Farm Management Trivia Quiz: Exam!

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1. How many acres are in a section of ground?
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Farm Management Trivia Quiz: Exam! - Quiz

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2. When does seed corn become a fixed cost?
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3. The tax on gasoline is considered a/an:
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4. A firm should shut down in the short-run if it cannot cover its
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5. If the United States enters a trade agreement with country X and as a result country X charges a low tariff for imported US pork,  what happens to country X's demand for US pork?
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6. The main drawback of an adjustable rate mortgage is: 
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7. The current income tax structure is based on a ________________ income tax rate schedule.
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8. Price that must be paid for options you like?
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9. A firm should shut down in the short-run if it cannot cover its
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10. If Jack's farm has a working capital value greater than $0, what do we know for certain about its current ratio: 
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11. If pork and chicken are substitutes and the price of chicken rises, what happens to the demand of pork?
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12. What is interest?
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13. A firm should shut down in the short-run if its cannot cover its
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14. The deadline for a crop insurance application for corn in Missouri is 
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15. Which of the following is a variable cost?
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16. Evans Farms delivered 48,620 lbs. of wheat to MidMO Farmers Elevator. How many bushels did they deliver? 
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17. Show Me Farms needs to decide the most profitable weight to market a group of steers they are currently finishing. They estimate it will take an additional 650 lb. of feed/ steer to increase the sales weight by 100 lb /steer. The current feed cost is 12.00 / cwt. The expected sales price for the finished steers is $125.00 / cwt. What is the Marginal Input Cost/head for this scenario? 
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18. If John wants to know how much money he will have to live on when he retires, what process will he use to figure out the value of his current investments at retirement? 
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19. At the beginning of last year, a farmer had an outstanding loan of $217,480. The interest rate was 6% APR. If the farmer made one loan payment at the end of the year of $35,000, what was the outstanding balance at the end of the year?
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20. The degree which a farms assets adequately secure its debts is referred to as:
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21. Your cow gets out onto a public road and is hit, causing injury to an automobile and its passenger. For protection, you need __________ insurance. 
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22. What is the length of time for the term on a machinery loan? 
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23. Another term for net worth is: 
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24. Which of the following is unnecessary information to calculate the time value of money? 
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25. How many pounds of 34% protein supplement must be mixed with 9% protein corn to make a ton of 16% protein feed? 
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26. Sue is considering a purchase of a 132-acre farm. She figures the farm will generate a profit $29,700 per year. She can get a fixed rate loan on the farm at 3.35% APR. Using the capitalization approach to value the property, Sue figures she could pay ______________ per acre for the farm. (nearest dollar)
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27. How many square feet are in an acre?
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28. To protect against grain lost due to wind damage to a grain storage facility, a farmer would need:
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29. On April 1, 2017, Kate borrowed $25,000 to plant corn. On November 1, 2017, she repaid the $25,000 along with $1239.58 interest. What annual interest rate did she pay?
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30. What is principal?
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31. What is the difference between local cash price and price of the expiring futures contract? 
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32. How many acres would be in the parcel of ground with the legal description of NE1/4, SE1/4, S1, T3N, R3E of the 5th P.M.? 
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33. If a producer decides to use the futures market to hedge corn he plans to sell at fall harvest, what would he do in the prior spring?
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34. The change in total revenue due to a one-unit change in input is best defined as: 
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35. The financial ratio that would be best to evaluate a farms ability to cover unexpected operational expenses is: 
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36. Which economic principle states that at some point in time marginal product decreases with each additional unit of input?
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37. What is a legally binding agreement made on a future exchange to buy or sell a commodity?
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38. What is the difference between local cash price and price of the expiring futures contract?
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39. Which one do you like?What is loan amortization? 
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40. What is managing price or market risk by taking an opposite position in the futures market from that held in the cash market? 
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41. The change in total cost or total variable cost due to a one-unit change in input is best defined as: 
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42. The money on deposit to ensure performance of a futures contract is called:
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43. A contract that gives its owner the right but not the obligation to buy or sell a futures contract at a certain price for a certain period of time?
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How many acres are in a section of ground?
When does seed corn become a fixed cost?
The tax on gasoline is considered a/an:
A firm should shut down in the short-run if it cannot cover its
If the United States enters a trade agreement with country X and as a...
The main drawback of an adjustable rate mortgage is: 
The current income tax structure is based on a ________________ income...
Price that must be paid for options you like?
A firm should shut down in the short-run if it cannot cover its
If Jack's farm has a working capital value greater than $0, what do we...
If pork and chicken are substitutes and the price of chicken rises,...
What is interest?
A firm should shut down in the short-run if its cannot cover its
The deadline for a crop insurance application for corn in Missouri...
Which of the following is a variable cost?
Evans Farms delivered 48,620 lbs. of wheat to MidMO Farmers Elevator....
Show Me Farms needs to decide the most profitable weight to market a...
If John wants to know how much money he will have to live on when he...
At the beginning of last year, a farmer had an outstanding loan of...
The degree which a farms assets adequately secure its debts is...
Your cow gets out onto a public road and is hit, causing injury to an...
What is the length of time for the term on a machinery loan? 
Another term for net worth is: 
Which of the following is unnecessary information to calculate the...
How many pounds of 34% protein supplement must be mixed with 9%...
Sue is considering a purchase of a 132-acre farm. She figures the farm...
How many square feet are in an acre?
To protect against grain lost due to wind damage to a grain storage...
On April 1, 2017, Kate borrowed $25,000 to plant corn. On November 1,...
What is principal?
What is the difference between local cash price and price of the...
How many acres would be in the parcel of ground with the legal...
If a producer decides to use the futures market to hedge corn he plans...
The change in total revenue due to a one-unit change in input is best...
The financial ratio that would be best to evaluate a farms ability to...
Which economic principle states that at some point in time marginal...
What is a legally binding agreement made on a future exchange to buy...
What is the difference between local cash price and price of the...
Which one do you like?What is loan amortization? 
What is managing price or market risk by taking an opposite position...
The change in total cost or total variable cost due to a one-unit...
The money on deposit to ensure performance of a futures contract is...
A contract that gives its owner the right but not the obligation to...
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