
FABM 2 QUIZ
Authored by Kelly Alvstad
Other
9th Grade
Used 7+ times

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14 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
Why is record keeping important for business management?
It helps in making good business decisions.
It increases the number of employees.
It reduces the need for marketing.
It eliminates competition.
2.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
What is the purpose of a chart of accounts in farm business management?
To analyze the health and profitability of the farm business.
To list all liabilities of the business.
To track daily sales and expenses.
To manage employee payroll.
3.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
What is the third step in setting up a record system?
Select a method of reporting farm income and expenses.
Select a record-keeping system suited to their particular needs.
Select an accounting system suited to their business situation.
Hire a tax consultant.
4.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
What additional analysis is included in the second level of farm and ranch record keeping?
Business analysis
Personal budgeting
Employee performance
Household management
5.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
What does the cash method not use to keep track of unsold products?
Inventory
Sales records
Cash flow statements
Profit margins
6.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
What is the main purpose of summarizing revenue and expenses?
To increase expenses
To decrease revenue
To understand financial performance
To complicate accounting
7.
MULTIPLE CHOICE QUESTION
1 min • 4 pts
Why is it important to enter a detailed breakdown of all outstanding loans?
To increase the loan amount
To hide financial liabilities
To understand principal, interest, and remaining balance
To avoid paying interest
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