Texas A&M University
Maximum yield is not a good proxy for maximum profit.
True
• When average physical product is at a maximum, it’s in the beginning of what stage?
Two
• Name the four types of farm budgets.
Partial, whole farm, cash flow, and enterprise
• 640 acres is equal to ________ section(s).
One
• Marginal benefit minus marginal cost is equal to _________.
Marginal Net Benefit
• What are the three production decisions?
What to produce, how to produce, how much to produce
• What are the six steps of problem solving?
1)Identify the problem 2)Collect information 3)Analyze alternatives 4)Make a decision 5)Implement the decision 6)Evaluate the outcome
• The final statement that summarizes transactions over a period of time is what?
Income statement
• If I must produce less corn on my farm in order to produce more cotton, the two enterprises are said to be __________.
Competitive
• What are three of the five decision characteristics used for prioritizing?
Importance, frequency, imminence, revocability, number of available alternatives
• What are the three main jobs a manager does?
Plan, implement, control
• What are three of the five motivating objectives for a farm manager?
Income, security, growth, health and safety, acceptance by others (recognition as an individual)
• What is a projected financial statement referred to as?
Proforma
• Which ratio measures the firm’s ability to pay off current liabilities with current assets without liquidating its inventory?
Quick ratio
• Input cost is $2, fixed costs are $8, and the total cost of the next unit of production is $24. What is the additional cost incurred from another unit of input $ __________ and is referred to as the ___________.
$2, marginal cost
• Name 4 important concepts, principles, or terms that a student should know about Management before graduation
Marginalism, production function, input substitution, enterprise combination, opportunity cost, equal marginal principle
• List the 5 farm goals and objectives of farm management
Plan, organize, staff, direct, control
• Is the part of business management that determines that new methods are needed to turn out positive results when an investment decision was not as good as it should be
Control
• Do successful business managers are easily classified by their willingness to take risk?
No, at times they seem to seek risk, at times they shy away.
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