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Greenhouse Management > if i dont pass this.......... idk but i wont be happy > Flashcards

if i dont pass this.......... idk but i wont be happy Flashcards

1
Q

What should be the central theme of marketing your Horticulture Business?

A

Differentiating yourself; How do you stand out? Good service& quality, unique products, different sizes, etc.

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2
Q

What is SWOT?

A

Strength
Weakness
Opportunity
Threat

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3
Q

What are Direct Costs?

A

Labor, Media, Pots, Fertilizer, etc

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4
Q

What are Overhead costs?

A

Taxes, Heat, Insurance, Utilities

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5
Q

How do you calculate Profit Margin?

A

Revenue-Sales * 100 = Profit Margin

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6
Q

What is the gross margin on sales?

A

Revenue from direct costs, ~50% is good

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7
Q

What is the current ratio on a business balance sheet?

A

Current Ratio= Assets/Liabilities. Calculates if you are paying bills on time

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8
Q

What is the minimum current ratio a business should have?

A

1.5. 2 is good as well

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9
Q

What is a depreciation write-off on fixed assets?

A

Decrease in value over time

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10
Q

What are prepaid expenses on a balance sheet?

A

Rent, Mortgage, Insurance Premiums, etc. NOT inventory. These expenses carry over to the following year.

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11
Q

What is a current liability?

A

Debts that are paid within the year.

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12
Q

What is long-term liability?

A

Debts that are not paid within a year

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13
Q

What is a variable cost?

A

Changes on volume

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14
Q

What is a fixed cost?

A

A cost that stays the same

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15
Q

What is the only fixed business asset you can’t depreciate?

A

Land

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16
Q

What is vertical integration?

A

Covering all services such as production to selling

17
Q

What is horizontal integration?

A

Also selling home-goods such as patios and furniture

18
Q

What is a balance sheet?

A

Snapshot of business cycles
Breakdown of Assets & Liabilities

19
Q

What is an income sheet?

A

Sources of revenue & expenses that result in profit & loss

20
Q

What is an accurate way to allocate overhead costs to crops in a greenhouse business?

A

Calculate the space in your greenhouse & the duration of growing (Limiting Factor)

21
Q

Why might you consider growing a non-spring crop instead of closing for the fall?

A

Keep business coming, keep labor busy

22
Q

What are business risks you want to have contingency plans for?

A

Bad temperatures, crop insurance, employee loss, drought

23
Q

What might you consider doing if your business equity is less than 5% and you safely make 10% if you invested your capital in the stock market?

A

Selling the business. It’s not worth it if it’s expensive

24
Q

What is the normal cost of labor as a percentage of total sales in a horticulture business?

A

30-33%; 3:1

25
Q

Explain what filling a niche means in the horticulture industry?

A

Differentiate yourself do something different compared to other businesses

26
Q

What is likely more important to consumers than perceptions of price only?

A

Value

27
Q

What are two factors taken into account when quantifying overhead allocation costs to a crop in the greenhouse?

A

Space & Time (Limited Factor)

28
Q

What metropolitan characteristics indicate good potential to start a successful greenhouse growing business?

A

No competition
Growing Population
Construction of neighborhoods

29
Q

Gantt Charts

A

Planning & Scheduling for labor

30
Q

What is leverage?

A

Debt incurred to financial assets; can increase profits or losses

31
Q

How to calculate leverage ratio?

A

Total debt/Total equity

32
Q

What is Amortization?

A

Paying amounts owed over time by incremental payments such as a car

33
Q

What is EBITDA?

A

Earnings Before Interest Taxes Depreciation & Amortization

34
Q

How to calculate current assets?

A

Cash + assets that are able to be converted into cash within the year

Greenhouse Management (1 decks)

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