Buying and selling of commodity futures

Shows the financial condition of a business

The decrease in value over an assets useful life

Total Assets - Total liabilities

Goods that could be bought or sold

Price fixed by the seller at which the goods will be sold

The value of an asset after full depreciation

Direct cost affecting the business

Money spent to operate a business on a daily basis

A financial measure of net worth

Money owed to a business after a specific time period

A person who operates a business independently "Risk taker"

The value of an asset after prior depreciation is accounted

Cash value of assets based on real cost

Goals accomplished within 5 years

Property or resources owned by a business

Money owed by a business after a specific time period

The value of an asset sold as is in the current market

The ability of business to convert assets to cash quickly

Total assets - Total Liabilities

Money obtained through the sale of assets

Amount of a commodity available V the desire of consumers

Costs not paid outright, but implied

Business run by an elected executive board

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FFA Farm Business Management CDE

28 termsStudBud Administration162 plays

FFA FBM CDE- Mi Lapeer County Vocab #FFA #CDE #Agriculture

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Questions 28

Answers

1
Hedging
Buying and selling of commodity futures
Informal agreement in writing or by word
Agreement to buy commodities before harvest
A formal agreement in writing
2
Net Worth Statement
Excess of returns over profits
A partial look at short term costs and profits
Shows the financial condition of a business
Cost of doing business - unpaid labor
3
Depreciation
The value of an asset as is, if sold today
Business controlled by members
Loss of profit
The decrease in value over an assets useful life
4
Net Worth Equation
Total assets / Total liabilities
Total liabilities - Total assets
Total assets + Total liabilities
Total Assets - Total liabilities
5
Commodity
A person who buys and sells goods
Goods that could be bought or sold
Excess of returns over expenses
A formal statement of the goals and values of the company
6
Strike Price
Sale of a commodity before harvest
Price of a commodity after harvest
Price at which a commodity is sold
Price fixed by the seller at which the goods will be sold
7
Net Farm Income
Cost of doing business business- unpaid labor
Return of equity and capital
Total assets - Total liabilities
The money needed to operate the business on a daily basis
8
Salvage Value
The value of an asset brand new
The value of an asset today
The value of an asset after full depreciation
The value of an asset given today's market
9
Explicit Costs
Direct cost affecting the business
Variable cost
Fixed cost
Indirect cost affecting the business
10
Variable Costs
Money spent to operate a business on a daily basis
Fixed costs of production
costs that are only constant for a few months at a time
Cost of production
11
Equity
the ability of a business to turn assets into cash
Costs paid directly
Cost not paid outright
A financial measure of net worth
12
Accounts Received
Measure of net worth
Money owed to a business after a specific time period
How quickly assets can be converted to cash
Money owed by a business after a specific time period
13
Present Value
The value of an asset given the market prices
The value of an asset today
The value of an asset brand new
The value of an asset after full depreciation
14
Entrepreneurship
The nonprofit business operated by its members
A person who operates a business independently "Risk taker"
A for-profit business operated by an appointed E-Board
2 people take equal responsibility for a business
15
Book Value
The value of an asset after prior depreciation is accounted
The value of an asset after full depreciation
The value of an asset brand new
The value of an asset in the current market
16
Current Value
Cash value of assets based on real cost
Value of an asset after full depreciation
Financial measurement of net worth
State of being short in supply l
17
Short- Term Goal
Financial goals
Goals to be accomplished within 10 - 15 years
Goals accomplished within 5 years
small scale goal
18
Asset
Amount of money obtained through buying and selling goods
Property or resources owned by a business
Person that buys and sells goods
Goods bought or sold
19
Accounts Payable
Fixed and variable incomes
Money owed to a business after a specific time period
Fixed and variable costs
Money owed by a business after a specific time period
20
Market Value
The value of an asset after full depreciation
The value of an asset brand new
The value of an asset sold as is in the current market
The value of an asset in the present day
21
Liquidity
capital used in the daily operation of a business
The ability of business to convert assets to cash quickly
Monetary value of an asset
shortage
22
Equity Equation
Total assets - Total Liabilities
Total liabilities - Total assets
Total liabilities * Total assets
Total assets + Total liabilities
23
Capital
The money owed on a balance
Money used in the daily operation of a business
Money obtained through the sale of assets
Value of a product sold
24
Law of Demand
Price and demand are not related
As prices fall, demand rises
As demand falls, prices fall
As demand rises, prices rise
25
Supply and demand
The price of a commodity V the desire of consumer
The desire of a consumer V the price of a commodity
Amount of a commodity available V the desire of consumers
Amount of commodity available V the price
26
Implicit Costs
Expenses paid for a given period of time
The money owed on a balance
Costs paid outright
Costs not paid outright, but implied
27
Corporation
Business run by two people
Business run by an elected executive board
Business run by one person
Business run by its members
28
Liabilities
Money owed of a balance
Ability to turn assets to cash
Government levy on income
Capital

FFA Farm Business Management CDE Flashcards | StudBud