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Flashcards in AGRIBUSINESS MULTI Deck (71)
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1

WTO (World Trade Organization) was established in?

1995

2

The boundary of a farm system is determined by the physical limits of the farm defined by such things as fences, roads, or waterways around the farm.

True

3

Which one of the following is NOT a New Zealand dairy cooperative?

Open Country Dairy

4

Supply shifters for a product are?

• Price of substitutes/complements in production
• Input costs
• Technology
• Policy
• Risk

5

The industry structure with many suppliers of a product, having and heterogeneous product is known as:

Perfect competition

6

The terms of trade at the farm gate are such that goods and services sold are paid for:

On the 20th of the month following the transaction for most goods and services

For live stock 14days from the sale

7

Dairy industry payments to farmers work in such a way that the milk produced in September is paid for (cash received):

On October 20th

8

An enterprise is:

An activity of a firm that has its own inputs, outputs and cash receipts

9

Resources of a primary-production firm are classified as:

Land, Labour, Capital and Management

10

A plant nursery owner has cash sales of $125,000 and cash purchases of plants of $100,000, the change in inventory value over that time period is -$2,000. The nursery has a Net Cash income and Gross Farm Income of:

$25,000 Net Cash Income and $23,000 Gross Farm Income

11

In the case of exported goods, when do farmers receive full payment for their product?

The final payment is to be received when the product reaches its destination and has been paid for

12

Annual seasonal changes in countries with a temperate climate are the result of what main effect?

Changing day length

13

An apple grower in the Hawkes bay is considering replacing her Granny Smith trees with the Pink Lady variety. This is an example of:

strategic planning

14

For most primary industries in New Zealand the biggest influence on cash flow is seasonality of production. True?

yes

15

MPI is the acronym for the Government department called

Ministry for Primary Industries

16

Working Capital is

Cash from sale of products or services, or seasonal/within-year borrowing, which is used to buy inputs, and to pay tax, wages, interest and principal

17

SWOT is a planning tool. What does the ‘T’ stand for?

Threats

18

Which one of the following is NOT a reason to work cooperatively in a group
a) Advantages of scale.
b) Reducedrisk.
c) Higher bargaining power.
d) Maximising the cost of individual investment.
e) Market failure.

d) Maximising the cost of individual investment.

19

Which one of the following is NOT a New Zealand dairy cooperative?
a) Fonterra
b) Westland
c) Open Country Dairy
d) Tatua

c) Open Country Dairy

20

The marginal product of a production function is the total product produced with a given level of input divided by that level of input:

b) False

21

Which one of the following is NOT a pillar of modern supermarket procurement system?
a) Centralization and regionalization of procurement
b) Large differences between sub-regions and countries
c) Shifting towards preferred supplier system
d) The rise of private standards

Large differences between sub-regions and countries

22

“Saturation” in retail industry is NOT characterized by:

Food consumption away from home

23

Which of the following statements is not true in relation to agri value chains?
a) Urbanisation would bring more opportunities for the value chain actors
b) Increaseinthenumberofmiddleincomefamilieswouldincreasethedemandfor Whole Milk Powder
c) Level of risk is higher at the upstream of the chain d) Nichemarketsaresmallinsize

a) Urbanisation would bring more opportunities for the value chain actors

24

In general, elasticity of demand for food is;

a) Relatively low (Ed > -1)

25

Which marketing function best describes value addition via transporting

c) Place utility

26

What is the prime rational for using rewards cards by supermarkets?

Sourcing consumption information

27

In developed country food value chains the largest percentage of food losses occur at

Consumption

28

The terms of trade at the farm gate are such that goods and services sold are paid for:

On the 20th of the month following the transaction for most goods and services

29

Labour in a primary-production firm has the following qualities which help achieve the goals and objectives of the owner and manager(s) of the firm:

a) Knowledge, skills, attitude (motivation)

30

The functions of management are:

a) planning, implementation and control