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AGBU 2389, AGBU Bullion Exam 2, AGBU Exam 3 Question and answers already passed $17.49
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Exam (elaborations)

AGBU 2389, AGBU Bullion Exam 2, AGBU Exam 3 Question and answers already passed

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AGBU 2389, AGBU Bullion Exam 2, AGBU Exam 3 Question and answers already passed Management functions - correct answer (PIC): plan, implement, control. Partial Budgeting - correct answer -Method for analyzing the profit potential of small changes in the overall farm plan. -"Fine-tuning" ...

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  • December 19, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AGBM
  • AGBM
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Academia199
AGBU 2389, AGBU Bullion Exam 2,
AGBU Exam 3 Question and answers
already passed
Management functions - correct answer ✔(PIC): plan, implement, control.


Partial Budgeting - correct answer ✔-Method for analyzing the profit potential
of small changes in the overall farm plan.
-"Fine-tuning" an existing farm plan
-Use information from enterprise budgets


Assets (be able to explain) - correct answer ✔Has value for one or both of 2
reasons:
-Can be sold or generate cash
-Used to produce other goods that in turn can be sold for cash in the future.
(calf, bull, cow)


Steps in the decision making process - correct answer ✔1. Identify and
define the problem or opportunity.
2. Identify alternative solutions.
3. Collect data and information.
4. Analyze the alternatives and make a decision.
5. Implement the decision.
6. Monitor and evaluate the results.
7. Accept responsibility.

,Current assets - correct answer ✔Assets that can be used up, sold, or
converted to cash in the next year as a normal part of business activities.
(short term)


Uses of a Partial Budget - Examples - correct answer ✔-Increase the size of
a small beef herd or eliminate it
-Own custom harvesting equipment or custom hire our harvesting
-Plant more barley and less wheat


Management Capacity - correct answer ✔the ability to make and improve
decisions over time both efficiently and rapidly


Non-current assets - correct answer ✔Any asset that is not classified as a
current asset. (long term)


Uses of a Partial Budget - correct answer ✔-Basically, we use partial
budgeting to evaluate a production change to see its financial effect on the
overall farm business
-Calculate the expected change in profit from a proposed change in the farm
business.
-Compares the profitability of the current situation with a proposed change or
new alternative.
-A form of marginal analysis
-Measures "small changes"


Characteristics of a decision - correct answer ✔1. Importance
2. Frequency
3. Imminence
4. Revocability

, 5. Number of alternatives


Liabilities (be able to explain) - correct answer ✔-An obligation or debt owed
to someone else
-or it represents an obligation claim against one or more of the business
assets.


Partial Budgeting Procedure Steps - correct answer ✔Identify and define the
problem.
Identify alternatives.
Collect data and information.
Analyze alternatives.


Current Liabilities: - correct answer ✔Are financial obligations that will
become due and payable within one year from the date of the balance sheet
(short term)


Non current Liabilities: - correct answer ✔All obligations that do not have to
be paid in full within the next year. (long term)


Long term Liabilities: - correct answer ✔Greater than 10 years (mortgages
certain purchase agreements)


Intermediate Liabilities: - correct answer ✔Typically debt that is due in 1 to
10 years (Ex. vehicle, loans)


What will happen if the proposed alternative is implemented? 4 questions: -
correct answer ✔What new or additional costs will be incurred?
What current costs will be reduced or eliminated?

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