Federal Milk Marketing Orders Quiz

What is the name given to the system utilized by the Federal Milk Marketing Orders that sets producer prices based on the finished dairy product in which the milk was used?

• Market pricing

• Hedge pricing

• Producer equity pricing

• Classified pricing

Americans ate how many pounds of cheese per person in 2022?

• 40

• 45

• 30

• 34

A milk producer would receive the maximum price for milk delivered within a milk marketing order if all of it was used to make ________.

• dry whole milk

• spoonable (soft) dairy products

• mozzarella cheese

• pasteurized milk

Butterfat levels set a new record in 2022. Federal order pools with multiple component pricing averaged butterfat.

• 3.25%

• 4.08%

• 5.06%

• 6.25%

A Federal Milk Marketing Order is not authorized unless two-thirds of the affected ________ milk to the proposed marketing area approves its implementation.

• dairy cooperatives supplying

• handlers processing

• producers supplying

• handlers processing

The __________ represents the nation's dairy manufacturing and marketing industry, which supports more than 3.3 million jobs that generate $41.6 billion in direct wages and $753 billion in overall economic impact.

• Dairy Marketing Inc.

• National Milk Producers Federation

• National Fluid Milk Processor Promotion Board

• International Dairy Federation

Which of the following is not a current asset?

• Savings accounts

• Accounts receivable

• Cash

• Accounts payable

Which country was the largest producer of milk in 2022?

• USA

• China

• India

• New Zealand

Which cooperative was the largest supplier of raw milk in the world in 2022?

• Dairy Farmers of America

• Fonterra

• Saputo

• Danone

What two dairy product prices are largely determined by export opportunities and greatly affect the milk price paid to farmers?

• Nonfat dry milk and skim milk powder

• Cheese and skim milk powder

• Ice cream and whole milk

• Nonfat dry milk and yogurt