AGEC 3403 Farm Business Management Midterm

Graph

1) #/Size of Farm axis 2) Year axis 3) Size of Farms Line 4) # of Farms Line

Which of the following are the steps for developing a strategic farm management plan?

1) Identify and select appropriate strategies 2) Define the mission of the business 3) Formulate the goals for the farm and family 4) Assess the resources available to the business (internal scanning) 5) Identify and select appropriate strategies 6) Survey the world surrounding the business (external scanning)

Surveying the environment outside the business, performed during the strategic planning process, is also known as:

External Scanning

This characteristic of the farm business decision making environment might prevent a farmer in the Arkansas River bottom from planting 5,000 more acres of crops next year:

Fixed supply of land

Assessing the physical, financial, and human resources within the company is called:

Internal Scanning

Which of the following would be considered a responsibility in the control function of management?

Measuring new employee performance

Establishing goals, identifying resources, and allocating resources to competing uses are all steps performed in which function of management?

Planning

A firm's mission statement should clearly define the business's:

Purpose and Objective

The ability of a decision to be easily reversed is known as:

Revocability

Which of the following would be considered a responsibility in the adjustment function of management?

Shuffling employee responsibilities throughout a company to find a better fit

Which of the following is not a desirable characteristic of strategic goals?

They should be verbal

The process of combining multiple stages of production into one company is known as:

Vertical Integration

This characteristic of the farm business decision making environment might prevent an Oklahoma farmer from growing rice:

Biological processes and weather

Which function of management is concerned with monitoring the results of a decision and taking corrective action?

Control

Today's advancements in technology in the farming industry have shifted their focus towards:

Decreasing Cost/Increasing Efficiency

Which of the following is not one of the four functions of management:

Delegation

The end of World War 1 brought home which advancement in technology?

Gasoline powered track equipment

The statement that: "today's farmer not only competes with the farmer across the county, but also the farmer across the ocean" is an illustration of:

Globalization

The amount of time that a farm manager has to make a decision is known as:

Imminence

Acquiring the resources needed for a plan and setting it in motion describes which function of management?

Implementation

Prior to the year 1990, most of the technological advancements in agriculture focused on:

Increasing yields

Which of the following is not a strategy farmers use to produce to meet consumer demands?

Information/Big Data