WorksheetsReview: Unit 1 - Agribusiness Basics
Total questions: 22
Worksheet time: 11mins
Name
Class
Date
1.
The science of the production, distribution, and consumption of goods and services.
a)
Economics
b)
Needs
c)
Wants
d)
Agribusiness
e)
Debt
2.
Things that you must have to live a safe and healthy life.
a)
Needs
b)
Economics
c)
Wants
d)
Agribusiness
e)
Debt
3.
Something you would like to have or something that you enjoy.
a)
Wants
b)
Economics
c)
Needs
d)
Agribusiness
e)
Debt
4.
The exchange of goods and services in the agriculture, food, and natural resource system.
a)
Agribusiness
b)
Economics
c)
Needs
d)
Wants
e)
Debt
5.
Something that is owed or that one is bound to pay or perform for another.
a)
Debt
b)
Economics
c)
Needs
d)
Wants
e)
Agribusiness
6.
The monetary payment received for goods or services or other sources, such as rents or
investments.
a)
Income
b)
Economics
c)
Needs
d)
Wants
e)
Agribusiness
7.
Financial obligation (debt) that must be paid at some future time.
a)
Liabilities
b)
Economics
c)
Needs
d)
Wants
e)
Agribusiness
8.
Physical or financial property that has value and is owned by a business or individual.
a)
Assets
b)
Economics
c)
Needs
d)
Wants
e)
Agribusiness
9.
Business organization in which profits are distributed as patronage refunds and all members
have a single vote.
a)
Cooperative (Co-op)
b)
Corportation
c)
Limited Liability Company (LLC)
d)
Sole Proprietorship
e)
Partnership
10.
A business organization in which the owners have shares in a separate legal entity that itself
can own assets and borrow money.
a)
Cooperative (Co-op)
b)
Corportation
c)
Limited Liability Company (LLC)
d)
Sole Proprietorship
e)
Partnership
11.
A business organization similar to a partnership but offering its owners
the advantage of limited financial liability.
a)
Cooperative (Co-op)
b)
Corportation
c)
Limited Liability Company (LLC)
d)
Sole Proprietorship
e)
Partnership
12.
Two or more persons as co-owners of a profit-making business. The co-owners of a partnership are participating in management, sharing profits, sharing losses, owning assets together, a single joint bank account, and a single set of records.
a)
Cooperative (Co-op)
b)
Corportation
c)
Limited Liability Company (LLC)
d)
Sole Proprietorship
e)
Partnership
13.
Simplest, oldest, and most common form of business ownership in which only one individual has all the benefits and risks of running an enterprise. In a sole proprietorship, there is no legal distinction between the assets and liabilities of a business and those of its owner.
a)
Cooperative (Co-op)
b)
Corportation
c)
Limited Liability Company (LLC)
d)
Sole Proprietorship
e)
Partnership
14.
A part of the value chain, after determining trends in consumer preferences, that create innovative new processes, products, and solutions to solve problems.
a)
Research & Development (R&D)
b)
Pre-Production
c)
Production
d)
Supply Chain
e)
End Product
15.
A part of the value chain, products like seed, machinery, and data analysis are just some of the things needed to carry out the duties of the rest of the chain.
a)
Pre-Production
b)
Research & Development (R&D)
c)
Production
d)
Supply Chain
e)
End Product
16.
A part of the value chain, raw materials needed for end products are produced. Crops are grown, livestock is raised, oil is drilled and coal is mined.
a)
Production
b)
Research & Development (R&D)
c)
Pre-Production
d)
Supply Chain
e)
End Product
17.
A part of the value chain, raw materials needed for end products are produced. Crops are grown, livestock is raised, oil is drilled and coal is mined.
a)
Production
b)
Research & Development (R&D)
c)
Pre-Production
d)
Supply Chain
e)
End Product
18.
A channel of distribution beginning with the supplier of materials or components, extending through a manufacturing process to the distributor.
a)
Supply Chain
b)
Research & Development (R&D)
c)
Pre-Production
d)
Production
e)
End Product
19.
A part of the value chain, food, fuel, fiber, lumber or pharmaceuticals is ready, it is stocked for public use.
a)
End Product
b)
Research & Development (R&D)
c)
Pre-Production
d)
Production
e)
Supply Chain
20.
A part of the value chain, advertising, and marketing are used to inform consumers of their purchase options and lead them to stores.
a)
Sales, Service, & Support
b)
Research & Development (R&D)
c)
Pre-Production
d)
Production
e)
Supply Chain
21.
A person or organization that uses a commodity or service. The final step of the value chain.
a)
Consumers
b)
Research & Development (R&D)
c)
Pre-Production
d)
Production
e)
Supply Chain
22.
A multi-step process that adds value to a commodity starting with research & development and ending with the consumer.
a)
Value Chain
b)
Research & Development (R&D)
c)
Pre-Production
d)
Production
e)
Supply Chain
100 %
