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Ag Business
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#agriculture #business
Flashcards
44 cards
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Practice quiz
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Questions
44
Answers
1
An asset usually is valuable to the company for:
More than 1 year
Less than 1 year
2
Economics is the study of:
Money
Scarcity
Decision Making
Financial Statements
3
The three top agriculture products produced in Montana are:
Wheat, Cattle, Pulses
Wheat, Cattle, Barley
Corn, Cattle, Barley
Cherries, Wheat, Pulses
4
Income is also called outflow
True
False
5
The financial document that reports the gains and losses from a specific period of time is:
Balance Sheet
Cash Flow Statement
Income Statement
6
Which of the following is a Non-Current asset?
Checking Account
Undeposited Checks
Delivery Truck
Inventory
7
Which county in Montana has the highest cattle inventory?
Meagher
Beaverhead
Yellowstone
Sweet Grass
8
To add up a column in Google Sheets the function you need to insert in the cell is:
$
AVE
TOTAL
SUM
9
Which asset is the most liquid?
Company Logo
Accounts Receivable
Inventory
Building
10
Money used to pay for a good or service is:
Liability
Asset
Expense
Net Profit
11
The amount of money involved in selling a good or service is:
Price
Equilibrium
Sunk Cost
Opportunity Cost
12
Raw materials, work in progress, spare parts, and finished goods are called:
Inventory
Depreciation
Expenses
Improvements
13
Physical assets are also called:
Intangible
Current
Liabilities
Tangible
14
Which of the following is a closer substitute to Nike Basketball shoes?
Twisted X Cowboy Boots
Nike Running Pants
Adidas Track Shoes
Under Armour Basketball Shoes
15
A ________________ is a request for payment.
Income Statement
Sales Receipt
Brochure
Invoice
16
A ranch or farm owner completes which tax form?
10-4
1040EZ
Schedule F
W-4
17
Money received for goods or services is called:
Income
Expenses
Depreciation
Assets
18
An example of an expense for a cattle ranch would be:
Veterinary Service
Selling calves at the auction
Getting a government payment
All of the above
19
Which of the following is an example of closing a sale?
Ask customer if you can write up an invoice for the sale
Establish Rapport
Match the customer's needs to the product's benefits
Getting the customer's name
20
Net Income =
Net Worth
Liabilities
Profit
Gross Revenues
21
What is another name for gross income?
Liability
Asset
Revenue
Profit
22
Which of the following assets can depreciate?
Building
All of the above
vehicle
Computers
23
Documentation that a product or service has been paid for is called:
Receipt
Invoice
Bill
Expense
24
Which of the following goods are a complement to an Ford pickup?
Chevy Pickup
4 Wheeler
Cell Phone
Bed Liner
25
Invoices and Receipts are recording in a company's accounting system under:
Accounts Receivable
Expenses
Cost of Goods
Sales
26
Sweet Grass Tire is an example of what kind of business?
Processing
Production
Service
Marketing
27
Montana crops bring in more income to the state than livestock does.
True
False
28
Which of the following assets is intangible?
Website
Computer
Building
Company Car
29
Agriculture is Montana's ______industry.
2nd after Mining
2nd after Tourism
1st
3rd after Mining and Tourism
30
Cost of Goods Sold include:
Goods in the process of being manufactured
Raw Materials
Manufactured parts to be used in making a good
All of the above
31
Profit / Gross Income =
Cost of Goods
Net Income
Net Profit
Profit Margin
32
Attention, Interest, Desire, Conviction and Action are parts of:
Sales Presentation
Selling Technique
Customer Buying Process
Retail Selling
33
Which of the following is a non-scarce good?
None of the above
Ammunition
Vaccines
Pepsi
34
Which of the following is a substitute for Lemonade?
Ice Tea
Pop
Water
All of the Above
35
Breeding Livestock are considered:
Intangible Assets
Tangible Assets
Current Assets
Non-current Assets
36
The highest purpose of a salesperson is to:
Make the company money
Get repeat customers
Get a commission
Help the customer make a wise buying decision
37
Indreland Angus processing the cattle from their ranch into steaks for retail sale is called:
Profit
Pricing
Scarcity
Adding Value
38
A sales representative selling Zoetis vaccines to Murdoch's is a:
Retail salesperson
Wholesale salesperson
39
Another term for non-current assets is:
Long-Term Assets
Prepaid Expenses
Current Assets
Notes
40
Pioneer Meats is an example of what kind of business?
Production
Marketing
Service
Processing
41
Gross Income-Expenses=
Net Worth
Net Income
Cash Expenses
Revenues
42
As supply goes down, demand goes:
Up
Down
43
Which of the following is a type of asset?
Tangible
Current
Non Current
All of the above
44
As Price increases, demand
Decreases
Increases