Farm Management Ag bowl 2017

The difference between net worth and total assets is:

• capital gain

• capital loss

• total liabilities

• net profit

Which of the following is affected by the type of business organization a farmer chooses?

• amount of machinery owned

• production (crops and Livestock) yields

• the value of the crops held in inventory

• transfer ability of ownership

Cooper's chicken farms, raises 3 million broilers annually. In addition, Cooper's chicken farms owns the mill which provides feed for the birds, owns the processing plant, and markets the dressed birds to grocery stores. This is what type of business structure.

• Horizontal Integration

• A marketing cooperative

• A supply cooperative

• Vertical Integration

Commercial fertilizer should be applied to crops as long as:

• the added production returns increase the gross farm income

• the added production returns are more than the added cost of fertilizer

• The added fertilizer maintains soil productivity

• the added fertilizer increases crop yields per acre

Which is the first level of government that can govern how your land is used

• county

• township

• state

• federal

The new crop futures month for soybeans is considered to be:

• December

• May

• September

• November

The basic features of a progressive income tax is that:

• double taxation occurs in certain situations

• an overlap in taxation occurs with the state and local government

• the tax bears more heavily on the low income farmers

• the higher the income, the higher the tax rate

A local farmer has a secured loan to purchase one complete section of Lyon County, How many acres is she buying

• 540 acres

• 560 acres

• 620 acres

• 640 acres

When a drought, storm, or disease ruins a crop, and an extremely small yield is expected, the farmer should.

• forget the crop and plan for next year

• harvest the crop, if the yield will pay the harvest costs

• leave the crop in the field to avoid additional costs

• harvest the crop as soon as possible regardless of costs

A future trader who has bought futures and thus is under contracts to take delivery is said to be

• short

• long

• bullish

• bearish