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Farm Management 2010 District Multiple Choice
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FFA Farm Management Study Guide
Terms in this set (40)
Corn has an expected yield of 150 bushels per acre and a production cost
of $300.00 per acre. Expected market prices are $3.50 per bushel for
corn and $9.00 per bushel for soybeans. Soybeans can be raised at a
production cost of $150 per acre. At what breakeven yield per acre would
soybeans generate the same net return per acre as corn?
41.7 bushels
A farmer sold his 5000-bushel corn crop at several different times during
the year. He sold 1000 bushels at $3.50, 2000 bushels at $3.00, and 2000
bushels at $4.00. What was his average price per bushel?
$3.50
The self-employment tax rate for Medicare is
2.90%
A farmer purchases 800-pound feeder steers for $1.05 per pound and plans
to sell the steers at 1200 pounds. The farmer estimates the total cost
of gain to be $0.75 per pound. The nearest breakeven price when the
steers are sold at 1200 pounds is
$0.95 per pound
How many total acres are included in the "S 1/2 of the SW 1/4 and SE 1/4
of Section 15, Twp. 10N, R4W of the 5th Principle Meridian"?
240 acres
How much perimeter fence would be required to completely enclose the
parcel of land described in the question above?
3.0 mile
The Kansas City Board of Trade wheat futures contract is for
hard red winter wheat.
If the total cost of producing 100 units of output is $400 and the
average variable cost per unit is $3, then which of the following
statements is true?
Total fixed cost is equal to $100.
Farmer Jones has less current assets than current liabilities. Her
current ratio is
between 0 and 1.
Economists use elasticities to relate the percentage change in one
variable to the percentage change in another variable. The cross-price
elasticity of demand estimates the impact on the demand for a good with
respect to the change in the price of another good. A negative cross-
price elasticity indicates the two goods are
complements.
The own-price elasticity of supply estimates the impact on the quantity
of a good supplied by a change in the price of the good. Normally, one
would expect the own-price elasticity of supply to be
positive.
The income elasticity of demand estimates the impact of a change in
income on the demand for a good. For normal goods, the income elasticity
of demand is
positive.
A soybean producer decides to store his soybeans in the local elevator
for 4 months. The price at harvest is $9.40 per bushel and the elevator
charges 2 cents per bushel per month for storage plus a 5-cent per bushel
handling charge. He has 5,000 bushels to sell and must borrow $47,000 at
7% annual interest while he stores the soybeans. What price must he
receive for his soybeans to break even and cover his storage and
opportunity costs?
$9.75
How many square feet are in an acre?
43,560
The term "exchange rate" refers to
how much of one currency is needed to acquire a unit of another currency.
A cord is a stack of wood measuring
4' x 4' x 8'
A procedure for expressing future cash flows in today's dollars is called
discounting.
Farmer Brown has a debt-to-asset ratio of 53%. His debt-to-equity ratio
must be
None of the above
How many pounds of 48% protein soybean meal must be mixed with 9% protein
corn to make a ton of 18% protein feed?
462 pounds
Which of the following is a market function?
All of the above
Farmer Johnson has a rate of return on assets of 4% when assets are
valued using the cost method, and a rate of return on assets of 5% when
the assets are valued using market valuation. This means that the value
of assets using the cost method
is greater than the market valuation.
A farm business has a debt/worth ratio of 1:2. Its current liabilities
total $30,000 and its non-current liabilities total $120,000. What is
the value of its assets?
$450,000
A cattle feeding operation has sales of $730,000, feed purchases of
$300,000, other costs of $400,000, an opening inventory of $380,000, and
a closing inventory of $360,000. What is the net farm income for this
operation on an accrual basis?
$10,000
If corn silage as fed contains 70% moisture and 2.2% protein, the dry
matter would be what percent protein?
7.33
On March 1, 2009, Kate borrowed $25,000 to plant corn. On November 1,
2009, she repaid the $25,000 along with $1,100.00 interest. What annual
interest rate did she pay?
6.6%
A $50,000 loan amortized at 8% interest for 20 years yields annual
payments of $5,092.61. How much of the first year's payment is
principal?
$1,092.61
For the above loan of $50,000, if the 20th and final payment includes
$377.23 of interest, what was the outstanding principal balance after the
19th payment?
$4,715.38
For the above loan of $50,000, how much total interest is paid over the
life of the loan?
$51,852.20
At the beginning of last year, a farmer had an outstanding loan for
$125,000. The interest rate was 7% APR. If the farmer made one loan
payment at the end of the year of $20,500, what was the outstanding
balance at the end of the year?
$113,250
A feedlot operator purchases a pen of 60 feeder steers with an average
weight of 753 pounds and sells them at an average weight of 1142 pounds.
Total feed cost for the pen is $16,634. Feed cost per pound of gain is
equal to
$0.713
A producer sells 12 feeder steers for $104/cwt. The average weight per
steer is 750 pounds. There is a 3% sales commission and yardage fees of
$2.10 per head. The net amount received for the pen of steers would be
$9,054.00
You can claim a tax deduction for a charitable contribution of $________
or more only if you have a written acknowledgment from the charitable
organization.
$250
The business profit for a year would be found on
The income statement.
How many gallons of water must be mixed with a quart of herbicide to make
a 2% solution?
12.25
A metric ton weighs
2204.6 pounds.
A hectare equals
2.47 acres
The CME live cattle futures contract is for ______ pounds of fed cattle.
40,000
In legal terminology, an agent has one's
authority to transact business.
On a dry matter basis, corn is roughly 69% starch and 8.7% crude protein.
dry mill ethanol plant converts all the starch in corn to ethanol while
leaving the protein unchanged in the byproduct, dried distillers grain.
Mathematically, what percent crude protein would you expect in this
byproduct?
28.1%
If dried distillers grain has 10% moisture and sells for $130 per ton,
what would be the nutrient equivalent price for wet distillers grain
which has 65% moisture?
$50.56 per ton
THIS SET IS OFTEN IN FOLDERS WITH...
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