Accounting methods that accurately reflect income and expenses are satisfactory for income tax reporting purposes. The ___________of accounting is most widely used by farmers.
Answer: cash method.
Showing posts with label Business Management. Show all posts
Showing posts with label Business Management. Show all posts
A listing of all property owned and money owed is called
A listing of all property owned and money owed is called
Answer: net worth statement.
An appropriate use for short
An appropriate use for short
Answer: term credit would be to - purchase fertilizer and seed.
Suppose that the government passed a law setting the maximum interest rate that could be charged to agricultural producers by commercial banks at 5%. A likely result would be that
Suppose that the government passed a law setting the maximum interest rate that could be charged to agricultural producers by commercial banks at 5%. A likely result would be that
Answer: commercial banks would not make loans to farmers
A producer most often uses a cash flow statement to
A producer most often uses a cash flow statement to
Answer: estimate the amount of credit needed and when it will be needed.
A plan that projects expected returns and costs is called a
A plan that projects expected returns and costs is called a
Answer: budget
The total quantity of goods and services produced is called
The total quantity of goods and services produced is called
Answer: supply
All of the following are said to be inelastic with regard to demand except
All of the following are said to be inelastic with regard to demand except
Answer: pork
Speculators in the futures market
Speculators in the futures market
Answer: accept the price risk the hedgers are seeking to avoid.
Hedgers and speculators in the futures market are different in that
Hedgers and speculators in the futures market are different in that
Answer: speculators do not produce a product to sell
The process of using futures contracts for forward pricing is called
The process of using futures contracts for forward pricing is called
Answer: hedging.
A business is solvent if
A business is solvent if
Answer: total assets exceed total liabilities
______ is a means of shifting risk of uncertain events, at a cost, from you to someone else specializing in taking risks.
______ is a means of shifting risk of uncertain events, at a cost, from you to someone else specializing in taking risks.
Answer: Insurance
____ is the act of lending money at an excessive or unlawfully high rate of interest.
____ is the act of lending money at an excessive or unlawfully high rate of interest.
Answer: Usury
When a piece of equipment such as a combine or a truck, has declined in value over its useful life, it has
When a piece of equipment such as a combine or a truck, has declined in value over its useful life, it has
Answer: depreciated.
If you make a mistake when filling out a check, you should
If you make a mistake when filling out a check, you should
Answer: destroy the check and write a new one
Which of the following is not a characteristic of a cooperative?
Which of the following is not a characteristic of a cooperative?
Answer: They emphasize high profits.
______ is a measure of how sensitive the market is to a change in one of the parts.
______ is a measure of how sensitive the market is to a change in one of the parts.
Answer: Elasticity
Jim has a good reputation as a rancher and maintains good fences. During a storm one night a tree fell across his fence and one of his cows wandered out into the road and was hit by a car. The driver was not injured, but the cow died and there was considerable damage to the car. Who was responsible for the car repair and the cost of the cow?
Jim has a good reputation as a rancher and maintains good fences. During a storm one night a tree fell across his fence and one of his cows wandered out into the road and was hit by a car. The driver was not injured, but the cow died and there was considerable damage to the car. Who was responsible for the car repair and the cost of the cow?
Answer: Neither is responsible; it is a "no fault" accident
When a banker asks a person to pledge land, his truck, and livestock to obtain a loan, this property is referred to as
When a banker asks a person to pledge land, his truck, and livestock to obtain a loan, this property is referred to as
Answer: collateral.
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