Unit 1 Flashcards
Chp 1-3 (31 cards)
Which of the following is not a strategy farmers use to produce to meet consumer demands?
A) Information/Big Data B) High Volume/Low Value C) Low Volume/High Value D) Specialty Products and Service Providers
A) information/big data
The end of World War I brought home which advancement in technology?
A) Gasoline powered track equipment B) Genetically modified seed C) Computerized record keeping D) The steel plow
A) Gasoline powered track equipment
The process of combining multiple stages of production into one company is known as:
A) Vertical Integration B) Contracting C) Environmental and Health Concerns D) Globalization
A) Vertical Integration
Prior to the year 1990, most of the technological advancements in agriculture focused on:
A) Increasing yields B) Decreasing costs C) Increasing efficiency D) Decreasing yields
A) Increasing yields
The statement that “today’s farmer not only competes with the farmer across the county, but also the farmer across the ocean” is an illustration of:
A) Vertical Integration B) Contracting C) Environmental and Health Concerns D) Globalization
D) Globalization
Today’s advancements in technology in the farming industry have shifted their focus towards:
A) Decreasing Costs/Increasing Efficiency B) Increasing Yields C) Decreasing Yields D) Increasing Costs/Decreasing Efficiency
A) Decreasing Costs/Increasing Efficiency
Acquiring the resources needed for a plan and setting it in motion describes which function of management?
Implementation
A firm’s mission statement should clearly define the business’s:
purpose and objective
Which of the following is not one of the four functions of management?
A) Delegation B) Implementation C) Planning D) Control
A) Delegation
Which of the following would be considered a responsibility in the adjustment function of management?
A) Shuffling employee responsibilities throughout a company to find a better fit B) Measuring new employee performance C) Vet job applicants and hold interviews D) Establish goals and identify resources
A) Shuffling employee responsibilities throughout a company to find a better fit
The ability of a decision to be easily reversed is known as:
Revocability
The amount of time that a farm manager has to make a decision is known as:
Imminence
This characteristic of the farm business decision making environment might prevent a farmer in the Arkansas River bottom from planting 5,000 more acres of crops next year:
Fixed supply of land
Assessing the physical, financial, and human resources within the company is called:
Internal scanning
Establishing goals, identifying resources, and allocating resources to competing uses are all steps performed in which function of management?
Planning
Which of the following is not a desirable characteristic of strategic goals?
A) They should be verbal B) They should be specific C) They should be measurable D) They should have a timetable
A) They should be verbal
Which function of management is concerned with monitoring the results of a decision and taking corrective action?
Control
Surveying the environment outside the business, performed during the strategic planning process, is also known as:
External scanning
What are the steps for developing a strategic farm management plan?
- Define the mission of the business
- Formulate the goals for the farm and family
- Assess the resources available to the business
- Survey the world surrounding the business
- Identify and select appropriate strategies
- Implement and refine the selected strategies
The characteristic of the farm business decision making environment might prevent an Oklahoma farmer from growing rice:
A) Biological processes and weather B) Fixed supply of land C) Small size D) Perfect competition
A) Biological processes and weather
Which of the following would be considered a responsibility in the control function of management?
A) Measuring new employee performance B) Shuffling employee responsibilities throughout a company to find a better fit C) Vet job applicants and hold interviews D) Establish goals and identify resources
A) Measuring new employee performance
Farm Business activities can be divided into 3 categories:
- Production
- Investment
- Financing
The balance sheet summarizes assets and liabilities in order to analyze __a__ and __b__.
a) liquidity
b) solvency
Which of the following is the global standard in accounting, is accurate, but requires extensive accounting knowledge to use? (Does not impact tax liability)
A) Double entry B) Single entry C) Cash D) Accrual
A) Double entry
