Farm Records & FBM Workshop Written Test
You purchased a 5 year old producing Holstein this year for $2900. The depreciation for this year (the first year) should be: a) 207 b) 208 c) 483 d) 145
a) 207
There are _____ ways to meet the monetary requirement for the State FFA Degree: a) 3 b) 2 c) 4 d) 5
a) 3
To earn your American FFA Degree, you must have completed the equivalent of at least _____ hours: a) 540 hours b) 340 hours c) 440 hours d) 640 hours
a) 540 hours
Entries appropriate for the Contributions to Support of Family page include all of the following except: a) books b) maintenance of the family vehicle c) mortgage payments d) fuel
a) books
True/ false: All buildings are depreciable for 25 years, regardless of use
False
True/ false: FFA activities may be entered on more than one activity-related sections if appropriate
False
True/ false: The calendar of events and operations only includes information related to your SAE projects
False
True/ false: The purpose of the enterprise accounts payable page is to record all of the money that others owe to you at the beginning and end of each year
False
True/ false: a budget typically isn't something that a bank requires when asking for a loan
False
True/ false: if the conditions of the business agreement change during the course of the enterprise, it is acceptable to edit the business agreement and obtain new signatures acknowledging the changes
False
True/ false: in order to earn your American FFA degree, you must participate in two community service activities totaling 25 hours or more
False
True/ false: in order to earn your chapter FFA degree you're required to have given a seven minute speech or lead a group discussion for 40 minutes on a topic related to agriculture
False
True/ false: the information in your Calendar of events and operations can only be used to record activities related to your enterprise
False
True/ false: to earn your state FFA degree you must have served as the chairman of a committee
False
True/False: The average body temperature of a sow is 102.4
False (102.6)
True/ false: there are only 4 sections of the record book that are completed throughout the year only
False (5 sections)
True/ false: enterprise accounts payable are usually revolving accounts, while loans must be repaid with 50 days
False (60 days)
True/ false: Modified Accelerated Cost Recovery System is abbreviated MCRS
False (MACRS)
True/ false: the 6 items that must be included on an ownership business agreement are equipment, land, buildings, capital, and profit or loss
False (and management)
True/ false: The purpose of the income summary is to summarize, at a particular point in time, the financial standing of your enterprise
False (at end of the year)
True/ false: column 10 in the journal includes a column for entry of unpaid hours
False (column 11)
True/ false: For the purposes of our record book, your project is referred to as your SAE
False (enterprise)
True/ false: liabilities plus asset equals net worth
False (liabilities - assets = net worth)
True/ false: The purpose of the Financial Statement is to summarize, at the end of the year, the financial standing of your enterprise
False (particular point of time)
True/ False: A non-cash expense to the business that does not cost money at a particular point in time
True
True/ False: One pound is equal to 16 ounces, or .454 kilograms
True
True/ false: 16 ounces did equal to one pound or .454 kilograms
True
True/ false: Architects fees and inspection fees may be included as a part of the basis of property you build or have built for you
True
True/ false: Non-interest loans are only listed as a liability on the financial statement
True
True/ false: The income summary separates everything by enterprise and then has a total for all enterprises on the far right hand column
True
True/ false: When transferring a project to FFA from 4H any gifts and expenses you received related to your enterprise are considered expenses and maybe entered onto the appropriate inventories
True
True/ false: You cannot depreciate land because it does not wear out become obsolete or get used up
True
True/ false: You may take an inventory of your project at any time but only the values taken at the beginning and end of the year may be recorded
True
True/ false: a breeding mate who is 15 years of age is depreciable for 10 years
True
True/ false: a placement business agreement must include the rate of wages and the frequency of payment
True
True/ false: cattle have a gestation length of 283 days
True
True/ false: if you are a student invoked in both FFA and 4-H, and decide not to transfer 4-H project j to FFA, you should list the value of this project under Personal Assets on the Financial Summary
True
True/ false: items that are sold during the year should be listed in the bottom box of page 10b
True
True/ false: land is entered into the journal as an enterprise expense then year you purchase it
True
True/ false: on the income summary, you "return to capital, labor, management" is equal to your net current/ operating income plus your net capital transactions
True
True/ false: the last line on the income summary includes a section to enter "grand total all hours self labor"
True
True/ false: there are only two types of enterprise liabilities that you can list on the financial statement
True
True/ false: to be eligible to earn your State FFA Degree, you must have participated in five distinctly different FFA activities above the chapter level
True
True/ false: to check accuracy within your Record Book, you can add the totals on column 5b to see if they equal the total on column 5a
True
True/ false:If a sow you own has piglets during the year and you retain three to add to your breeding operation, you must record them at the end of the year in the Non- Depreciable Property Inventory
True
True/ false: the California agricultural record book's cover was designed by Gridley FFA
True (California agricultural EDUCATION record book)
The total amount you can elect to deduct under a Section 179 deduction for property placed into service in 2015 is: a) $25,000 b) $20,000 c) $15,000 d) $10,000
a) $25,000
46,656 cubic inches is equal to: a) 1 cubic yard b) 640 acres c) 1 acre d) 1.609 kilometers
a) 1 cubic yard
The average body temperature of a mare (in degrees Fahrenheit) is: a)100.5 b) 101.5 c) 102.6 d) 100.6
a) 100.5
The correct entry for a budget would be formatted as: a) 101 b) 101.00 c) 101.01 d) $101.00
a) 101
To determine a value for a gift, you can: a) list the actual amount paid if purchased b) if raised, what they are selling for at a local yard c) if raised, what they are listed at in a market report from a local newspaper d) any of the above can be used
a) list the actual amount paid if purchased
Which of the following are included on the Non-Current/ Capital Depreciable Inventory Page?: a) perennial crops b) annual crops c) livestock purchased for resale d) nursery stock
a) perennial crops
The basis is: a) the cost factor of an item from which you start MACRS b) something owed by one person to another person c) money that is used to make more money d) a method of spreading the costs of capital assets over their useful life
a) the cost factor of an item from which you start MACRS
You need to record gross wages not net pay because: a) this the method used to calculate income tax b) the tax is never taken out of your paycheck c) anyone under the age of 18 doesn't have to pay taxes d) taxes aren't collected for FFA projects
a) this the method used to calculate income tax
California produces over ____ different agricultural products: a) 250 b) 200 c) 225 d) 275
b) 200
The best time to breed a Hereford after calving is: a) 9th day b) 8-12 weeks c) 8.5 weeks d) summer and fall
b) 8-12 Weeks
The Record Book Instruction Manual was last updated in: a) November 2009 b) November 2010 c) November 2011 d) November 2008
b) November 2010
All journal entries must include: a) a noun and an adjective b) a noun and a verb c) a noun and an adverb d) a full sentence
b) a noun and a verb
All of the following crops have a pre- productive period of more that 2 years except: a) apples b) acia berries c) coffee beans d) walnuts
b) acia berries
The following formula is used to determine interest for a multiple payment loan: a) balance owed x interest rate x time left b) balance owed x interest rate x time c) principal x interest rate x time left d) balance owed x interest rate
b) balance owed x interest rate x time
The Financial Statement includes all of the following except: a) Total enterprise assets b) contribution to support of Family c) Balance owed on enterprise loans d) enterprise account receivable
b) contribution to support of Family
All of the following must be completed prior to completing the financial statement except: a) enterprise loan payment summary b) contribution to support of family c) current/operating inventory d) enterprise accounts payable/ Receivable
b) contribution to support of family
The Financial Statement is one of two major summaries for your enterprise for the year. The second is: a) December Journal Page b) income summary page c) enterprise agreement d) budget
b) income summary page
All of the following are requirements for the Chapter FFA Degree except: a) Have an approved SAE in operations b) Pass a parliamentary procedure exam c) have a 2.0 scholastic record d) have earned at least $150 through SAE projects
b) pass a parliamentary procedure exam
Current/Operating inventory includes all of the following except: a) livestock for intended resale b) perennial crops c) nursery stock d) all are correct
b) perennial crops
The Record Books is a: a) double entry, accrual based system b) single entry, accrual based system c) double entry, cash based system d) single entry, cash based system
b) single entry, accrual based system
Pages should be added to a Record Book: a) as you need them b) by photocopying a blank record book c) by keeping it in a loose- leaf binder d) all are correct
d) all are correct
To complete your financial statement, you must have completed ____ other pages in the record book: a) 4 b) 6 c) 5 d) 7
c) 5
The dressing percentage for cattle is: a) 72% b) 52% c) 62% d) 42%
c) 62%
Journal entries should be made: a) when you remember them b) at the end of each month c) as frequently as possible d) on a monthly basis
c) as frequently as possible
The formula to calculate interest on a multiple payment loan is: a) principal x interest x time b) principal x balance owed x time c) balance owed x interest rate x time d) balance owed x time
c) balance owed x interest rate x time
The non-current/ capital non-depreciable inventory page is transferred to the: a) income summary b) enterprise assets c) financial statement d) both b and c are correct
c) financial statement
Current/ Operating Inventory includes all of the following except: a) feed b) a steer for next year's fair c) perennial crops d) annual crops
c) perennial crops
All of the following may be counted as "earned and invested" towards a degree except: a) income from journal b) expenses toward contribution to support of family c) personal assets d) expenses for educational purposes
c) personal assets
In the accrual system, income and expenses are recorded: a) when money changes hands b) on the date you record it in the record book c) when the transaction occurs d) when your journal is balanced
c) when the transaction occurs
On the Loan Payment Summary Page, an interest rate of twelve percent would be recorded as: a) 12% b) 12 c) .012 d) .12
d) .12
Land that is purchased during the current year must be entered on the following pages: a) Journal b) 9 a and b c) Non current/ Capital Non-depreciable d) all are correct
d) all are correct
Pages may be added to the Record Book: a) as you need them b) by photocopying them from a blank record book c) by keeping it in a loose-leaf binder d) all are correct
d) all are correct
when completing the budget, it is necessary to: a) use many resources to ensure accuracy b) estimate expenses high and receipts low c) be as realistic as possible d) all are correct
d) all are correct
Which of the following is an example of a fiscal year?: a) June 1- May 31 b) April 1- March 31 c) July 1- June 30 d) All are examples of a fiscal year
d) all are examples of a fiscal year
If a loan meets this condition, it doesn't need to be listed on the Loan Payment Summary: a) an interest free loan b) a loan from a family member c) a loan not from a bank d) all must be recorded
d) all must be recorded
When entering income on the budget, you should always: a) include whole numbers b) list all products you will be selling c) describe how the amount is determined d) all of the above are correct
d) all of the above are correct
The Calendar of Events and Operations is completed: a) at the beginning of the year only b) throughout the year c) month to month bases d) at the beginning of the year, with updates
d) at the beginning of the year, with updates
One pound is equal to: a) .454 kilograms b) 16 ounces c) 28.35 grams d) both A & B are correct
d) both A & B are correct
The Enterprise accounts receivable totals must be transferred to this page for your next year's book: a) financial statement b) enterprise accounts receivable c) income summary d) both A and B are correct
d) both A and B are correct
The journal should be updated: a) at least on a weekly basis b) as frequently as possible c) at least on a monthly basis d) both a and b are correct
d) both A and B are correct
When calculating a multiple payment loan, time is expressed as: a) the time between payments b) the fraction of the year c) years d) both A and B are correct
d) both A and B are correct
one ton is equal to: a) 2000 pounds b) 20 CWT c) 200 pounds d) both A and B are correct
d) both A and B are correct
1 cc is equal to: a) 1 ml b) 2 mls c) .061 cu inch d) both A and C are correct
d) both A and C are correct
In the Calendar of Events and Operations, when you have to list two dates in the same square, you must do this by: a) draw a diagonal line from the upper left corner to the lower right corner b) draw a straight line across the box to divide it in half horizontally c) draw a straight line down the box to divide it in half vertically d) draw a diagonal line from the upper right corner to lower left corner
d) draw a diagonal line from the upper right corner to lower left corner
The Loan Payment Summary Page includes all of the following except: a) Purpose of the Loan b) How interest was calculated c) Date final Payment is due d) total payments for the year
d) total payments for the year
An ownership business agreement must address all of the following except: a) capital b) land c) buildings & equipment d) wages and responsibilities
d) wages and responsibilties
True/ false: All FFA Degrees require you to have satisfactory scholastic record
false
True/ false: 27 cubic feet is equal to 1 cubic yard
true
True/ false: In the journal, it is necessary to enter exact selling dates as they allow you to calculate efficiently factors
true
True/ false: The information in your budget, loan payment summary page, financial statement and income summary are important documents when applying for a loan
true
