Worksheets23-24 Ag Business Final Exam Review
Total questions: 75
Worksheet time: 38mins
Name
Class
Date
1.
Which of the following is NOT one of the 3 sectors of agribusiness?
a)
Input
b)
Output
c)
Service
d)
Marketing
2.
Which of the following is described as a sector of agribusiness that includes all resources involved in the production of farm commodities?
a)
Input
b)
Output
c)
Service
3.
Which of the following is described as a sector of agribusiness that provides specialized services to all areas of agriculture?
a)
Input
b)
Output
c)
Service
4.
Which of the following is described as a sector of agribusiness that affects agricultural commodities from time they leave the producer until the time they reach consumers?
a)
Input
b)
Output
c)
Service
5.
Which of the following is an example of a business in the output sector?
a)
Wilke Trucking
b)
Pioneer Seed
c)
Syngenta
6.
Which of the following is an example of a business in the input sector?
a)
Wilke Trucking
b)
Pioneer Seed
c)
Syngenta
7.
Which of the following is an example of a business in the service sector?
a)
Wilke Trucking
b)
Pioneer Seed
c)
Syngenta
8.
Which of the following is a business owned by one person?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Cooperative
e)
Franchise
9.
Which of the following is a business that is owned by the members it serves and is managed in their interest?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Cooperative
e)
Franchise
10.
Which of the following is a business in which two or more persons combine their assets and skills?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Cooperative
e)
Franchise
11.
Which of the following is a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area ?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Cooperative
e)
Franchise
12.
Which of the following is a business owned by stockholders who share in its profits but are not personally responsible for its debts?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Cooperative
e)
Franchise
13.
What is a disadvantage of a cooperative?
a)
Members are responsible for paying all taxes on patronage dividends.
b)
Owners benefit from the name recognition and guidance in startup of this business structure.
c)
Members own or control part of the business which causes this structure to be member-friendly.
d)
None of the above
14.
What is an advantage of a corporation?
a)
Members own or control part of the business which causes this structure to be member-friendly.
b)
Can issue more stock when they want to raise money to start or expand their business.
c)
Start-up is more expensive and complicated.
d)
None of the above
15.
What is a disadvantage of a sole proprietorship?
a)
Can issue more stock when they want to raise money to start or expand their business.
b)
Start-up is more expensive and complicated.
c)
Creditors can make claims, or sue, personal assets of the owner.
d)
None of the above
16.
What is a disadvantage of a corporation?
a)
Can issue more stock when they want to raise money to start or expand their business.
b)
Start-up is more expensive and complicated.
c)
Creditors can make claims, or sue, personal assets of the owner.
d)
None of the above
17.
What is an advantage of a partnership?
a)
Owner's share in decision-making and responsibilities
b)
Start-up is more expensive and complicated.
c)
Creditors can make claims, or sue, personal assets of the owner.
d)
None of the above
18.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$34,100 at 4% for 3 years
a)
$21,560.00
b)
$38,192.00
c)
$44,606.80
d)
$7,594.25
19.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$7,400 at 10.5% for 1/4 year
a)
$21,560.00
b)
$38,192.00
c)
$44,606.80
d)
$7,594.25
20.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$14,000 at 6% for 9 years
a)
$21,560.00
b)
$38,192.00
c)
$44,606.80
d)
$7,594.25
21.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$35,800 at 8.2% for 3 years
a)
$21,560.00
b)
$38,192.00
c)
$44,606.80
d)
$7,594.25
22.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$210 at 8% for 7 years
a)
$4,480.00
b)
$2,208.28
c)
$327.60
d)
$3,749.00
23.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$2,300 at 7% for 9 years
a)
$4,480.00
b)
$2,208.28
c)
$327.60
d)
$3,749.00
24.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$4,000 at 3% for 4 years
a)
$4,480.00
b)
$2,208.28
c)
$327.60
d)
$3,749.00
25.
Use the simple interest equation to help you calculate the interest.
Simple interest = P x r x n
$1,900 at 5.9% for 2-3/4 years
a)
$4,480.00
b)
$2,208.28
c)
$327.60
d)
$3,749.00
26.
Which of the following describes a loan that is paid in 0-6 months?
a)
Short-term
b)
Intermediate-term
c)
Long-term
27.
Which of the following describes a loan that is paid over a period of 1 or more years?
a)
Short-term
b)
Intermediate-term
c)
Long-term
28.
Which of the following describes a loan that is paid within 6 months to a year?
a)
Short-term
b)
Intermediate-term
c)
Long-term
29.
What determines a business's eligibility for a loan?
a)
Capital
b)
Creditworthiness
c)
Collateral
d)
Character
30.
Which of the following is NOT one of the 6 C's of Credit
a)
Character
b)
Capital
c)
Cost
d)
Collateral
31.
Which of the following is NOT one of the 4 P's of Marketing?
a)
Price
b)
Production
c)
Promotion
d)
Place
32.
Which of the following is the actual good or service the company is offering?
a)
Price
b)
Product
c)
Production
d)
Promotion
e)
Place
33.
Which of the following is a combination of the amount the customer is willing to pay for a product or a service and the amount at which the seller is willing to sell a product or service?
a)
Price
b)
Product
c)
Production
d)
Promotion
e)
Place
34.
Which of the following is where a product is sold and how it is delivered to customers?
a)
Price
b)
Product
c)
Production
d)
Promotion
e)
Place
35.
Which of the following is the set of activities that involve making a product or a service known to potential customers?
a)
Price
b)
Product
c)
Production
d)
Promotion
e)
Place
36.
Which of the following is something that an individual wouldn't be able to live without in order to survive?
a)
Need
b)
Good
c)
Service
d)
Want
37.
Which of the following is something that is tangible and something one can see?
a)
Need
b)
Good
c)
Service
d)
Want
38.
Which of the following is something that is intangible and something one cannot see?
a)
Need
b)
Good
c)
Service
d)
Want
39.
Which of the following is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics?
a)
Buying Pool
b)
Branding
c)
Customers in Heat
d)
Target Market
40.
Which of the following is a marketing practice that involves creating a strong, positive perception of a company and its products or services?
a)
Target Market
b)
Branding
c)
Buying Pool
d)
Customers in Heat
41.
What is the purpose of a target market? (Check all that apply)
a)
It can influence the product's design
b)
It can influence the product's packaging
c)
It can influence the product's price
d)
It can influence the product's distribution
42.
Which of the following is NOT a segment of a target market?
a)
Demographic
b)
Geographic
c)
Promotion
d)
Behavioral
43.
Why is branding important? (check all that apply)
a)
Attracts new customers in a market that is consistently changing
b)
Helps make your business memorable
c)
Encourages the customer to buy from you
d)
Impacts the overall value of a business
44.
Give an example of a good brand messaging from a business you know.
4 lines
45.
Is advertising the same as marketing? Why or why not?
4 lines
46.
Which of the following best describes sales?
a)
the process by which people in a company help match the value of products, services, and information their company offers to the needs of targeted customers
b)
the activity or business of promoting products or services, including market research and advertising
c)
calls you make on customers you don’t know or haven’t worked with before and have practically no pre-call information
d)
the activity of identifying and contacting potential customers to generate new revenue
47.
Which of the following best describes prospecting?
a)
the process by which people in a company help match the value of products, services, and information their company offers to the needs of targeted customers
b)
the activity or business of promoting products or services, including market research and advertising.
c)
calls you make on customers you don’t know or haven’t worked with before and have practically no pre-call information
d)
the activity of identifying and contacting potential customers to generate new revenue
48.
Which of the following best describes a cold call?
a)
the process by which people in a company help match the value of products, services, and information their company offers to the needs of targeted customers
b)
the activity or business of promoting products or services, including market research and advertising.
c)
calls you make on customers you don’t know or haven’t worked with before and have practically no pre-call information
d)
the activity of identifying and contacting potential customers to generate new revenue
49.
Which of the following is not a component in the sales process?
a)
Prepare
b)
Learn
c)
Prospect
d)
Evaluate
50.
Which of the following is done in the "prepare" stage of the sales process?
a)
Understand your prospect’s motivations and build relationships
b)
Understand your company’s marketing strategy, product(s), and goals
c)
Follow up to ensure satisfaction
d)
Present a unique solution
51.
Which of the following is done in the "learn" stage of the sales process?
a)
Understand your prospect’s motivations and build relationships
b)
Understand your company’s marketing strategy, product(s), and goals
c)
Follow up to ensure satisfaction
d)
Present a unique solution
52.
Which of the following is done in the "communicate" stage of the sales process?
a)
Understand your prospect’s motivations and build relationships
b)
Understand your company’s marketing strategy, product(s), and goals
c)
Follow up to ensure satisfaction
d)
Present a unique solution
53.
Which of the following is done in the "evaluate" stage of the sales process?
a)
Understand your prospect’s motivations and build relationships
b)
Understand your company’s marketing strategy, product(s), and goals
c)
Follow up to ensure satisfaction
d)
Present a unique solution
54.
Which of the following should be done when making a cold call? (check all that apply)
a)
Park in the way
b)
Introduce yourself
c)
Establish rapport/build relationship
d)
Thank them for their
55.
Which of the following is not an objective when opening a sales call?
a)
Ignore your customer
b)
Create a positive impression
c)
Build rapport
d)
Bridge to a discussion of needs
56.
List 3 things you must do to make a good first impression.
4 lines
57.
Why are supply and demand important in relation to economics?
a)
They tell us how much we are spending in resources as a nation
b)
They serve as a foundation for study of a majority of economic problems
c)
They foresee bad crop yields
d)
They really don't have any relation to economics
58.
Which of the following best describes the production of an overabundance of resources?
a)
Shortage
b)
Scarcity
c)
Surplus
d)
Equilibrium
59.
Which of the following best describes a temporary market condition in which the demand for a product or a service is greater than the supply?
a)
Shortage
b)
Scarcity
c)
Surplus
d)
Equilibrium
60.
Which of the following best describes a situation in which wants exceed resources available?
a)
Shortage
b)
Scarcity
c)
Surplus
d)
Equilibrium
61.
Which of the following states that as the market price of a product or service increases, the quantity produced will also increase?
a)
Law of Supply
b)
Supply
c)
Demand
d)
Law of Demand
e)
Supply Curve
62.
Which of the following is the various amounts of products or services that will be purchased by customers at a given price?
a)
Demand
b)
Supply
c)
Law of Supply
d)
Law of Demand
e)
Supply Curve
63.
Which of the following states that as the price of a product/service increase, the quantity purchased will decrease?
a)
Law of Demand
b)
Supply
c)
Demand
d)
Law of Supply
e)
Supply Curve
64.
Which of the following is the various amounts of a product that will be offered to customers for sale at various prices?
a)
Supply
b)
Demand
c)
Law of Supply
d)
Law of Demand
e)
Supply Curve
65.
Which of the following best describes this image?
a)
Demand Curve
b)
Supply
c)
Demand
d)
Law of Supply
e)
Law of Demand
66.
Which of the following best describes this image?
a)
Supply Curve
b)
Supply
c)
Demand
d)
Law of Supply
e)
Law of Demand
67.
What causes a movement along the curve?
a)
Quantity demanded increases
b)
Price decreases
c)
Quantity supplied decreases
d)
Quantity demanded decreases
68.
Which of the following would occur if there was a Japanese Beetle outbreak on soybean crops across the Midwest causing yields to drop dramatically?
a)
There would be a movement down the supply curve
b)
The demand curve would shift to the left
c)
The supply curve would shift to the right
d)
The supply curve would shift to the left
69.
What would happen to Case IH sales if consumers were told that green paint would give them cancer...and they believed it?
a)
The demand curve would shift to the left
b)
The supply curve would shift to the left
c)
The supply curve would shift to the right
d)
The demand curve would shift to the right
70.
What would happen to John Deere sales if consumers were told that green paint would give them cancer...and they believed it?
a)
The demand curve would shift to the left
b)
The supply curve would shift to the left
c)
The supply curve would shift to the right
d)
The demand curve would shift to the right
71.
What would occur if wheat prices dropped in May?
a)
There would be a movement up the demand curve
b)
There would be a movement down the supply curve
c)
The supply curve would shift to the left
d)
The supply curve would shift to the right
72.
Farmer Bill sold 10 head of market hogs at $0.91/# with hogs that weighed 283#. He then bought 10 head of market hogs the next week at 140# for $1.56/#. Did Farmer Bill earn or lose money?
a)
Earned money
b)
Lost money
73.
You sold cattle last week at a price of $1.40/#. This week Greenville Livestock Auction is having their monthly feeder special. The price of cattle on the day of the feeder special is $1.60/#. What should you do? (check all that apply)
a)
Sell
b)
Buy
c)
Nothing
74.
You sold 10,000 bu of corn last week at a price of $4.30. This week price of corn is $3.35. What should you do? (check all that apply)
a)
Sell
b)
Buy
c)
Nothing
75.
What do you plan to do this summer?
4 lines
100 %
