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Farm Management > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

process of choosing alternative courses of action at a given time in the future

A

planning

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2
Q

process of determining requirements and allocating resources to different activities in the plan and estimating the results or returns

A

budgeting

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3
Q

provides the basis for the budget

A

planning

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4
Q

relation of planning and budgeting

A

-the plan provides the basis for the budget
-the budget evaluates the plan
-planning and budgeting have tended to become a combined process

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5
Q

use of farm plan and budget

A

-basis for carrying out the org and operation of a farm
-can help understand the basic principles affecting farm business
-analyzes the busi’s weak and strong points

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6
Q

sources of data needed for preparing farm plans and budgets

A

-actual farm experience of farmers
-farm demo trials of various research agencies
-results from experimental sations of govt and educ insti
-extension workers
-field rep of agribusiness firms

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7
Q

type of farm plan and budgets

A
  1. partial FPB
  2. enterprise bdgt
  3. break-even bdgt
  4. whole farm fpb
  5. cash flow bdgt
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8
Q

simple profitability tool

A

partial budgeting

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9
Q

what’s partial budgeting and what it shows?

A

-simple profitability tool
-shows effect of marginal changes on overall profitability
-shows net increase or decrease resulting from changes (hindi lang profit & loss)

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10
Q

-shows net increase or decrease resulting from changes (hindi lang profit & loss)

A

partial budgeting

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11
Q

shows effect of marginal changes on overall profitability

A

partial budgeting

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12
Q

uses of partial bdgt

A
  1. compare two diff practices
  2. help determine the profitability of varying inputs
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13
Q

data needed for partial budgeting

A
  1. prices of the product and inputs
  2. costs and returns of old tech/practice
  3. costs and returns of new tech/practice
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14
Q

data needed for partial budgeting

A
  1. prices of the product and inputs
  2. costs and returns of old tech/practice
  3. costs and returns of new tech/practice
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15
Q

format of partial budgeting

A

title
location, year

left
-added returns
-reduced costs

total

right
-added costs
-reduced returns

change in profit

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16
Q

what is non-pecuniary factor?

A

-non-financial factors
-factors for making a change other than sufficient profit

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17
Q

factors for making a change other than sufficient profit

A

non-pecuniary factor

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18
Q

what are included in non-pecuniary factors?

A
  1. risks associated with change
  2. availability of the new or proposed tech
  3. availability of labor and capital
  4. availability of product markets
  5. effect on envi
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19
Q

what’s enterprise bdgt?

A

-an ex-ante assessment of a proposed enterprise
-shows profitability of alternative enterprise to be proposed

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20
Q

an ex-ante assessment of a proposed enterprise

A

enterprise bdgt

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21
Q

shows profitability of alternative enterprise to be proposed

A

enterprise bdgt

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22
Q

steps in enterprise bdgt

A
  1. compute sources of gross income from each enterprise (main and by-products)
    • use of product yield and prices
      -projected yield ay based sa records
  2. compute operating or variable costs
  3. compute fixed costs
    -deprec
    -interest on fixed investment
  4. compute measure of profit
    - Net Cash Income
    - Return Above Variable Cost or Gross Margin
    - Marginal Benefit-Cost Ratio (MBCR)
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23
Q

measures of profit computed for enterprise bdgt

A
  • Net Cash Income
  • Return Above Variable Cost or Gross Margin
  • Marginal Benefit-Cost Ratio (MBCR)
24
Q

what is breakeven bdgt for? ano meron

A

-for partial profit budgeting
-computing breakeven
-no change in net income

25
Q

why do breakeven bdgt

A

due to yield and price risks, it is necessary to determine the break-even yield and prices of inputs and the output to help farmers and investors in their decision-making

26
Q

what’s cash flow?

A

-flow of money in (sales)
-flow of money out (purchases)

27
Q

the flow of money in (sales) and the flow of money out (purchases)

A

cash flow

28
Q

what’s net cash flow?

A

difference between the inflows and the outflows

inflows-outflows

29
Q

difference between the inflows and the outflows

inflows-outflows

A

net cash flow

30
Q

what’s cash inflows?

A

include cash sales of the activity and outputs (both main products and by-products)

31
Q

include cash sales of the activity and outputs (both main products and by-products)

A

cash inflows

32
Q

what’s cash outflows?

A

includes cash payments for use of inputs

33
Q

includes cash payments for use of inputs

A

cash outflow

34
Q

practical application of cash flow

A

a. as a tool to monitor liquidity
-way to maintain liquidity reserve is thru cf bdgt

b. tool for farm planning and mgt
-actual cash flow can be used to project cash flow next year beh

c. tool to provide solutions to cash shortfalls

35
Q

tool to monitor liquidity

A

cashflow bdgt

36
Q

tool to provide solutions to cash shortfalls

A

cashflow bdgt

37
Q

2 kinds of cash flow

A
  1. projected cash flow
  2. actual cash flow
38
Q

what’s projected cash flow?

A

ginagawa sa beginning ng acctg period

39
Q

cash flow na ginagawa sa beginning ng acctg period

A

projected cash flow

40
Q

what’s actual cash flow?

A

actual cash flows records

41
Q

bakit gumagawa pa labor planning?

A

mataas labor costs kaya need i-plan mabuti ang use of labor inputs

42
Q

what’s a labor profile?

A

graphical showing ang labor requirements ng each enterprise and total demand of enterp in each month of year

43
Q

graphical showing ang labor requirements ng each enterprise and total demand of enterp in each month of year

A

labor profile

44
Q

what’s a farm plan?

A

outline of acts on the farm regarding
-how to organize farm prod
-when to make adjustment
-how much of enterp and use resources

45
Q

outline of acts on the farm

A

farm plan

46
Q

compon of whole farm prod plan

A

-types of enterp to produce
-land area per enterp
-techs na gagamitin sa prod process
-resources na gagamitin
-projections sa yield and prod volume
-calendar of farm operations

47
Q

what is financial plan?

A

covers the types, magnitudes and value of the resources that will be used by the business.

48
Q

covers the types, magnitudes and value of the resources that will be used by the business.

A

financial plan

49
Q

what is marketing?

A

FINDING OUT WHAT THE MARKET WANTS AND SUPPLYING IT AT A PROFIT

50
Q

FINDING OUT WHAT THE MARKET WANTS AND SUPPLYING IT AT A PROFIT

A

marketing

51
Q

shows effect of marginal changes on overall profitability

A

partial budgeting

52
Q

includes cash payments for use of inputs

A

cash outflow

53
Q

includes cash payments for use of inputs

A

cash outflow

54
Q

graphical showing ang labor requirements ng each enterprise and total demand of enterp in each month of year

A

labor profile

55
Q

provides the basis for the budget

A

planning

Farm Management (3 decks)

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