Total cost of producing a product equals:
Answer: fixed costs + variable costs
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Business Management
- Individual agricultural producers are described as "price takers" because:
- 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?
- 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?
- 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:
- 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,:
- The Net Worth Statement is the best measure of:
- 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:
- Which of the following Net Capital Ratios would indicate the best financial position? (Total Assets / Total Liabilities)
- 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?
- Riparian rights refers to the rights of:
- A producer who says, "I'll grow cotton in the short run", probably means he:
- If the revenue from an enterprise is more than the total variable and fixed costs, a producer will
- Which item is most likely to produce capital gains when it is sold?
- Items which are least marketable and least readily converted into cash without loss are:
- A major goal of producers who grow only one crop is to:
- 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:
- A well known market where futures contracts are traded is the:
- When a loan is secured, it means that:
- As a general rule, you should purchase life insurance if:
- How much will the total soil cost for Amy's 8000 hanging baskets be?
- 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?
- A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a:
- In general, it can be said that when beef prices are low that:
- If the U.S. government granted you exclusive rights to produce Vidalia onions, that would be a(n):
- 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:
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