General Farm Management Quiz

Which of the following risk planning categories includes identifying and prioritizing risk, calculating probability of risk happening, and considering options?

• Managerial

• Intentional

• Personal

• Strategic

Of the factors listed below, which is an example of a push factor encouraging people to have an off-farm job?

• Lack of Health Care

• Higher median income for off-farm employment

• Better of Retirement benefits

• All the above

Corn harvested for grain and corn harvested for silage appear on the same enterprise budget?

• a) Yes

• b) No

Why has the number of US farms declined over time?

• Economies of scale

• International trade & comparative advantage

• Needed Resources like childcare and

• All the above

What machinery cost is equal to the annual ownership cost?

• Only Interest

• Purchase Price/ Ownership Life

• DIRT15

• List Price/ Ownership Life

An economic concept that represents the loss of potential gain from another investment alternative is an example of what?

• Marginal cost

• Opportunity cost

• Sunk cost

• Fixed cost

Which of the following is a measure of economic return?

• Profit Margin

• Return on Investment

• Gross Revenue

• Net Income

A business manager should consider which of the following when making future decisions?

• Past expenditures

• Opportunity cost

• Sunk cost

• Current market trends

Which business structure offers limited liability to its owners?

• Partnership

• Corporation

• Sole Proprietorship

• Cooperative

The measure of output change due to increased input is called what?

• Diminishing returns

• Marginal returns

• Average returns

• Total returns