Exam (elaborations)

Test Bank Farm Management 10th Edition by Ronald Kay, William Edwards, Patricia Duffy.

0 purchase

Module
Operational management

Institution
Operational Management

Test Bank Farm Management 10th Edition by Ronald Kay, William Edwards, Patricia Duffy. ISBN: 9781264532643. Chapters 1 to 22 test bank for Farm Management 10e kay. Tb for Farm Management 10e by ronald kay.

[Show more]

Preview 4 out of 180 pages

View example

Uploaded on January 24, 2024
Number of pages 180
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

farm management
test bank farm management
10th edition
ronald kay
william edwards
patricia duffy
test bank
test bank for farm management 10e

Institution Operational management
Module Operational management

docusity

Member since 1 year 430 documents sold

£20.45

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

TEST BANK Farm Management 10th Edition by Ronald Kay

Chapter 1.

TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) In the future, farm managers will have to be concerned about the environmental effects of
their practices on their own farms, but not away from their own farm.
⊚ true
⊚ false

2) Standardized accounting practices for farming operations will make comparisons with other
farms and nonfarm businesses more meaningful.
⊚ true
⊚ false

3) One of the most important areas in which advances in electronics can help farm managers is
in collecting the raw data needed to make better decisions.
⊚ true
⊚ false

4) Since farm managers will be making the same basic types of decisions in the 21st century as
they did in the previous century, they can rely on rules of thumb to guide their actions.
⊚ true
⊚ false

5) Product differentiation means producing crops and livestock with different characteristics for
specific markets.
⊚ true
⊚ false

6) Entering into vertical integration alliances helps farms or ranches become more independent.
⊚ true
⊚ false

MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
7) One force that has helped cause farms in the United States to become larger and fewer is
A) competition from foreign producers.
B) lower production costs per unit by spreading fixed investment in technology over
more units.
C) more labor used in agricultural production.
D) declining nonfarm wage rates.

1

,8) Improved data collection technology such as satellite or drone-based photography will be
most helpful to farm managers for
A) preparing up-to-date financial statements.
B) balancing livestock rations.
C) prescribing fertility and pest control practices for smaller land units.
D) producing more uniform products.

9) Standardization of farm financial ratios and accounting practices will help farm managers
A) compete with nonfarm businesses for capital.
B) summarize their account books in less time.
C) pay less income tax.
D) manage hired employees more effectively.

10) Agricultural processors will probably want more uniform products in the future in order to
A) pay lower prices to producers.
B) diversify their product lines.
C) reduce environmental contamination.
D) make more efficient use of processing and packaging equipment.

11) By forming strategic alliances, small and medium-sized farmers and ranchers can
A) increase their managerial freedom.
B) achieve advantages of diversification.
C) achieve marketing advantages that larger operations enjoy.
D) increase their own volume of production.

12) An increase in the number of nonfarmers living in rural areas will cause
A) farmland values to decrease.
B) farmers to pay more attention to off-farm effects of their production practices.
C) less regulation of agricultural production practices.
D) profit maximization to be the only criterion for adopting new technologies.

13) Globalization refers to the process of
A) reducing trade barriers among countries.
B) protecting a country’s farmers by taxing competing products from other countries.
C) a gradual rise in the average temperature of the earth.
D) countries producing a greater variety of agricultural products for their own needs.

2

,14) Vertical integration refers to the process by which farmers or ranchers
A) grow taller crops.
B) grow a greater variety of products.
C) increase the size of their operation by leasing or buying more land.
D) enter into agreements with processors or distributors to supply them with their
products.

15) A beef cow-calf operator who specializes in raising high-quality breeding stock and calves
for exhibiting at livestock shows would be classified as
A) high-volume, low-margin producer.
B) low-volume, high-margin producer.
C) service provider.
D) part-time operator.

16) According to the U.S. Census of Agriculture, the largest percentage of farms in the United
States would be considered
A) large, corporate farms.
B) medium-size family farms.
C) small, part-time farms.
D) large communally operated farms.

17) Over the past 30 years the number of farm units in the United States has
A) declined sharply.
B) declined gradually.
C) stayed the same.
D) increased gradually.

SHORT ANSWER. Write the word or phrase that best completes each statement or
answers the question.
18) Describe one characteristic or aspect of agriculture that causes decision-making to be
different from decision-making in other sectors of the economy.

3

, 19) Name one major trend that you think may take place in U.S. agriculture over the next 25
years.

20) Describe how you think a good farm manager will respond to this trend.

21) Describe a current trend in consumer demand for agricultural products, and suggest a way
that producers could respond to it.

4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller docusity. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £20.45. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Exam (elaborations)

Test Bank Farm Management 10th Edition by Ronald Kay, William Edwards, Patricia Duffy.

Document information

Subjects

Written for

Seller

Reviews received

Content preview