AET in the Classroom-LP 1 Financial Applications Flashcard

Front

What is the useful life of breeding animals, equipment, and buildings?

Back

Breeding animals: 5 to 10 years; Equipment: 10 years; Buildings: 20 years.

Front

An example is a laptop in one year is 50% for breeding beef and 50% for a research project.

Back

Capital Item Usage

Front

What is the estimated value of a laptop at the end of use if it costs $800?

Back

Capital Item Salvage Value

Front

Examples are showing the usage or selling items such as tractors, show box, stall equipment and other related items used to support several projects across several years.

Back

Capital Item Manager (Non-currently Inventory)

Front

Which of the following is a Non-Current Inventory (Capital Items)?
Options:
Student has a poinsettia project and purchases $400 in plants, $100 in pots and soil, which gives the student a current inventory of $500.
An asset that includes breeding animals, show tack, lawn mowers, barns, land, trailers and other high-value items.
Items for a show animal project such as the animal, feed or supplies, capital items and cash-on-hand prior to the first agricultural education class.

Back

An asset that includes breeding animals, show tack, lawn mowers, barns, land, trailers and other high-value items.

Front

Which of the following is an example of Beginning Inventory?

Back

Items for a show animal project such as the animal, feed or supplies, capital items and cash-on-hand prior to the first agricultural education class.

Front

Which of the following is an example of Current Inventory?

Back

Student has a poinsettia project and purchases $400 in plants, $100 in pots and soil, which gives the student a current inventory of $500.

Front

When a student purchases a heifer before their first agricultural education class, the heifer is considered current inventory.

Back

False

Front

Which of the following is an example of a Cash Expense? Options: A laptop costing $800, salvage $650 and useful life of 10 yrs. = $15 annual depreciation cost: ($800-$650) /10 = $15 cost per year., Selling a show animal, collecting rent from an equipment lease or collecting cash to fund a research project., Inventory purchased for resale, feed, supplies, rent and other costs needed for the project., Selling from a hay production project to a show animal project, selling products at home, or other non-cash expenses.

Back

Inventory purchased for resale, feed, supplies, rent and other costs needed for the project.

Front

How do you show income in your SAE for the cull birds?

Back

As "Used at Home" in the FINANCES tab for the SAE and use current market cost.