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FBLA Agribusiness Test 3
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FBLA Agribusiness Test 3
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25 Questions

1. What level of education is required for most entry level agricultural sales positions?
2. If you are going to raise your own replacement heifers, when calculating a cow-calf enterprise budget you should:
3. What would you do if the cash position in a certain month indicated that there would be more expenses than income?
4. What would be some of the job tasks that would be expected from an accountant at an agribusiness operation?
5. Calculate the depreciation of a new tractor that Fred Farmer has purchased. Purchase price is $169,000, the salvage value is estimated to be $44,500, and Fred expects to own the tractor for 10 years and average 650 hours per year. What is the hourly economic or management depreciation?
6. Buyers and sellers in the futures market who do not raise or use the commodity they are trading in are called:
7. The 'best' economic investment benefit to owning farmland is:
8. Succession planning refers to:
9. For every dollar spent on food in the United States how much gets back to the farmer?
10. Which one of the following would improve profitability of a farm business?
11. Four sections of land are how many square miles?
12. Two good reasons for keeping farm business records are to:
13. To produce any product/service in the short run, which costs must be covered?
14. In a perfectly competitive market, which one of the following is most correct?
15. When the U.S. dollar is considered to be weak, the demand for agricultural imports:
16. By USDA definition, an operation may be classified as a 'farm' if it:
17. What percent moisture should corn silage be harvested at for optimum feed quality?
18. Assume that the cross-price elasticity of pork for chicken is 1.2. This cross-price elasticity indicates that:
19. The government has set a price floor for milk at $14/cwt (cwt = 100 pounds), but market conditions indicate that the market equilibrium is $11/cwt. What effect will the price floor have?
20. Which one of the following is true about cooperatives?
21. A drought in South America will:
22. In the long run, a farm business manager should try to cover:
23. From an agricultural law perspective, there are two general kinds of property:
24. A cost of production which varies as additional units of production are added and includes such items as seed, fertilizer, supplies, medicine is called a:
25. For a farm business, it is important to distinguish between variable costs and fixed costs. The definition of variable costs is:

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