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Agribusiness Semester Exam Review

Total questions: 50

Worksheet time: 27mins

Name
Class
Date
1.

Coupons, contests, and rebates are examples of

a)

promotions

b)

publicity

c)

advertising

d)

personal selling

2.

Sponsoring an event for a local charity is an example of ..

a)

promotions

b)

publicity

c)

advertising

d)

personal selling

3.

In the Farming Game, when you harvest a crop, you put your money collected in which of the following columns on your spreadsheet?

a)

income

b)

expense

c)

notes payable

d)

cash

e)

assets

4.

In the Farming Game, when you have to pay a bill such as a seed or fuel bill, you should place the amount in which of the following columns?

a)

income

b)

expense

c)

notes payable

d)

cash

e)

assets

5.

When land is inherited, the value of the land should be placed in which columns?

a)

income

b)

equity

c)

notes payable

d)

cash

e)

assets

6.

Which column(s) can money be added and subtracted during the game?

a)

income

b)

expense

c)

notes payable

d)

cash

e)

assets

7.

Which account is the equivalent to a bank loan?

a)

income

b)

expense

c)

notes payable

d)

cash

e)

assets

8.

Once a consumer is attracted to a product and their interest has developed, the final step in the AIDA plan is for the customer to ..

a)

AMEND THEIR DECISION

b)

ASSUME THE PRODUCT IS GOOD

c)

TAKE ACTION AND BUY THE PRODUCT/ SERVICE

d)

RESEARCH

9.

Which of the following is a commodity?

a)

tractor

b)

corn

c)

fuel

d)

plastic

10.

Production agriculture must occur before an agribusiness can occur.

a)

true

b)

false

11.

Putting a writer's ideas in your own words

a)

scanning

b)

skimming

c)

summarizing

d)

filtering

12.

You should bright colors in text or paper choice when preparing a resume or cover letter so that your information stands out to the company.

a)

true

b)

false

13.

A resume should always include at least ___ reference(s)

a)

1

b)

5

c)

6

d)

3

14.

Locating specific details in a text or material

a)

scanning

b)

skimming

c)

summarizing

d)

filtering

15.

If you apply for a car loan today and a credit card account, your credit score will..

a)

increase

b)

decrease

c)

remain the same

16.

A credit score can be between ____ and ____.

a)

0-500

b)

300-850

c)

250-1000

d)

200-800

17.

Credit cards can be beneficial in which of the following ways: (check all that apply)

a)

build credit

b)

decrease credit

c)

provide immediate funds

d)

assist in fraud monitoring

18.

Which of the following can increase your credit score?

a)

opening a new account

b)

late payments

c)

making payments in full

d)

using your max amount of credit available

19.

Definition of an asset is ....

a)

something owned by someone

b)

a piece of property with negative value

c)

something borrowed by someone

d)

salary after taxes and insurance are removed

20.

Definition of net income is ....

a)

something owned by someone

b)

a piece of property with negative value

c)

something borrowed by someone

d)

salary after taxes and insurance are removed

21.

You can view and print a credit report once a year for free.

a)

true

b)

false

22.

Which of the following are examples of an agribusiness? (check all that apply)

a)

corn maze

b)

produce stand

c)

row crop farm

d)

cattle ranch

23.

Name given to a product that is purchased and transported to other countries.

a)

input

b)

export

c)

import

d)

output

24.

_____ assist farmers by providing a place to store a commodity until a better price is available.

a)

tractors

b)

grain bins

c)

silo

d)

grocery stores

25.

Working for the government - local, state, or national - is considered to be _____.

a)

private sector

b)

public sector

26.

In the Farming Game, when you take out a loan to buy land or cattle, you must pay a down payment of at least ___% unless you pay cash in full.

a)

15

b)

20

c)

10

d)

5

27.

Which of the following is an example of a flexible expense?

a)

grocery bill

b)

property taxes

c)

rent payment

d)

insurance

28.

Something that you owe on and has negative value is called ____.

a)

liability

b)

asset

c)

gross income

d)

flexible expenses

29.

A purchase made without planning or consideration; quick decision

a)

cost comparison

b)

export

c)

impulse buy

d)

personal budget

30.

When 2 or more products are compared before a purchase, it is called ____.

a)

cost comparison

b)

export

c)

impulse buy

d)

personal budget

31.

assets minus liabilities =

a)

net profit/ loss

b)

equity

c)

gross income

d)

net income

32.

income minus expenses =

a)

net profit/ loss

b)

equity

c)

gross income

d)

net income

33.

A credit score will help a lender determine....

a)

your reliability to repay money

b)

savings rate

c)

monthly income

d)

how much you owe

34.

Which 3 of the following are used to calculate your credit score?

a)

annual income

b)

amount of debt

c)

payment history

d)

monthly expenses

35.

APR is the yearly interest charged on your purchases on a credit card.

a)

true

b)

false

36.

A debit card will build credit and increase your credit score.

a)

true

b)

false

37.

A ______ is a rate that does not fluctuate over the length of a loan.

a)

APR

b)

variable rate

c)

gross rate

d)

fixed rate

38.

The maximum amount of money that can be charged on a credit card is called ____.

a)

loan term

b)

credit limit

c)

gross term

d)

fixed rate

39.

Means the initial amount of money borrowed or the initial amount of money deposited in an account.

a)

liability

b)

note

c)

principal

d)

interest

40.

The overall increase of products over time is called

a)

depreciation

b)

inflation

c)

liquidity

d)

thrift

41.

The decrease of value of a piece of equipment or facility over time from wear and tear is called___.

a)

depreciation

b)

inflation

c)

liquidity

d)

thrift

42.

It is better to earn compounded interest on an investment than to earn interest on the initial fixed amount.

a)

true

b)

false

43.

A savings certificate issued by a bank that earns interest over a specified time period.

a)

IRA

b)

money market account

c)

CD

d)

Roth

44.

A retirement account where an individual contributes an annual amount.

a)

IRA

b)

money market account

c)

CD

d)

Roth

45.

How easily someone can withdraw and use their money

a)

depreciation

b)

inflation

c)

liquidity

d)

thrift

46.

A government program used to set aside money for college prior to taxes.

a)

IRA

b)

529 plan

c)

401K

d)

money market fund

47.

To expend money towards something with the expectation of earning a profit

a)

investment

b)

inflation

c)

IRA

d)

money market funds

48.

When someone serves a purpose with their service or products that no one else is offering usually allowing them to expect higher pricing

a)

specialty crop

b)

niche market

c)

investment lending

d)

none of the above

49.

You should save ____ month's pay for an emergency fund.

a)

one

b)

2

c)

3

d)

6

50.

The FFA was established in ___.

a)

1935

b)

1928

c)

1965

d)

1998