Ag Business Exam Review 2019

Which is the entity that is used to govern the actions of a non-profit board?

• Board of Directors

• Company Ownership

• County Commissioners

• Investors

Generally speaking, who assumes the most risk in a business venture?

• Employees

• Entrpreneurs

• Neighbors

• All of the above

Which of the following is a legal agreement that gives an individual the right to market a company’s products or services in a particular area?

• Corporation

• Existing Business

• Franchise

• All of the above

Which business structure allows owners to avoid double taxation?

• Corporation

• Limited Liability Corporation (LLC)

• Partnership

• Sole Proprietorship

When operating a franchise, which legal business structure is used?

• Corporation

• Limited Liability Corporation

• Sole Proprietorship

• Any of the above

Ms. Balint orders tools for the shop when she needs them. Which system is represented?

• FIFO

• JIT

• LEAN

• LIFO

Some items spoil when they sit in inventory for too long. Which of the inventory control systems is most likely used in these industries?

• FIFO

• JIT

• LEAN

• LIFO

Which of the following items do not need to be inventoried?

• Capital Assets

• Consumable Supplies

• Items for Resale

• All of the above

Which of these may be used as collateral for credit?

• Company-Owned Assets

• Employee Assets

• Rented Assets

• Retained Earnings

What method is used by entrepreneurs to determine if the amount of time between ordering an item for inventory and the time it sells needs modification?

• Average Inventory Investment Period

• Inventory-to-Sales Ratio

• Turnover Analysis

• All of the above