AAEC 3980 Final

considering the following data.....the 3-year moving average price for 2008 was:

$7.30

if the seasonal price index value of December is 93.4, what percentage of the average annual price is the price in December during a normal year

93.4%

which of the following is not one of the four general skills necessary for becoming a successful manger?

Political (enhancing ones position and building power)

there are several ways to organize, each offering advantages and disadvantages. which of the following is not one of the prescribed ways to oragnize?

by the differences between line and staff activities

a firms accounting system performs several functions, including

all of the above

a good capital investment has which of the following characteristics

all of the above

a supply chain

all of the above

agribusiness managers face big decisions when they undertake production, including decisions on

all of the above

contribution is

all of the above

different ways in which management can departmentalize include

all of the above

differentiation between job descriptions and job specifications include

all of the above

examples of common capital investment decisions encountered by agribusiness managers include

all of the above

examples of solvency ratios include

all of the above

if the calculated cross-price elasticity for ice cream as pie ala mode (scoop of ice cream on slice of pie) is -0.2

all of the above

if the calculated income elasticity of a brand of ice cream is +2.25

all of the above

if the calculated price elasticity of strawberries is -3.0 then

all of the above

managerial decisions that may drastically alter the implications of preparing the financial statements include

all of the above

price or demand elasticity can be defined as

all of the above

supply flexibilities are

all of the above

techniques for reducing resistance to change include

all of the above

the corporation legal structure offers advantages not found in other legal structures, including

all of the above

the cost-volume-profit analysis can be used to evaluate the following, by filling in the known and solving for the unknown

all of the above

the effect of taxes on investment decisions is frequently and deliberately omitted to simplify the computations. however, taxes are important because:

all of the above

the interesting points of concern of the production function include

all of the above

the law of supply reflects

all of the above

the point of maximum profit can be determined from the production function when

all of the above

the six elements of organizational structure include:

all of the above

the three waves in modern social history and their implications for organizations include

all of the above

forecasting accuracy is an important attribute for a successful agribusiness. cycles:

are repeating patterns that last more than a year

the relationship between price and total revenue when the elasticity of demand is inelastic is

as price increases, total revenue increases

which of the following statements is incorrect

average product is greater than marginal product at the level of input associated with maximum contribution

costs that cease because of a decision are

avoidable costs

in choosing a legal structure for an agribusiness, considerations do not include:

strategic alliances

costs that have been incurred and will not change regardless of what decisions are made are

sunk costs

the profit maximizing production area can be defined as

the amount of input used between the points of maximum contribution and maximum output

consumers consume a variety of goods because of the economic principle of

utility maximization

the five factors of economic forecasting do not include:

weather

of the following statements about a limited liability company, which is invalid

a limited liability company, to be legal, must have, at a minimum, ten participants

in a seasonal index, each month is shown as

a percentage of the years average value

what is demand

a schedule of how much consumers are willing and able to buy at various prices

the technique of comparing added costs to added returns to find the most profitable production levels is called

profit maximization

in deciding between leasing, buying or borrowing to acquire use of an asset or investment

a. is most correct; b and c should be non factors in the decision; and d is blatantly incorrect

upon completion of a staffing inventory, changes in the organizational structure and in job descriptions may be necessary. Why do employees likely resist the changes?

all of the above

what is meant by the term "management"?

all of the above

if the customer is the primary concern of a successful agribusiness, what are the key values for creating a customer-responsive culture or environment?

all of the above a key variables

there are also limitations to budgets, including

all of the above a limitations of budgets

potential drawbacks to planning include

all of the above a potential drawbacks

advantages of a proprietorship include

all of the above are advantages

the principles of organizational design include

all of the above are among the principle of organizational design

the assumptions of the rational decision making model include

all of the above are assumptions

budgeting has several beneficial functions, including

all of the above are benefits of budgets

planning, as a managerial concept, is

all of the above are correct about planning

in defining certainty, risk, and uncertainty as they relate to decision making,

all of the above are correct statements

in differentiating Theory X and Theory Y,

all of the above are correct statements

common elements to management by objectives include

all of the above are elements of MBO

building a proper organizational structure for an agribusiness involves

all of the above are part of the process

what are the potential benefits of planning?

all of the above are potential benefits

general characteristics of most partnerships include:

all of the above are true

how might entrepreneurs identify a competitive advantage

all of the above are useful in identifying sources of competitive advantages

the key difference between managers and operatives (non-managerial personnel) include:

all of the above except c

a written partnership agreement needs to address

all of the above should be in written agreement

distinguishing characteristics between strategic and tactical plans include

all of the above statements are correct

for a forecast to be of value, the user must

all of the above, except b

a lagging economic indicator used by agribusiness

all of the above, except d

to be considered a current liability, an item must

be payable in cash within the next accounting period

in considering the time value of money in making investment decisions, which of the following statements is false?

compounding is used to calculate the present value of a dollar when the future value of money is specific

for evaluating an investment, agribusiness managers typically look at five methods or techniques. which of the following is not one of them?

cost/benefit ratio

the accounting entries for the recording a starting a business are

debit cash, credit owner equity

which of the following general account headings cannot be found on a balance sheet

expenses

of the following, which is not an acceptable forecasting procedure?

flipping a coin, rolling of dice, or tarot cards

financial records should be kept on all of the following except

forecast interest rates and levels of inflation

a SWOT analysis

is all of the above

a vertical analysis is used in financial statement analysis to

measure percentage changes year to year in the balance sheet and income statement accounts

which of the following statements about budgets and budgeting is incorrect?

none of the above is an incorrect statement

Of the unique characteristics of agribusiness, which of the following should not be on the list?

none of the above, as all are uniqueness factors

of the following financial statements, which does not use the accrual accounting process?

none of these, as all use accrual process

the steps in the strategic management process do not include:

not all of the above steps

if the farmers share of the retail price of beef was 49.0% in July 2013,

on average the farmer received 49% of the retail package price

what is meant by the term "entrepreneurship"?

only a and b above

in differentiating efficiency and effectiveness,

only a and b are correct

the return that is given up by not selecting the highest valued alternative among several projects is a(n)

opportunity cost

seven factors are known to affect demand for a product; which of the following is not one of them?

own price

determinants of supply that are also supply shifters do not include:

price of product being supplied

examples of current assets on the balance sheet include the following except

property, plant, and equipment

the hierarchy of needs theory states that humans have needs; which of the following is not one of them?

psychological

the best forecasts are those that

relate the impact of macroeconomic variables and firm demand to changes in a firms sales and costs

the ratios used to assess the profitability performance of a firm include the following, except for the

return on liabilities

the steps in the decision making process do not include

rewarding creative thinking over substance

the purpose of computing a moving average for a price series is to

smooth out the data and make it easier to identify linear trends

which of the following statements is incorrect?

sometimes the best decision is to accept a price for a product that does not permit the firm to make a profit

an example of a leading indicator (and not a coincident or lagging indicator) in agribusiness is

stock prices of 500 common stocks

with respect to decision making in an agribusiness, which of the following statements is least correct?

the decision maker should be neither high enough in the organization so that the major impact of the decisions falls within units under his or her control, nor low enough to have firsthand knowledge of the situation

which of the following statements is incorrect regarding the types of budgets

the operating budget is another term for a financial forecast as both indicate what is likely to happen under a specific set of conditions

a horizontal analysis, as well as a trend analysis, can evaluate

the percentage changes in account values from one year to a later year for the income statement and the balance sheet

which of the following statements is incorrect

the point of maximum efficiency refers to the maximum efficiency of input use or average product

of the following statements, which is false?

the point of maximum output is also the point of maximum economic efficiency

a shift in demand cannot be caused by a change in

the price of the product being evaluated

if the retail to consumer price spread for a dozen organic, free-range eggs during September 2013 was 73.1 cents

the retailer added 73.1 cents per dozen to the wholesale or broker price to arrive a the selling price paid by the consumer

quartile measurements fr financial ratios indicate

the three calculated values that represent 25% increments of the financial ratios evaluated

the formal financial statements do not include

trial balance