Test D

Test D

10th Grade

140 Qs

quiz-placeholder

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Test D

Test D

Assessment

Quiz

Other

10th Grade

Hard

Created by

Kelsey Elam

Used 1+ times

FREE Resource

140 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A farm business accounting period for July 1, 2010 to June 30, 2011 would be an example of what type of accounting period?

Calendar year accounting period

Fiscal year accounting period

Monthly accounting period

Quarterly accounting period

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the steps in the control function of farm management?

Establish standards for comparing results; measure the actual performance of the farm business; identify problem areas and take corrective action

Calculate assets; calculate net worth; calculate liabilities

Assessing the farm; analyzing revenues; analyzing expenses

Establishing the farm; measuring the wealth of the farmer; identify the problems the farmer has

                        with equipment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Depreciation is a cost associated with which of the following assets?

Farm land

Cattle feed

Dairy barn

Liquid fertilizer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume a new tractor is purchased on January 1 for $124,000 and given a salvage value of $20,000 and a useful life of 8 years.  What would the annual depreciation be per year under the straight-line method?

$15,500 per year

$49,600 per year

$61,995 per year

$13,000 per year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an investment activity?

Pay principal on a loan

Purchase a pickup

Pay interest on a loan

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an operating activity?

Pay cash for tractor repairs

Charge $12,000 of feed

Sell corn for $35,000

All of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Agricultural processors will probably want more uniform products in the future in order to __________ .

Pay lower prices to producers

Diversify their product line

Reduce environmental contamination

Make more efficient use of processing and packaging equipment

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