
Farm business Management 1
Authored by Jace W
Financial Education
9th - 12th Grade
Used 8+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
By selecting multiple auction barns to sell livestock at, you are addressing
production risk
human risk
market risk
legal risk
financial risk
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MO FFA farms purchased a a sprayer for $300,000 three years ago. The sprayer has been depreciated $110,000 on their machinery inventory. Their lender assigned a market value of $225,000 to the sprayer. The value to list on a Cost Basis Balance Sheet is:
$300,000
$110,000
$225,000
$190,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a Current Liability is:
Stored grain
market cattle
prepaid fertilizer
Accrued Interest
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer should issue an IRS Form 1099-NEC for which of the following
$850 paid to a neighbor for baling the farmer's hay
$850 paid to a neighbor for hay
$425 paid to a neighbor for building a fence
$500 paid to a neighbor for a bull calf
$600 paid to a neighbor for firewood
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a supply shifter for farm products?
None of the options
Government programs.
New Technology.
Weather.
Consumer income.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
By purchasing yield protection insurance, you are addressing
Market risk
Financial risk
legal risk
human risk
production risk
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If anhydrous ammonia (NH3) is 82.3% nitrogen by weight and is selling for $1,600 per ton, what is the cost per pound of actual N?
$1.40
$0.53
$1.49
$0.66
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