2020 Farm Business Test (Southeast FFA District)

A commodity market described as 'highly volatile' is one with what

The general name of federal benefits paid to people who retire

Which of the following is the best 'economic' description of money

The part of a loan payment that represents the return of the original amount borrowed

The assessed value per acre of land for Farm A was 8,000 in 2017 and 10,000 in 2018 What was the percentage change?

A change in inventory is likely used in calculating

Basis is a marketing term that generally refers to

If Hidden Valley Farms is breaking even, they are operating where:

Which of the following is a tax-deductible expense

U own a house with a assesed value of 150,000+ estimated market value of 160,000 Tax is 2% how much will u pay this year

In the market of grapefruit, what determines the market price

The management term used to describe an annual period of time that does NOT correspond to a normal calender year

Law of Diminishing Marginal Product states which of the following will decrease with the use of another unit of input

A, for her cattle business increases and decreases her selling price by .10/cwt. Which will greater impact her profits?

U agree to sell 5,000 bushels of soybeans at the mill on Nov 1 at $9.25 per bushel. Wha's this contractual arrangment

The relationship between quantity of an output and quantity of an input for a firm is called what

The price paid to buy an options contract is called this

If u can gain 10¢ per bundle from a 2,000-acre corn field that yeilds 200 bushels per acre how much will it add

Corn has a total fixed cost per acre-200, $3 per bushel- corn is $4 per bushel what's the famers breakeven per acre

In studying consumer purchasing behavior in economics, utility means

In a market, the price where the demand curve and the supply curve intersect is known as this price

The foregone rental income to a farmer who operates his own farm instead of renting it would be known as:

Net worth on a balance sheet = total assets less ____

The ability to convert assets into cash is known as:

A business owned by its customers or patrons is called what?

A person who helps you buy and sell things like stocks, bonds, futures contracts, and options is called what

If Green Acres sells a soybean futures contract, the farm has which of the following?

The "Law of Demand" in economics states that consumers will buy more of a product if what

The amount of a truck's purchase price that someone can deduct for income tax purposes this yeat is most likely called

A strike price is what

Liability insurance provides protection against which of the following

Corn sold by U.S. sellers to Japanese buyers would be regarded as

Of the following, which is the most liquid asset

What are the two general types of inputs used in a production process

In economics, the term 'risk taker' is often used to describe what