Individual agricultural producers are described as "price takers" because:
Answer: as individuals, they have very little power to influence prices.
Sally made $12,479 profit on her operation last year. Her capital investment was $39,550. What was her rate of return to capital invested?
Sally made $12,479 profit on her operation last year. Her capital investment was $39,550. What was her rate of return to capital invested?
Answer: 31.55%
On a dark night a tornado blew down some trees onto John's fence. While John was still asleep, and before daylight, one of John's steers wandered out onto the road and got hit by Hosea's car. The steer was killed and the car was badly damaged. Which statement is correct?
On a dark night a tornado blew down some trees onto John's fence. While John was still asleep, and before daylight, one of John's steers wandered out onto the road and got hit by Hosea's car. The steer was killed and the car was badly damaged. Which statement is correct?
Answer: John is not liable for Hosea's car damage and Hosea is probably not liable for the steer
A 62 year old woman wants to pass along her farm and other assets to her children with a minimum amount of taxes. She should:
A 62 year old woman wants to pass along her farm and other assets to her children with a minimum amount of taxes. She should:
Answer: see someone specializing in estate planning.
Bob told the banker that his partner, Justin, had quit their partnership so he was going to make one half of the truck payment as he usually did, and let the banker collect the other half from Justin. The banker would most likely say,:
Bob told the banker that his partner, Justin, had quit their partnership so he was going to make one half of the truck payment as he usually did, and let the banker collect the other half from Justin. The banker would most likely say,:
Answer: As with any partnership you are individually and collectively responsible for the full amount."
The Net Worth Statement is the best measure of:
The Net Worth Statement is the best measure of:
Answer: financial progress over a period of years
A producer bought a new combine which was larger and much more expensive than his old one, so he said, "I need to rent more acreage so that my:
A producer bought a new combine which was larger and much more expensive than his old one, so he said, "I need to rent more acreage so that my:
Answer: average fixed cost per acre will decline."
Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets / Total Liabilities)
Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets / Total Liabilities)
Answer: 2.8
Carol calculated her payment over a 3 year period on a $14,000 piece of equipment as $388.89 per month, including principle and interest. What can be said about Carol's calculations?
Carol calculated her payment over a 3 year period on a $14,000 piece of equipment as $388.89 per month, including principle and interest. What can be said about Carol's calculations?
Answer: Her calculation is wrong, the payment is too low
Riparian rights refers to the rights of:
Riparian rights refers to the rights of:
Answer: a land owner with property bordering a stream
A producer who says, "I'll grow cotton in the short run", probably means he:
A producer who says, "I'll grow cotton in the short run", probably means he:
Answer: will grow the current crop, but then find an alternative crop to produce
If the revenue from an enterprise is more than the total variable and fixed costs, a producer will
If the revenue from an enterprise is more than the total variable and fixed costs, a producer will
Answer: make a profit.
Which item is most likely to produce capital gains when it is sold?
Which item is most likely to produce capital gains when it is sold?
Answer: timber
Items which are least marketable and least readily converted into cash without loss are:
Items which are least marketable and least readily converted into cash without loss are:
Answer: fixed or long term assets
A major goal of producers who grow only one crop is to:
A major goal of producers who grow only one crop is to:
Answer: free-up their time for off-farm work
John's main job is programming computers. After work and on days off he raises soybeans. John has just sold a contract for his soybeans. He is:
John's main job is programming computers. After work and on days off he raises soybeans. John has just sold a contract for his soybeans. He is:
Answer: hedging.
A well known market where futures contracts are traded is the:
A well known market where futures contracts are traded is the:
Answer: Chicago Board of Trade.
When a loan is secured, it means that:
When a loan is secured, it means that:
Answer: the borrower has put up property worth as much or more than the principle of the loan.
As a general rule, you should purchase life insurance if:
As a general rule, you should purchase life insurance if:
Answer: dependents rely on your income to live.
How much will the total soil cost for Amy's 8000 hanging baskets be?
How much will the total soil cost for Amy's 8000 hanging baskets be?
Answer: $2,320
Amy has 8,000 ten inch hanging baskets to fill with soil. How much will her per-unit cost of soil be if each bag of soil costs $18 and each bag will fill 62 ten-inch baskets?
Amy has 8,000 ten inch hanging baskets to fill with soil. How much will her per-unit cost of soil be if each bag of soil costs $18 and each bag will fill 62 ten-inch baskets?
Answer: $0.29
A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a:
A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a:
Answer: cooperative
In general, it can be said that when beef prices are low that:
In general, it can be said that when beef prices are low that:
Answer: beef supplies are high.
If the U.S. government granted you exclusive rights to produce Vidalia onions, that would be a(n):
If the U.S. government granted you exclusive rights to produce Vidalia onions, that would be a(n):
Answer: monopoly.
As a farm manager you want to find your net capital ratio (total assets / total liabilities). You have current liabilities of $58,000 and long term liabilities of $82,000. Your assets equal $210,000. Your net capital ratio would be:
As a farm manager you want to find your net capital ratio (total assets / total liabilities). You have current liabilities of $58,000 and long term liabilities of $82,000. Your assets equal $210,000. Your net capital ratio would be:
Answer: 1.5
Lynn has hedged his soybeans based on predicted production of 50 bushels per acre. He also contracted to purchase all his materials, supplies, and other inputs at a good price to produce the crop. Under which of the following conditions would Lynn be in trouble?
Lynn has hedged his soybeans based on predicted production of 50 bushels per acre. He also contracted to purchase all his materials, supplies, and other inputs at a good price to produce the crop. Under which of the following conditions would Lynn be in trouble?
Answer: The market price at harvest time is double what he hedged the beans for and he makes 30 bushels per acre
Marvin raises purebred Simmental cattle. The money he spends on hay and feed would be termed a
Marvin raises purebred Simmental cattle. The money he spends on hay and feed would be termed a
Answer: marginal cost
A written statement that shows the exact size, location, ownership and method of ownership of property is called a:
A written statement that shows the exact size, location, ownership and method of ownership of property is called a:
Answer: contract.
If you get $0.20 per bushel above the break even price, what will be your profit on 15,000 bushels?
If you get $0.20 per bushel above the break even price, what will be your profit on 15,000 bushels?
Answer: $30,000
Jeff plants corn this year on 98 acres. It costs him $138.00 per acre to grow the corn. If corn brings $2.47 per bushel, how many bushels does he have to produce to break even?
Jeff plants corn this year on 98 acres. It costs him $138.00 per acre to grow the corn. If corn brings $2.47 per bushel, how many bushels does he have to produce to break even?
Answer: 56 bu./acre
A farm or ranch is termed solvent if which of the following apply?
A farm or ranch is termed solvent if which of the following apply?
Answer: Total assets are equal to or greater than total liabilities.
Kelly borrowed $1000 from the bank at 8% interest. She is to make a lump sum payment at the end of the year. If simple interest is used, what is the total amount she will pay?
Kelly borrowed $1000 from the bank at 8% interest. She is to make a lump sum payment at the end of the year. If simple interest is used, what is the total amount she will pay?
Answer: $1,080
The owner of a side of a stream or riverbank is called a:
The owner of a side of a stream or riverbank is called a:
Answer: riparian.
Long term assets include:
Long term assets include:
Answer: buildings
John Henry made $75,345 profit on his farrow to-finish operation. His capital investment was $670,450. What was his rate of return to capital invested?
John Henry made $75,345 profit on his farrow to-finish operation. His capital investment was $670,450. What was his rate of return to capital invested?
Answer: 11%
Which of the following is deductible on farm income taxes?
Which of the following is deductible on farm income taxes?
Answer: livestock feed costs
Total assets minus total liabilities equals:
Total assets minus total liabilities equals:
Answer: net worth.
A statement of expected returns and costs that are associated with the production of one product is a(n):
A statement of expected returns and costs that are associated with the production of one product is a(n):
Answer: enterprise budget
A farmer is contemplating buying a combine instead of having his wheat custom harvested. In his partial budget, if additional costs and reduced returns are greater than additional returns and reduced costs he should:
A farmer is contemplating buying a combine instead of having his wheat custom harvested. In his partial budget, if additional costs and reduced returns are greater than additional returns and reduced costs he should:
Answer: not buy the combine.
If a farmer's equity is $400,000 and his liabilities are $250,000 his debt
If a farmer's equity is $400,000 and his liabilities are $250,000 his debt
Answer: equity ratio (liability/equity) is: - 0.63
If Mary Jones's corn yield doubles, her:
If Mary Jones's corn yield doubles, her:
Answer: break-even price will decrease
Which of the following is NOT an advantage of a cash flow projection?
Which of the following is NOT an advantage of a cash flow projection?
Answer: It sets prices you will receive in the future.
A market in which there are a few producers of very similar products, such as automotive manufacturers, is an example of which of the following?
A market in which there are a few producers of very similar products, such as automotive manufacturers, is an example of which of the following?
Answer: Oligopoly
If one of the major soybean producing countries other than the U.S. has a drought this year and soybean production is drastically reduced, what effect if any, will this probably have on the price of soybeans in Georgia?
If one of the major soybean producing countries other than the U.S. has a drought this year and soybean production is drastically reduced, what effect if any, will this probably have on the price of soybeans in Georgia?
Answer: prices will go up.
A market where there is a true interaction of supply and demand, and where government interference does not exist is an example of:
A market where there is a true interaction of supply and demand, and where government interference does not exist is an example of:
Answer: a free market.
Total cost of producing a product equals:
Total cost of producing a product equals:
Answer: fixed costs + variable costs
An estimate of monthly cash inflows and outflows over a year, is a:
An estimate of monthly cash inflows and outflows over a year, is a:
Answer: cash flow projection
An advantage of a farm corporation is that:
An advantage of a farm corporation is that:
Answer: it limits liability of the owners
Suppose John Brown has 100 acres of cropland. He wants to plant it in corn and soybeans. To decide what ratio of corn and beans will give him the most returns he should use a:
Suppose John Brown has 100 acres of cropland. He wants to plant it in corn and soybeans. To decide what ratio of corn and beans will give him the most returns he should use a:
Answer: partial budget
If the price of a product increases and the demand does not change, the demand for the product is said to be:
If the price of a product increases and the demand does not change, the demand for the product is said to be:
Answer: inelastic.
If demand for a product goes down and all other factors remain the same, then the price of that product will probably
If demand for a product goes down and all other factors remain the same, then the price of that product will probably
Answer: decrease.
An agreement to buy and receive or to sell and deliver a commodity at an upcoming date with certain specified characteristics is a:
An agreement to buy and receive or to sell and deliver a commodity at an upcoming date with certain specified characteristics is a:
Answer: futures contract.
The ability of a business to pay off liabilities without disrupting business is termed:
The ability of a business to pay off liabilities without disrupting business is termed:
Answer: liquidity
A business that is owned and controlled by one person is a:
A business that is owned and controlled by one person is a:
Answer: sole proprietorship
Which of the following is NOT a variable cost?
Which of the following is NOT a variable cost?
Answer: depreciation
Returns to unpaid operator and family labor, equity capital, and management is:
Returns to unpaid operator and family labor, equity capital, and management is:
Answer: net farm income.
Suppose farmer Johnson buys a new cotton picker for $160,000. It has a useful life of six years and a salvage value of $40,000. What is the annual depreciation using the straight line method?
Suppose farmer Johnson buys a new cotton picker for $160,000. It has a useful life of six years and a salvage value of $40,000. What is the annual depreciation using the straight line method?
Answer: - $20,000
An advantage of the cash method of reporting income and expenses is:
An advantage of the cash method of reporting income and expenses is:
Answer: more flexibility to choose when to take income and deduct expenses.
The first step in making a sound management decision is to:
The first step in making a sound management decision is to:
Answer: define the problem.
Examples of fixed costs are:
Examples of fixed costs are:
Answer: rent, taxes, and insurance.
The size of farms in the United States is:
The size of farms in the United States is:
Answer: increasing.
Signing a contract to produce a product at a set price is done to
Signing a contract to produce a product at a set price is done to
Answer: reduce the risk of unfavorable price fluctuations.
Speculators in the futures market:
Speculators in the futures market:
Answer: do not produce any of the products they buy and sell.
The property and other resources owned and controlled by a business are:
The property and other resources owned and controlled by a business are:
Answer: assets
The book value of a piece of equipment would be the:
The book value of a piece of equipment would be the:
Answer: cost of the item minus any adjustments such as prior depreciation
If the use of a tractor is decreased from 750 to 500 acres per year it's:
If the use of a tractor is decreased from 750 to 500 acres per year it's:
Answer: average fixed cost per acre will increase
If someone owes your business money, you would consider this:
If someone owes your business money, you would consider this:
Answer: accounts receivable.
Which independent variables may typically include in advertisement experiments?
Which independent variables may typically include in advertisement experiments?
Answer: A-independent variables B-dependent variables
What is meant by "internal validity criterion"?
What is meant by "internal validity criterion"?
Answer: the extent to which researchers can be confident of a cause-and-effect relationship
Which of the below sounds inconsistent with experimental research?
Which of the below sounds inconsistent with experimental research?
Answer: Consumers are likely to provide false answers in experimental research
Independent and dependent variables must be considered by the researchers when they are designing experiments. In addition, from an ethical perspective, what must they ensure?
Independent and dependent variables must be considered by the researchers when they are designing experiments. In addition, from an ethical perspective, what must they ensure?
Answer:
-That participants provide informed consent to participate (in university experiments)
-That the risks for participants are minimized
According to Vargas et al. 2017 about experimental advertising research, "mood congruency theory" for advertising on TV programs predicts that:
According to Vargas et al. 2017 about experimental advertising research, "mood congruency theory" for advertising on TV programs predicts that:
Answer: Sad ads are better to be placed in happy TV programs
Which one of those criteria is not a fundamental criterion in order to establish a causal relationship?
Which one of those criteria is not a fundamental criterion in order to establish a causal relationship?
Answer: The cause must be the only explanation of the
Fiedler and Schwarz (2016) tested the prevalence of 10 questionable research practices in psychological research. Which one of the following was not mentioned?
Fiedler and Schwarz (2016) tested the prevalence of 10 questionable research practices in psychological research. Which one of the following was not mentioned?
(Hanna's comment: But weren't all actually mentioned?)
Answer: Selective reporting of (dependent) variables
According to the mood consistency theory, which TV program will it be better to place a sad advertisement (e.g. a plea to donate money for starving children) in?
According to the mood consistency theory, which TV program will it be better to place a sad advertisement (e.g. a plea to donate money for starving children) in?
Answer: Sad program
Which are examples of variables advertising researches study?
Which are examples of variables advertising researches study?
Answer: Persuasion knowledge, advertising literacy, media multitasking, humor
Internal validity in advertising research refers to?
Internal validity in advertising research refers to?
Answer: The extent to which researchers can be confident of a cause-and-effect relationship.
According to Ferrandiz's (2001) four levels of participation during a participation observation, which of the following more appropriately describes "moderate participant observation"?
According to Ferrandiz's (2001) four levels of participation during a participation observation, which of the following more appropriately describes "moderate participant observation"?
Answer: Ethnographers immerse in the field, participate in activities on a limited and occasional level, with the locals fully aware of the ethnographer's presence
Which of these three characteristics is most descriptive of qualitative research?
Which of these three characteristics is most descriptive of qualitative research?
Answer: Holistic, Subjective, Exploratory
How would you describe an emic perspective?
How would you describe an emic perspective?
Answer: insider or bottom up
What is the main objective of ethnography in consumer research?
What is the main objective of ethnography in consumer research?
(Hanna's comment: Though, if you believe that other methods (e.g. focus group interviews) provide equal level of understanding, they may be even faster - implicit assumption that ethnographic research leads to superior understanding)
Answer: Gain an understanding as fast as possible of the phenomena being studied.
In Ethnography Data Collection Method the primary source of data collection is:
In Ethnography Data Collection Method the primary source of data collection is:
Answer: Participant observation
In netnography/virtual ethnography, in which position can the researcher be involved during the study through an online platform (social or mainstream)?
In netnography/virtual ethnography, in which position can the researcher be involved during the study through an online platform (social or mainstream)?
Answer: observant or participant
In which of the following roles the locals are completely aware of the ethnographers presence, however the ethnographers participation is limited and mostly occasional?
In which of the following roles the locals are completely aware of the ethnographers presence, however the ethnographers participation is limited and mostly occasional?
Answer: Moderate Participant Observation
What characteristics are not a part of ethnography?
What characteristics are not a part of ethnography?
Answer: Interview schedule, Survey
Which of the following descriptions about ethnography is not correct?
Which of the following descriptions about ethnography is not correct?
Answer: Formal interviews with group focus interviewing techniques and an organized list of questions are needed.
Which ethnography approach used in the example of Peru, was selected to register the multisensory aspects of food and beverage consumption?
Which ethnography approach used in the example of Peru, was selected to register the multisensory aspects of food and beverage consumption?
Answer: Sensory ethnography
What should the observers do during the ethnographies in order to avoid bias
What should the observers do during the ethnographies in order to avoid bias
Answer: Adopt a reflexive attitude on their subjectivity
Which of the following statements is not an advantage of ethnography?
Which of the following statements is not an advantage of ethnography?
Answer: Ethnography consists of a time-efficient data collection process.
What is "focused" or "micro" ethnography?
What is "focused" or "micro" ethnography?
Answer: Conducted within subcultural groups rather than within a cultural group, relying on short fieldwork
What is not mentioned by Valentin and Gomez-Corona as a type of participant observation when collecting data in an ethnographic research?
What is not mentioned by Valentin and Gomez-Corona as a type of participant observation when collecting data in an ethnographic research?
Answer: Passive participation
Which statement about ethnographies is false?
Which statement about ethnographies is false?
Answer: They mainly serve as an observation tool.
According to Pink 2006, Ethnography claims to:
According to Pink 2006, Ethnography claims to:
Answer: Offer a version of ethnographers' experience of reality
Which type of ethnography is known as "lifelogging" and uses audio visual recorder or digital tools, for example, video live streaming?
Which type of ethnography is known as "lifelogging" and uses audio visual recorder or digital tools, for example, video live streaming?
Answer: Mobile Ethnography
Ethnography has become a popular customer research method since it can be used to gain a greater understanding of customers' motivations but also to.
Ethnography has become a popular customer research method since it can be used to gain a greater understanding of customers' motivations but also to.
Answer: Build efficient communication strategies
What of following choices is seen as a disadvantage of the method of ethnography?
What of following choices is seen as a disadvantage of the method of ethnography?
Answer: The time requirements and subjectivity issues
What are the two sub-categories to 'The esteem needs' which Maslow states?
What are the two sub-categories to 'The esteem needs' which Maslow states?
Answer: The desire of strength and achievements + The desire for reputation and prestige.
According to Maslow (1943), the five sets of goals are physiological, safety, love, esteem, and self-actualization. What is the factor that plays role behind monopolization of human consciousness to prioritize those goals
According to Maslow (1943), the five sets of goals are physiological, safety, love, esteem, and self-actualization. What is the factor that plays role behind monopolization of human consciousness to prioritize those goals
Answer: Hierarchy of prepotency
In which category of human motivation theory based on Maslow (1943) that person desires to get respect from other people and confidence?
In which category of human motivation theory based on Maslow (1943) that person desires to get respect from other people and confidence?
Answer: Esteem needs
What has freedom of speech, freedom to express one's self, freedom to investigate and seek for information, honesty and justice in common according to Maslow?
What has freedom of speech, freedom to express one's self, freedom to investigate and seek for information, honesty and justice in common according to Maslow?
Answer: They are all examples of "Preconditions for basic needs satisfaction".
According to Maslow (1943), the so-called "psychopathic personality" is a result for people who have been deprived of what need?
According to Maslow (1943), the so-called "psychopathic personality" is a result for people who have been deprived of what need?
Answer: The love needs
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