FABM 1 QUIZ

What is essential for farmers, ranchers, and other agribusiness people to learn?

• Operating on a daily basis

• Managing the business

• Planting crops

• Harvesting

What are the three main functions of farm or ranch management?

• Planting, harvesting, selling

• Planning, implementing, evaluating

• Marketing, finance, labor

• Buying, selling, trading

What does 'Revocability' refer to in decision-making?

• The importance of decisions

• The frequency of decisions

• Whether a decision can be reversed

• The available alternatives

What is an example of defining the problem in decision-making?

• Use budgeting tools

• Own your combine versus custom harvest

• Accept responsibility for the decision made

• Evaluate the consequences

What is the purpose of evaluating alternative solutions?

• To ignore financial statements

• To use budgeting tools and techniques

• To avoid making decisions

• To disregard goals and objectives

What is the role of managers in decision-making under uncertainty?

• To select the alternative with the least risk

• To ignore possible outcomes

• To make decisions under conditions of uncertainty

• To avoid making any decisions

What should Swenson do after choosing an alternative?

• Ignore the results

• Evaluate the action constantly

• Stop evaluating the action

• Sell the farm

What should be analyzed more carefully according to the text?

• The initial decision

• The farm's location

• The decision's consequences

• The number of cows

What is a challenge mentioned in setting goals?

• It is easy to prioritize goals.

• It is difficult to come to grips with conflicting goals.

• It requires no time investment.

• It simplifies decision-making.

What does setting goals prepare you for?

• The past.

• The present.

• The future.

• The unknown.