2021 Iowa Farm Business Management Career Development Event

In the U.S. which of the following is true for ‘marginal income tax rates’?

• They are constant or the same for all income levels

• They increase as brackets of income levels increase

• They decrease as brackets of income levels increase

• They are the same for ‘single’ filers as for ‘married’ filers

In a graph, what curve shows the different quantities of an item that sellers will sell at different prices holding all other factors constant?

• Demand curve

• Supply curve

• Budget line

• Consumption possibilities curve

Property taxes owed are calculated on the basis of which of the following property’s values?

• Market value

• Assessed value

• Market value – assessed value

• Assessed value – market value

What form of business is owned and operated mainly by an individual?

• LLC

• S corporation

• Non-profit

• Sole proprietorship

Suppose Hearty Acres is scheduled to receive a payment of $1,200 TODAY. An equivalent payment five years from today is known as the ______ of the $1,200.

• Future value

• Real value

• Compounded value

• Present Value

Which of the following is most likely to be a cost that is NOT an incremental cash cost?

• Sunk cost

• Depreciation

• Opportunity cost

• All of the above

Marginal revenue = marginal cost is the economic rule for:

• maximizing profits

• minimizing costs

• maximizing output

• breaking even

The part of a loan payment that represents the return of the original amount borrowed is this?

• Principal

• Interest

• Mortgage

• Installment

An entrepreneur is normally associated with someone who:

• is a risk taker

• avoids taking risks

• works for someone else

• manages an enterprise

What balances on a balance sheet?

• assets and liabilities

• cash inflows and cash outflows

• liabilities and net worth

• assets and claims on assets