AET in the Classroom-LP 1 Financial Applications Flashcard

Front

What is the term for the duration an asset is expected to be usable for its intended purpose?

Back

Capital Item Useful Life

Front

An example is a laptop in one year is 50% for breeding beef and 50% for a research project.

Back

Capital Item Usage

Front

A laptop costs $800 but is estimated to be valued at $650 at the end of use.

Back

Capital Item Salvage Value

Front

Examples are showing the usage or selling items such as tractors, show box, stall equipment and other related items used to support several projects across several years.

Back

Capital Item Manager (Non-currently Inventory)

Front

Which of the following is a Non-Current Inventory (Capital Items)?

Back

An asset that includes breeding animals, show tack, lawn mowers, barns, land, trailers and other high-value items.

Front

What is an example of Beginning Inventory?

Back

Items for a show animal project such as the animal, feed or supplies, capital items and cash-on-hand prior to the first agricultural education class.

Front

Which of the following is an example of Current Inventory?

Back

Student has a poinsettia project and purchases $400 in plants, $100 in pots and soil, which gives the student a current inventory of $500.

Front

When a student purchases a heifer before their first agricultural education class, the heifer is considered current inventory.

Back

False

Front

Which of the following is an example of a Cash Expense?

Back

Inventory purchased for resale, feed, supplies, rent and other costs needed for the project.

Front

How do you show income in your SAE for cull birds processed and given to family?

Back

As "Used at Home" in the FINANCES tab for the SAE and use current market cost.