Exam (elaborations)
Praxis Agriculture (5701) Exam Questions and Answers
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Praxis Agriculture (5701) Exam Questions and Answers
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Praxis Agriculture (5701)supply and demand - Answer -the amount of a commodity, product, or service available and the desire
of buyers for it, considered as factors regulating its price.
High supply and low demand - Answer -lower prices
Low supply and high demand - Answer -higher prices
law of diminishing returns - Answer -refers to a point at which the level of profits or benefits gained is
less than the amount of money or energy invested.
fixed costs - Answer -Costs that do not vary with the quantity of output produced
variable costs - Answer -costs that vary directly with the level of production
marginal cost - Answer -the cost added by producing one additional unit of a product or service
marginal returns - Answer -refers to the additional output resulting from a one unit increase in the use
of variable inputs, while other inputs are held constant
Inputs - Answer -the resources—such as labor, money, materials, and energy—that are converted into
outputs
,Outputs - Answer -the goods, services, and ideas that result from the conversion of inputs
current assets - Answer -cash and other assets expected to be exchanged for cash or consumed within a
year
Current Liabilities - Answer -short-term financial obligations due usually within a year or a normal
operating cycle
noncurrent assets - Answer -a company's long-term investments for which the full value will not be
realized within the accounting year. Examples include investments in other companies, intellectual
property (e.g. patents), and property, plant and equipment.
Noncurrent Liabilities - Answer -financial obligations in a company's balance sheet that are not expected
to be paid within one year
opportunity cost - Answer -Cost of the next best alternative use of money, time, or resources when one
choice is made rather than another
individual proprietorship - Answer -A form of business organization that is owned by a single individual
who makes all the business decisions, receives all the profits, and is responsible for any losses of the
firm.
Partnership - Answer -a business organization owned by two or more persons who agree on a specific
division of responsibilities and profits
cooperative - Answer -a business organization owned and operated by a group of individuals for their
mutual benefit
Corporation - Answer -a company or group of people authorized to act as a single entity (legally a
person) and recognized as such in law.
,Producer in Agribusiness - Answer -Farmer, Rancher: an owner-operator, landlord, tenant, or
sharecropper that shares in the risk of producing a crop/livestock and is entitled to a share of the
crop/livestock produced on the farm.
Service in Agribusiness - Answer -activities of value to the user or buyer. The activities are an intangible
product
Marketing in Agribusiness - Answer -providing the products and services (food, clothing, and shelter)
that people want when and where they want them
Processing in Agribusiness - Answer -The use of land to produce goods
Risk Management - Answer -All efforts designed to preserve assets and earning power associated with a
business.
Risk Management Plan - Answer -a plan that identifies the key risks to a project's success and prescribes
ways to circumvent them
Key components of a contract - Answer -To be valid, a contract must generally contain all of the
following elements:
Offer
Acceptance
Consideration
Legality
Key components of a lease - Answer -Identify Landlord and Tenants
Identify Property
Rental Term
Rent Amount and Due Date
Security Deposit Terms
Tenant Responsibilities
, Landlord and Tenant Signatures
lease - Answer -a contract by which one party conveys land, property, services, etc. to another for a
specified time, usually in return for a periodic payment
contract - Answer -An agreement between two or more parties that is enforceable in court
Diversification in agribusiness - Answer -a change in cropping pattern or the farmers opting for other
non-farming options like poultry farming, animal husbandry, etc
specialization in agribusiness - Answer -selecting one specialty in agribusiness and acquiring
need/knowledge in that discipline in order to articulate it well
Management Skills - Answer -The ability to plan, organize, direct, and control individuals or groups of
people to achieve specific goals.
Scheduling - Answer -the assignment of required tasks to departments or even specific machines,
workers, or teams
hiring - Answer -finding, acquiring, and training new employees
purchasing power - Answer -the ability to purchase goods and services
Agribusiness Plan - Answer -a written plan to help the producer identify and quantify costs, set price
goals, determine potential price outlook, examine production and price risk, and develop a strategy for
marketing your crop.
Executive Summary - Answer -A brief recounting of the key points contained in a business plan
business organization - Answer -summary of the pertinent information regarding the operation,
including contact information for counsel and parties involved in decision making
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