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FBLA Agribusiness Test 3
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FBLA Agribusiness Test 3
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25 Questions

1. What would be some of the job tasks that would be expected from an accountant at an agribusiness operation?
2. In the long run, a farm business manager should try to cover:
3. When the U.S. dollar is considered to be weak, the demand for agricultural imports:
4. From an agricultural law perspective, there are two general kinds of property:
5. For a farm business, it is important to distinguish between variable costs and fixed costs. The definition of variable costs is:
6. A farmer purchases 750-pound feeder steers for $1.18 per pound and plans to sell the steers at 1300 pounds. The farmer estimates the total cost of gain to be $0.80 per pound. The nearest breakeven price when the steers are sold at 1300 pounds is (round to the nearest cent):
7. Precision agriculture requires reliance upon what major technology to be successful?
8. Buyers and sellers in the futures market who do not raise or use the commodity they are trading in are called:
9. Succession planning refers to:
10. To produce any product/service in the short run, which costs must be covered?
11. The 'best' economic investment benefit to owning farmland is:
12. Which one of the following can influence the value of crop land?
13. Which one of the following would improve profitability of a farm business?
14. Which one of the following is true about cooperatives?
15. 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?
16. 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?
17. What percent moisture should corn silage be harvested at for optimum feed quality?
18. If you are going to raise your own replacement heifers, when calculating a cow-calf enterprise budget you should:
19. Which one of the following is not a deductible cost to an agricultural business?
20. By USDA definition, an operation may be classified as a 'farm' if it:
21. Four sections of land are how many square miles?
22. Farm Financial Standards Council promotes uniformity of farm financial records for the purpose of:
23. Two good reasons for keeping farm business records are to:
24. For every dollar spent on food in the United States how much gets back to the farmer?
25. A drought in South America will:

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