavier weight would be profitable is termed a(n)

A budget to determine if holding hogs to a heavier weight would be profitable is termed a(n)Answer: part...

A budget for soybeans would be termed

A budget for soybeans would be termed Answer: an enterprise budg...

A business is said to be solvent if total

A business is said to be solvent if total Answer: assets exceed total liabilit...

Which of the following statements is correct about the law of supply ?

Which of the following statements is correct about the law of supply ?Answer: High price = more product suppli...

One example of a current asset is (a) .

One example of a current asset is (a) .Answer: cash on h...

What is another term used to describe a net worth statement ?

What is another term used to describe a net worth statement ?Answer: balance sh...

At the beginning of last year, you had an outstanding loan for $90,000. The loan carries an interest rate of 12% annual percentage rate. You make one loan payment at the end of the year for $25,400. What is the outstanding balance at the beginning of this year?

At the beginning of last year, you had an outstanding loan for $90,000. The loan carries an interest rate of 12% annual percentage rate. You make one...

Which items are most readily converted into cash without loss?

Which items are most readily converted into cash without loss?Answer: Current ass...

Larry has hedged his peanut crop. If he makes the predicted yield and his costs do not change he will

Larry has hedged his peanut crop. If he makes the predicted yield and his costs do not change he willAnswer: make almost exactly what he predicted...

When a banker asks a person to pledge his land, livestock or similar property to obtain a loan, this property is referred to as

When a banker asks a person to pledge his land, livestock or similar property to obtain a loan, this property is referred to asAnswer: collate...

A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a

A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a Answer: cooperati...

Vern sued his boss, Wilber Wilt, because he fell through a hole in the storage room floor and broke his leg. The judge found Wilber guilty because the hole had been there for months and two other people had also hurt themselves by falling through the hole. The judge said, "You failed to take ordinary care to protect your worker. In other words, I find you guilty of ."

Vern sued his boss, Wilber Wilt, because he fell through a hole in the storage room floor and broke his leg. The judge found Wilber guilty because the...

The rate of return on investment for a farm business is found by

The rate of return on investment for a farm business is found byAnswer: dividing return to capital by total asset va...

Suppose a producer discovers insects in his cotton crop and decides to use an insecticide to save the crop. A bank will loan him $2000 at 9.75 percent interest until he sells his crop 9 months later. At that time he must repay the loan. How much will he pay in interest if simple interest is computed?

Suppose a producer discovers insects in his cotton crop and decides to use an insecticide to save the crop. A bank will loan him $2000 at 9.75 percent...

The demand curve shows the relationship between

The demand curve shows the relationship betweenAnswer: price and the quantity deman...

The income that could have been received if the input had been used in its most profitable alternative use is called

The income that could have been received if the input had been used in its most profitable alternative use is calledAnswer: opportunity c...

If the government were to set the price of milk at an artificially high price, what is likely to occur?

If the government were to set the price of milk at an artificially high price, what is likely to occur?Answer: A surp...

A written statement that the seller of property gives to the buyer that gives up only the seller's right to the property but does not imply the property is free from legal claims by outside parties is called a(n)

A written statement that the seller of property gives to the buyer that gives up only the seller's right to the property but does not imply the property...

A farmer would like to determine her liquidity. She has the following data: Current assets equal $178,000 and current liabilities equal $60,000. Her current ratio would equal

A farmer would like to determine her liquidity. She has the following data: Current assets equal $178,000 and current liabilities equal $60,000. Her current...

A decline in value of an asset over its useful life associated with use, age and obsolescence is known as

A decline in value of an asset over its useful life associated with use, age and obsolescence is known asAnswer: depreciat...

The difference between the price of a commodity in the nearby future's market and the local cash price is called

The difference between the price of a commodity in the nearby future's market and the local cash price is calledAnswer: bas...

Current assets minus current liabilities is

Current assets minus current liabilities isAnswer: working capi...

The price of a commodity is basically determined by the

The price of a commodity is basically determined by the Answer: supply and demand for the produ...

The difference between total assets minus total liabilities is

The difference between total assets minus total liabilities isAnswer: net wor...

In theory, how do grain reserves stabilize prices?

In theory, how do grain reserves stabilize prices?Answer: By releasing supplies in short production years and absorbing supplies in big production...

The purpose of insurance is to

The purpose of insurance is toAnswer: reduce risk and uncertai...

If the government allowed no immigration to this country and controlled illegal immigration, the effect on agriculture would probably be

If the government allowed no immigration to this country and controlled illegal immigration, the effect on agriculture would probably beAnswer: All...

Corn yields 90 bushels per acre and has a production cost of $140 per acre. Current market prices are $2.50 per bushel for corn and $5.20 per bushel for soybeans. Soybeans can be raised at a production cost of $110 per acre. At what breakeven yield per acre would soybeans generate the same net return per acre as corn?

Corn yields 90 bushels per acre and has a production cost of $140 per acre. Current market prices are $2.50 per bushel for corn and $5.20 per bushel for...

One example of a fixed cost is

One example of a fixed cost isAnswer: depreciat...

A statement of projected costs and returns associated with some change in the normal operation of the business is called a(n)

A statement of projected costs and returns associated with some change in the normal operation of the business is called a(n)Answer: partial bud...

What is another term used to describe a balance sheet?

What is another term used to describe a balance sheet?Answer: Net worth statem...

Long term, or fixed, assets include

Long term, or fixed, assets includeAnswer: buildi...

A grower asks your assistance in marketing alternatives for his corn crop. He could currently sell the corn for $2.50 per bushel. He believes that in 4 months the price will be $2.60. If he sold the corn now, he could invest the money at 9 percent interest. He is paying 1.5 cents per month per bushel for storage. What should he do?

A grower asks your assistance in marketing alternatives for his corn crop. He could currently sell the corn for $2.50 per bushel. He believes that in...

Select the item that is NOT deductible on Federal Income Tax returns

Select the item that is NOT deductible on Federal Income Tax returnsAnswer: Principle paid on de...

Which of the following net capital ratios would indicate the greatest degree of solvency? (Total Assets/Total Liabilities)

Which of the following net capital ratios would indicate the greatest degree of solvency? (Total Assets/Total Liabilities)Answer: ...

In order to manage taxes it is necessary to adopt an accounting method that best suits your situation. The method which reports income and expenses by keeping track of inventory levels is called the

In order to manage taxes it is necessary to adopt an accounting method that best suits your situation. The method which reports income and expenses by...

A measurable point where an increase in the addition of a variable cost item decreases the actual output of an enterprise.

A measurable point where an increase in the addition of a variable cost item decreases the actual output of an enterprise.Answer: Diminishing re...

Ellen made $18,419 profit on her operation last year. Her capital investment was $204,550. What was her rate of return to capital invested?

Ellen made $18,419 profit on her operation last year. Her capital investment was $204,550. What was her rate of return to capital invested?Answer:&nb...

What type of insurance protects the farmer from lawsuits if they cause personal injury or property damage to another person?

What type of insurance protects the farmer from lawsuits if they cause personal injury or property damage to another person?Answer: Liability in...

A document that shows the exact size, location, ownership and method of ownership of property is called a

A document that shows the exact size, location, ownership and method of ownership of property is called aAnswer: D...

The coordination of activities that are involved with the buying or selling of a product is called

The coordination of activities that are involved with the buying or selling of a product is calledAnswer: market...

A business organization that is structured as a corporation that qualifies for all purposes except taxation is called a(n)

A business organization that is structured as a corporation that qualifies for all purposes except taxation is called a(n)Answer: S Corporat...

Producers can diversify or specialize in producing products. When producers specialize in an enterprise they are, generally,

Producers can diversify or specialize in producing products. When producers specialize in an enterprise they are, generally,Answer: increasing efficiency...

Liability of a general partner in a partnership is limited to:

Liability of a general partner in a partnership is limited to:Answer: All debts and obligations of the partners...

If wheat and corn are common substitutes as an input into livestock feed, then an increase in the market price for corn is expected to:

If wheat and corn are common substitutes as an input into livestock feed, then an increase in the market price for corn is expected to:Answer: Increase...

An advantage of a farm business structured as a corporation is:

An advantage of a farm business structured as a corporation is:Answer: Avoidance of personal liabil...

If the strong dollar reduces the demand for U.S. wheat exports, then we can expect the market price for wheat in the United States to:

If the strong dollar reduces the demand for U.S. wheat exports, then we can expect the market price for wheat in the United States to:Answer: De...

A written agreement by which an owner of property transfers the title to someone to manage and safeguard for the benefit of beneficiaries is a

A written agreement by which an owner of property transfers the title to someone to manage and safeguard for the benefit of beneficiaries is aAnswer:...

Purchase of a call option on corn means:

Purchase of a call option on corn means:Answer: The buyer may, but is not required to, buy a corn futures contract at a set pri...

Which of the following gives the best measure of financial progress over a period of years?

Which of the following gives the best measure of financial progress over a period of years?Answer: Net worth statem...

If a tractor's use is increased from 350 to 500 acres per year its:

If a tractor's use is increased from 350 to 500 acres per year its:Answer: Variable cost per acre will decl...

The three R's (Risk, Returns, and Repayment) are frequently evaluated to determine a farmer's:

The three R's (Risk, Returns, and Repayment) are frequently evaluated to determine a farmer's:Answer: Credit worthin...

The science and art of the organization and operation of farms so as to obtain the maximum amount of continuous net income is the definition for ?

The science and art of the organization and operation of farms so as to obtain the maximum amount of continuous net income is the definition for ?Answer: farm...

An increase in the supply of an agricultural commodity normally results in

An increase in the supply of an agricultural commodity normally results inAnswer: a price decrea...

When the change in price is greater than the relative change in quantity taken, an agricultural commodity is said to be:

When the change in price is greater than the relative change in quantity taken, an agricultural commodity is said to be:Answer: inelas...

Agricultural producers such as one who produces soybeans are best described as price:

Agricultural producers such as one who produces soybeans are best described as price:Answer: tak...

Samuel made $22,470 profit on his operation last year. His capital investment was $200,550. What was his rate of return to capital invested?

Samuel made $22,470 profit on his operation last year. His capital investment was $200,550. What was his rate of return to capital invested?Answer:&n...

A 62 year old woman wants to pass along her farm and other assets to her children with a minimum amount of taxes. She should:

A 62 year old woman wants to pass along her farm and other assets to her children with a minimum amount of taxes. She should:Answer: see someone...

A written agreement by which an owner of property transfers the title to someone to manage and safeguard for the benefit of beneficiaries is a:

A written agreement by which an owner of property transfers the title to someone to manage and safeguard for the benefit of beneficiaries is a:Answer...

The Net Worth Statement is the best measure of:

The Net Worth Statement is the best measure of:Answer: financial progress over a period of ye...

Suppose a producer has just enough acreage to justify the tractor he has purchased. Why would he want to do custom work for his neighbor? So that his:

Suppose a producer has just enough acreage to justify the tractor he has purchased. Why would he want to do custom work for his neighbor? So that his:Answer: average...

Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets / Total Liabilities)

Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets / Total Liabilities)Answer: ...

Capital gains is:

Capital gains is:Answer: the gain or loss from the sale of capital asse...

A financial tool that would be used to compare the feasibility of raising turkeys to 25 pounds vs. 20 pounds is a:

A financial tool that would be used to compare the feasibility of raising turkeys to 25 pounds vs. 20 pounds is a:Answer: partial bud...

A budget is best described as __________ of income and expense.

A budget is best described as __________ of income and expense.Answer: a predict...

The income that could have been received if the input had been used in its most profitable alternative use is called:

The income that could have been received if the input had been used in its most profitable alternative use is called:Answer: opportunity co...

Which of the following statements is true about family farm corporations?

Which of the following statements is true about family farm corporations?Answer: Personal liability is limited to the investment in the busine...

If the revenue from an enterprise will cover variable costs and most of the fixed costs, a rational producer will:

If the revenue from an enterprise will cover variable costs and most of the fixed costs, a rational producer will:Answer: minimize his losses by...

Items which are least marketable and least readily converted into cash without loss are:

Items which are least marketable and least readily converted into cash without loss are:Answer: fixed or long term ass...

A major goal of diversified farming is to:

A major goal of diversified farming is to:Answer: spread risk among several enterpris...

Cliff is a computer specialist. He does not own, plant, or raise soybeans, but he has just purchased a futures contract for soybeans. He is:

Cliff is a computer specialist. He does not own, plant, or raise soybeans, but he has just purchased a futures contract for soybeans. He is:Answer:&n...

Which of these terms is most closely related to a Futures contract?

Which of these terms is most closely related to a Futures contract?Answer: forward cont...

Income taxes are paid to the:

Income taxes are paid to the:Answer: state and Federal governmen...

A budget for producing soybeans would be termed:

A budget for producing soybeans would be termed:Answer: an enterprise budg...

A business is said to be solvent if total:

A business is said to be solvent if total:Answer: assets exceed total liabiliti...

A study to determine whether or not a business will be profitable is called:

A study to determine whether or not a business will be profitable is called:Answer: a feasibility stu...

An example of a variable cost of producing strawberries is:

An example of a variable cost of producing strawberries is:Answer: mul...

Which of the following is NOT depreciated for tax purposes?

Which of the following is NOT depreciated for tax purposes?Answer: l...

Assume you are a speculator in corn futures, and that you somehow got information, before it was widespread knowledge, that the acreage of corn planted in the mid west was down drastically from earlier forecasts. What would be the most profitable use of this information?

Assume you are a speculator in corn futures, and that you somehow got information, before it was widespread knowledge, that the acreage of corn planted...

The average size of full time farms in the U.S. is ______ in 1945.

The average size of full time farms in the U.S. is ______ in 1945. Answer: larger t...

An electrician you hire for a fee to repair an irrigation pump would best be described as a(n):

An electrician you hire for a fee to repair an irrigation pump would best be described as a(n):Answer: independent contract...

Estate taxes are imposed:

Estate taxes are imposed:Answer: by the Federal government after de...

Most farm businesses in the modern world are:

Most farm businesses in the modern world are:Answer: sole proprietorsh...

Advertising is designed to:

Advertising is designed to:Answer: increase dema...

In the long run, as the price of corn increases the supply:

In the long run, as the price of corn increases the supply:Answer: increas...

A legal entity, which is separate from stockholders, and protects the stockholders from personal liability, best describes a(n):

A legal entity, which is separate from stockholders, and protects the stockholders from personal liability, best describes a(n):Answer: corporat...

Which of the following would probably see the least change in quantity demanded it the price was increased?

Which of the following would probably see the least change in quantity demanded it the price was increased?Answer: gasol...

If a person fails to comply with the terms of a contract, it is known as:

If a person fails to comply with the terms of a contract, it is known as:Answer: a breach of contra...

The time a check is in transit between the bank it was deposited at and the bank it was drawn on is called:

The time a check is in transit between the bank it was deposited at and the bank it was drawn on is called:Answer: float t...

A reduction in the supply of an agricultural commodity, with no change in demand, normally results in:

A reduction in the supply of an agricultural commodity, with no change in demand, normally results in:Answer: a price incre...

Which of the following is true concerning trespassers on your land?

Which of the following is true concerning trespassers on your land?Answer: You may use reasonable force to remove trespasse...

All your debt obligations to others are ____________.

All your debt obligations to others are ____________.Answer: liabilit...

Hedging does all the following except:

Hedging does all the following except:Answer: guarantees a profit to the produc...

An advantage of a family farm business structured as a corporation is:

An advantage of a family farm business structured as a corporation is:Answer: that personal liability may be avoi...

Beavis and Butthead thought it would be cool to play on the obsolete equipment Mr. Brown had parked on his property beside the road. Beavis got hurt and his parents decided to sue Mr. Brown. Mr. Brown's attorney said he might be found liable if the jury or judge determined that the old equipment:

Beavis and Butthead thought it would be cool to play on the obsolete equipment Mr. Brown had parked on his property beside the road. Beavis got hurt and...