Ag Business Final Exam Semester 1

If you bought a car for your business this would classify as _____________.

• Current Fixed Expense

• Current Variable Expense

• Non-current Asset Purchase

When you pay your office space rent, this is classified as a ____________.

• Current Fixed Expense

• Current Variable Expense

• Non-current Asset Purchase

You bought a livestock trailer to haul your cows. This can be classified as a ____________.

• Current Fixed Expense

• Current Variable Expense

• Non-current Asset Purchase

When you own a floral shop, buying flower pots to put the floral arrangements in is classified as a ________________.

• Current Fixed Expense

• Current Variable Expense

• Non-current Asset Purchase

Deric bought a new skid steer for excavating business. The skidder cost $9,000. It should last for approximately 12 years if cared for properly, then it'll be worth $2,000. Tell me the formula you would use to solve this problem.

Tell me whether this scenario is an income or expense:

You hired 4 new employees at your bakery shop.

Tell me whether this scenario is an income or expense:

You helped Ms. Porter clean the greenhouse and put all the bagged soil away. In return she gave you a case of flower pots to use for your plant sale in March. The estimated cost of the case of pots is $58.85.

Tell me whether this scenario is an income or expense:

You bought 36 tomato plants to sell at your plant sale in the spring. 20 of them ended up getting sun burnt and dying and the other 16 growth got stunted and you had to throw them away.

Tell me whether this scenario is an income or expense:

You took some of your flowers from the greenhouse and donated them to the nursing home to use as center pieces on the dining room tables. The receptionist gave you donation check for $50. This will help make up for the loss of your tomato plants.

The first step in the supply chain is _______________. For example, picking the wheat that will be turned into bread.