Ag Business Wuebker

Question 1

is the company’s goods consisting of•raw materials•Item that are in production and Goods are ready for sale

Accepted Answer

Inventory

Question 2

Must pay the same wages to male & female employees performing equal work – skill, responsibility, and working relates to

Accepted Answer

Equal Pay Act

Question 3

•Cannot discriminate against an individual in respect to: Race, Color, Religion, Sex, National Origin based on

Accepted Answer

Civil Rights Act

Question 4

This technique should be used before you close the sale to see if they are interested

Accepted Answer

Trail Close, Close

Question 5

A financial statement showing the revenue, expenses and net income or net loss of over a specific period of time.

Accepted Answer

Balance Sheet

Question 6

___________Reports cash receipts and disbursements related to the major activities of the business.

Accepted Answer

Statement of Cash Flow

Question 7

Which of the following can not be depreciated?

Accepted Answer

Land

Question 8

__shows the revenue, expenses net income/net loss of a business over a specific period of time.

Accepted Answer

Income Statement

Question 9

The 4 P's of marketing include: Price, Promotion, Place and Product

Accepted Answer

True

Question 10

_____method assumes that the oldest products in a company’s inventory have been sold first.

Accepted Answer

FIFO

Question 11

Showing all assets and equities of a business on a specific date-assets, liabilities-net worth

Accepted Answer

financial statement

Question 12

Which of the following is an example of a channel of distribution?

Accepted Answer

All of the above

Question 13

Allows a final check in the accuracy of the change in owner equity between the beginning and ending balance sheets.

Accepted Answer

Statement of Owners Equity

Question 14

This is traditionally the hardest form of prospecting

Accepted Answer

Cold Call

Question 15

This method of accounting is not counted until (cash is actually received), common for Ag

Accepted Answer

Accrual

Question 16

Your assets minus your liabilities is your

Accepted Answer

Net Worth

Question 17

An inventory management method in which you keep as little inventory on hand as possible to support your business goals.

Accepted Answer

JIT

Question 18

Which is the best way to determine a customer’s needs

Accepted Answer

Both 1 & 2

Question 19

________is when you try to sell something else besides your product to a costumer

Accepted Answer

suggestive selling

Question 20

_________is an example of retirement account that allows you to save money on a tax deferred basis

Accepted Answer

IRA

Question 21

Sole Proprietorship is the most common type of business

Accepted Answer

True

Question 22

___is an estimate of the annual dollar loss in value associated with the ownership of a asset.

Accepted Answer

Depreciation

Question 23

__________ A financial statement showing all assets and equities of a business on a specific date.

Accepted Answer

Balance Sheet

Question 24

Which of the following is a disadvantage of sole proprietorship

Accepted Answer

All of the above

Question 25

•Protects individuals’ medical records & personal health information

Accepted Answer

HIPPA

Question 26

Is when you lock in a price in selling for future deliver as a method of marketing?

Accepted Answer

Forward Contract

Question 27

According to OSHA All Employers must provide Personal Protective Equipment

Accepted Answer

True

Question 28

What is the final step in a sale?

Accepted Answer

Close

Question 29

______method assumes that the most recent products in a company’s inventory have been sold first.

Accepted Answer

LIFO

Question 30

__Is when a company advertises a special for a certain price but you find something different

Accepted Answer

Bait & Switch

Question 31

Which of the following is an advantage of leasing

Accepted Answer

All of the above

Question 32

_______businesses are designed to provide goods and services to members either at cost or near cost.

Accepted Answer

Cooperatives

Question 33

LLC combine corporate advantage of limited liability and the single tax of a partnership

Accepted Answer

True

Ag Business Wuebker

Questions 33

Ag Business Wuebker

Questions 33