Goals accomplished within 5 years

Total assets - Total Liabilities

The ability of business to convert assets to cash quickly

Total Assets - Total liabilities

Goods that could be bought or sold

Money obtained through the sale of assets

Property or resources owned by a business

Business run by an elected executive board

The value of an asset after prior depreciation is accounted

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

The decrease in value over an assets useful life

A person who operates a business independently "Risk taker"

The value of an asset after full depreciation

Amount of a commodity available V the desire of consumers

Costs not paid outright, but implied

Money owed to a business after a specific time period

A financial measure of net worth

Buying and selling of commodity futures

Money owed by a business after a specific time period

Direct cost affecting the business

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

Money spent to operate a business on a daily basis

Cash value of assets based on real cost

Shows the financial condition of a business

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FFA Farm Business Management CDE

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

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Questions 28

Answers

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

FFA Farm Business Management CDE Flashcards | StudBud