WorksheetsAg Business Unit
Total questions: 27
Worksheet time: 18mins
What is a business plan?
The group of consumers most likely to purchase a product
Time spent working in a business having a value
A statement of goals and strategies for achieving those goals
Wealth in the form of money or other assets owned by a person
What are the THREE main parts of a business plan?
Products, services, and seasonality
Markets, goals, and strategies
Time, money, and value
Business description, business timeline, and time Investment analysis
What goes into the business description of a business plan?
Products and services, seasonality, and market
Business description, business timeline, and time investment analysis
Comparative analysis, timeline description, and value
Business timeline, comparative analysis, and investment
What is a market? Specifically, what is a niche market?
It compares products and services to others. Helps examine product viability
Group of consumers to purchase a product. Company offers a different product or service than competitors
A place to purchase food items. Employees collect orders and return items to the customer at the front
An online shopping app. A store that sells multiple varieties of options such as Walmart
What is the statement that looks at potential competitors of a certain business and why is it important?
Business Description. To help customers understand what they sell
Business Plan. To show customers what they do
Capital. To contribute wealth throughout the business
Comparative Analysis. To compare the product or service to others
Why is your time investment important?
Time spent working improves business reports
Time spent working shows dedication
Time spent working in a business has a value
Time spent working helps to stay organized
What is the main part of the financial plan and why is it important?
A detail budget because it lists the money a business plans to deal with over the course of the upcoming year.
To hold a business accountable so the business is organized
A decision based on profitability because it shows determination towards a business
Considering money values to show what needs to be done to keep a business running
What is a capital? List THREE examples in an agricultural business.
The most important city or town of a country or region, usually its seat of government and administrative center. Des Moines IA, New York City NY, and St. Paul MN
Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose. Machinery, equipment, and animals breed
A detail budget that has value and helps a business stay in shape. products, services, and goals
Money used to purchase items around the world such as Canada, Argentina, and Brazil
What is an asset?
The items of value that are owned by the business
The wealth that a business obtains
Debts or financial obligations of a business
Money earned
What is the difference between current and noncurrent assets?
Current- Is consumable, Noncurrent- Is Consumable
Current- Isn't consumable, Noncurrent- Is consumable
Current- within one year, Noncurrent- Lasts more than a year
Current- Lasts more than a year, Noncurrent- within one year
Give three examples of current assets in an agricultural business.
Feed, seed, and cash in the bank
Machinery, sales, and equipment
Shipping, trading, and migration
Cattle, buildings, and machinery
What is depreciation?
An increase in current asset value overtime
A decrease in noncurrent asset value overtime
A decrease in current asset value overtime
An increase in noncurrent asset value overtime
What are liabilities?
Money paid out
Money earned
Debts or financial obligations of a business
The items of value that are owned by the business
List three examples of liabilities in an agricultural business
Feed, seed, and cash in the bank
Machinery, buildings, and breeding animals
Feed, equipment, and animals
Cattle, feed, and machinery
What is a loan? What is interest?
The amount of money earned over expenses. Property owned by a business
Money paid out. The amount of money earned over expenses
Sums of money paid back over time. Money paid out regularly at a particular rate for the use of money lent
Money earned. A decrease in noncurrent asset value overtime
Give THREE examples of noncurrent assets in an agricultural business.
Machinery, buildings, and breeding animals
Feed, seed, and cash in the bank
Feed, equipment, and animals
Crops insurance, goals, and strategies
How do we find net worth, what does our net worth tell us?
Divide the total liabilities from the total assets. The business value
Subtract the total liabilities from the total assets. The actual value of the business
Add the total liabilities from the total assets. Money earned
Multiply the total liabilities from the total assets. Money paid out
What is income?
Money earned
Money paid out
Debts or financial obligations of a business
The items of value that are owned by a business
List THREE examples of income in an agricultural business.
Selling fertilizer, business advice, and paychecks
Purchasing machinery, new buildings, and chemicals
Selling crops, custom work performed, and government programs or cooperative distributions
Purchasing cattle, feed, and seed
What is expense?
Money earned
What a business owns
What a business owes
Money paid out
What is profit?
Money earned over a certain amount of time
The amount of money earned over expenses
Money paid out
Money earned
What's the difference between cash sale and capital sale?
cash sale is what causes debt while capital sale increases a businesses income
cash sale is how much you sell something for while capital sale is how long it takes to acquire a businesses earnings
cash sale is a sale of a product or service that is paid when delivered while capital sale is selling something for more than it's worth to acquire it
Cash sale increases a businesses income while capital sale causes debt
What is an example of a cash sale in an agricultural business?
Purchasing lumber
Selling livestock
Purchasing livestock
Purchasing Feed
What is an example of a capital sale in an agricultural business?
Selling feeder cows
Selling livstock
Purchasing feed
Purchasing equipment
What is the difference between cash purchase and a capital purchase?
Cash purchase includes wealth throughout a business, capital purchase includes wealth separately throughout a business
Cash purchase is property owned by a business, a capital purchase refers to a property acquisition with no financing
Cash purchase refers to a property acquisition with no financing, a capital purchase is property owned by a business
Cash purchase is what business people use when in need of money, capital purchase is a way of paying off debts in a business
What is an example of a cash purchase in an agricultural business?
New buildings
Equipment
Selling feed
Buying feed
What is an example of a capital purchase in an agricultural business?
Selling livestock
Purchasing feed
Equipment or new buildings
Selling feed
