Ag Business Intro

Which of the following is a definition of agribusiness?

• a business that buys items from farmers for production; provides services to other agricultural businesses; or is any business that is engaged in the marketing, transportation, processing, and distribution of natural resources 
• a business that sells items to farmers for production; provides services to other agricultural businesses; or is any business that is engaged in the marketing, transportation, processing, and distribution of agricultural products
• agricultural groups that provide services at the federal, state, and local levels
• the science that deals with the production, distribution, and consumption of wealth

Solar power is the __________ form of energy we use

• best

• least expensive

• newest

• cleanest

The concept of agricultural products bringing in most of their revenue at a specific time of year is called.

• market

• seasonality

• comparative advantage

• longevity

an item of value owned by a business is a(n)

• cash sale

• liability

• asset

• income

a statement of business goals, alone with strategies and actions for achieving those goals.

• business plan

• budget

• amortization

• net worth

a list of the money a business plans to deal with over the course of the upcoming year.

• business plan

• net worth

• liability

• budget

the actual value of a business determined by total liabilities compared to the total assets.

• profit

• expense

• net worth

• liability

the amount of money that a business earns over its expenses.

• profit

• collateral

• income

• interest

property used to secure a loan

• interest

• profit

• collateral

• insurance

the reduction of value of an asset over time is called ________ .

• noncurrent asset

• inventory

• liabilities

• depreciation