2023 MN State FBM Exam

Front

Which type of business would distribute patronage refunds when profitable?

Back

Cooperative

Front

Chemicals should be applied to a crop acre as long as: the added production returns are more than the added cost of the chemical used.

Back

the added production returns are more than the added cost of the chemical used.

Front

Which type of crop insurance policy provides coverage to protect against loss of revenue caused by low prices, low yields, or a combination of both?

Back

Revenue Protection (RP)

Front

The first new crop futures month for wheat is considered to be: March, May, July, September

Back

July

Front

_______economics is the study of individuals and business decisions.

Back

Micro

Front

The United States of America has which type of income taxation system?

Back

Progressive taxation

Front

The two annual cost components of owning a capital asset are: Gasoline and repairs, Depreciation and interest, Upkeep and maintenance, Wear and tear

Back

Depreciation and interest

Front

Incorporating a farm enables the business to:

Back

shield the personal liability of the owners and gain permanent business status for future generations.

Front

A survivor who inherits property is a(n):

Back

Heir

Front

Real estate taxes on a property would be an example of: a direct cost, a fixed cost, a long term liability due, a variable cost.

Back

a fixed cost.