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WorksheetsFM Info
Total questions: 49
Worksheet time: 30mins
1 section
1 mile x 1 mile
2.47 hectares
1 section
640 acres
43,560 ft^2
1 acre
1 mile x 1 mile
2.47 hectares
1 acre
640 acres
43,560 ft^2
1 mile
(a)
1 bushel of corn
56 lbs
60 lbs
1 bushel of wheat
56 lbs
60 lbs
1 bushel of soybeans
56 lbs
60 lbs
1 bushel of milo or grain sorghum
56 lbs
60 lbs
metric ton
2000 lbs
2200 lbs
2204.6 lbs
2402.5 lbs
what has a volume of 4' x 4' x 8' or 128 ft^3
(a)
Self Employment tax rate: _____% social security
12.4
12.8
10.1
15.11
Self Employment tax rate: _____% medicare
2.9
3.5
10
4.2
Self Employment Tax rate: ______% total
15.9
12.3
13.9
14.6
Business mileage (2021): (a) cents per mile
$142,000
social security wage base
social security maximum contribution limit
$8,853.60
social security wage base
social security maximum contribution limit
what has a volume of 128 oz
(a)
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than: $ (a) ($7,000 if you're age 50 or older)
(a) % Deduction for Conservation Expenses
A subchapter S corporation can have no more than (a) shareholders
Expensing limits (a.k.a.) Section 179 expensing deduction for 2021 is $________
1,050,000
1,300,000
125,000
1,025,00
The IRS form used to calculate self-employment tax is Schedule __
SE
SETR
EM
SEMP
Inheritance limit is $__._ million
11.7
12.1
11.5
9.9
____________ is used to report taxable income earned from farming or agricultural activities. Income from selling livestock, produce, grains, or other products; and whether you received farm income from cooperative distributions, agricultural program payments, Commodity Credit Corporation loans, crop insurance proceeds, federal crop disaster payments, or any other sources.
IRS Schedule F
IRS Schedule A
IRS Schedule D
IRC Schedule H
change in price is greater than the relative change in quantity; the price can change drastically, and consumers will still buy nearly the same amount; inelastic items are needed for health or well-being; less responsive; < 1.0
inelastic
elastic
unit elastic
change in price is less than the relative change in quantity available; a small change in price can have a huge effect on sales; tend to be luxury items; responsive; > 1.0
inelastic
elastic
unit elastic
change in price is equal to the relative change in quantity available; only exists under special conditions; if a store has a sale, the reduction in price must be exactly offset by the increase in items sold. If there is an increase in price, the increase must exactly offset the loss due to fewer items sold; equal responsiveness; = 1
inelastic
elastic
unit elastic
+ (positive); Consumers are responsive; Elastic
substitute
compliment
normal good
inferior good
- (negative); Consumers are not responsive; Inelastic
substitute
compliment
normal good
inferior good
+ (positive); Elastic; When income increases, people buy more; When income decreases, people buy less
substitute
compliment
normal good
inferior good
- (negative); Inelastic; When income increases, people buy less; When income decreases, people buy more
substitute
compliment
normal good
inferior good
% change in quantity
(a)
% change in price
products with lots of (a) are more elastic
5,000 bu
Min price fluctuation ¼ of one cent
Termination of trading 15th calendar day of the contract month
Contract Months – March, May, July, September, December
corn
soybeans
soft red winter wheat
5,000 bu
Min price fluctuation ¼ of one cent
Termination of trading the business day prior to the 15th calendar day of the contract month
Contract Months – January, March, May, July, August, September, November
corn
soybeans
soft red winter wheat
5,000 bu
Min price fluctuation ¼ of one cent
Termination of trading the business day prior to the 15th calendar day of the contract month
Contract Months – March, May, July, September, December
corn
soybeans
soft red winter wheat
40,000 lbs.
Min price fluctuation .00025 cents per pound
Contract Months – February, April, June, august, October, December
Termination of Trading – last business day of the contract month 12:00 p.m.
live cattle
feeder cattle
lean hogs
50,000 lbs.
Min price fluctuation .00025 cents per pound
Contract Months – January, March, April, may, august, September, October, November
Termination of Trading – last Thursday of the contract month with exceptions for November and other months, 12:00 p.m.
live cattle
feeder cattle
lean hogs
40,000 lbs.
Min price fluctuation .00025 cents per pound
Contract Months – February, April, may, June, July, august, October, December
Termination of Trading – 10th business day of the contract month, 12:00 p.m.
live cattle
feeder cattle
lean hogs
Cash Income – Cash Expense + Inventory Change – Depreciation
net farm income
rate of return on farm equity
value of farm production
operation ratio
(Net Farm Income – Value Operator Labor & Management) ÷ Average Farm Net Worth
net farm income
rate of return on farm equity
value of farm production
operation ratio
Net Farm Income + Interest + Depreciation + Gain or Loss on Sale of Assets + Operating Expenses
net farm income
rate of return on farm equity
value of farm production
operation ratio
Operating Expenses ÷ Value of Farm Production
net farm income
rate of return on farm equity
value of farm production
operation ratio
Value of Farm Production ÷ Average Assets
asset turnover rate
debt to equity
return on assets
assets
rate of return on assets
Total Liabilities ÷ Owner Equity
asset turnover rate
debt to equity
return on assets
assets
rate of return on assets
Net Income + Interest Paid ÷ Total Assets
asset turnover rate
debt to equity
return on assets
assets
rate of return on assets
Debt + Equity
asset turnover rate
debt to equity
return on assets
assets
rate of return on assets
Net Income ÷ Total Assets
asset turnover rate
debt to equity
return on assets
assets
rate of return on assets
