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.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download