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AG BUSINESS
MTSU Study Guide
| Question | Answer |
|---|---|
| 1. Consumers drive _____ for products produced. | demand |
| 2. Producers drive _____ for products produced. | supply |
| 3. As income increases, the percent spent on food _____. | decreased |
| 4. Farming is in the _____ sector of the Agri-food system. | production |
| 5. american agriculture productivity has increased ____ since 1950. | 100% |
| 6. Americans consume on average ____ pounds of food per day. | 5.5 lbs |
| 7. of each food dollar, the farmer receives on average ____ percent. | 16% |
| 8. Americans spend ____ percent of their disposable income on food. | 11.3% |
| 9. As the general populations of consumers move up kinsey's hierarchy, producers will need to produce food that is more _____ than in the past. A. focused on status, b. focused on living well, c. premotes health, d. convenient, e. all of the above | All of the above |
| 10. the number of farms in the U.S. ______ since 1950. | decreased |
| 11. the average farm size in the U.S. has ______ since 1950. | increased |
| 12. Credit, fertilizer, and chemicals are sold by which sector? | input |
| 13. Farmers and ranchers belong to which sector of agri-food system? | production |
| 14. _____ purchase processed products to produce food. A. producers, b. processors, c. manufactures, d. retailers, e. distributors | manufactures |
| 15. _____ transport food and commodities both raw and processed. A. producers, b. processors, c. manufactures, d. retailers, e. distributors | distributors |
| 16. Grocery stores and restaurants are examples of _____. A. producers, b. processors, c. manufactures, d. retailers, e.distributors | retailers |
| 17. how much food does the average american eat per year? A. 1,000 lbs, b. 2,000 lbs, c. 3,000 lbs, d. 4,000 lbs, e. none of the above | 2,000 lbs |
| 18. Americans spend _____% of their disposable income on food. | 11.3% |
| 19. who invented the mechanical wheat harvester in 1840? A. John Deer, b. Cyrus McCormick, c. Eli Whitney, d. Massy ferguson, e. none of the above | Cyrus McCormick |
| 20. Agricultural inputs have ____ since 1950. | stayed the same |
| 21. Farm numbers have _____ while farm size have ____. | decreased, increased |
| 22. which is not a step in the decision making process? A. Analyse, b. implement the decision, c. follow up, d. select a backup option, e. none of the above. | select a back up option |
| 23. Follow up after a decision is crucially beneficial because____. A. it assesses decision making skills, b. it shows superiors you are thorough, c. it shows employees you are thorough, d. it analyzes all the alternatives, e. none of the above | it shows superiors you are thorough |
| 24. what should be done when determining alternative courses of actions to a problem? A. choose the appropriate measurement of judgment, b. select the method for analysis, c. narrow alternatives to three choices, d. decide on best alternative | choose the appropriate measurement of judgement |
| 25. agribusiness mangers face problems such as _____ in addition to normal managerial issues. | biological issues |
| 26. doing things well at all costs is ____? | efficient |
| 27. the first person that a manager must seek to satisfy is ____. | customer |
| 28. once the costumers are happy, the manager must strive to satisfy ____? | employees |
| 29. ______ make large amounts of few things? | producers |
| 30. _____ buys small quantities of many things? | manufactures |
| 31. in a free market economy, producers' profits are used to measure how well producers _____. A. pay their employees, b. make quality products, c. meet the costumers needs, d. invest in capital | meet the costumers needs |
| 32. _____ is the proportion of total sales in a market accounted for by the sales of the largest firms. a. concentration ratio, b. market share, c. oligopoly, d. monopoly | concentration ratio |
| 33. the mission of marketing is to _____? A. advertise a firms products, b. connect producers and consumers, c. transport products to retail stores, d. transport products to central market | connect producers and consumers |
| 34. ____ Act established sanitary regulations and federal inspections of meat sold in interstate. | meat inspection |
| 35. how well prices reflect the true value of resources is known as ____? A. price quality, b. price efficiency, c. consumer sovereignty, d. pricing accuracy | pricing efficiency |
| 36. A business offering several ways to pay for a product is said to have good ____? A. possession utility, b. place utility, c. form utility, d. time utility | possession utility |
| 37. ____ is having the product when the customer wants it. A. possession utility, b. place utility, c. form utility, d. time utility | time utility |
| 38. If the consumers in a market are not satisfied with a product, the producer will have to____. A. adapt to customers needs, b. find new customers, c. change customers needs, d. move locations | adapt to customers needs |
| 39. In a free market economy, how much does the producer sell its product for? A. what the consumers is willing to pay, b. more than the competition, c. what he needs to make a profit, d. costs +15% | what the consumer is willing to pay |
| 40. ____ is a mechanism that eliminates inefficiencies of the barter system. A. credit, B. money, c. trade, d. broker | trade |
| 41. a person who adds marketing value between producers and consumers is ____. A. a broker, b. a middleman, c. a whole seller, d. a retailer | a middleman |
| 42. if a product is not available when a consumer wants it, it is said to have ______. A. space separation, b. time separation, c. information separation, d. value separation | time separation |
| 43. _____ is when a consumer cannot purchase an item? A. space separation, b. time separation, c. information separation, d. value separation | space separation |
| 44. if a framer turns his peaches to jelly he has the added value through? possession utility, place utility, form utility, time utility | time utility |
| 45. If Forrest and Bubba ship their shrimp to Denver, CO, they have benefited through? possession utility, place utility, form utility, time utility | place utility |
| 46. If a farmer cuts his hay in the summer but stores it in his barn until the winter, then sells it at a higher price, the increase is caused by____. storage function, transportation function, processing function, risk-taking function | storage function |
| 47. if an old dinner does not accept credit or debit cards, they have poor ____? possession utility, place utility, form utility, time utility | possession utility |
| 48. for a market to run efficiently, it must operate in a ____ economy. free market, monopoly, central market, communistic | free market |
| 49. when price accurately reflects the true value of resources, the market was high _____. consumer sovereignty, concentration ratio, price efficiency, marketing quality | price efficiency |
| 50. A high degree of interaction between consumers and producers is good for the market because ___. buyers know the market price, sellers know the market price, buyers know the price of all sellers, sellers know the price of all sellers, all of the above | all of the above |
| 1. The firms must provide customers in the target market with a ______ that gives maximum satisfaction. | product |
| 2.the part of a business plant that details what firm is going to do is known as the _____. | purpose |
| 3. the firms purpose should be widely agreed apon by all associates so to....? | create unified vision |
| 4. the part of a business that details step by step how a firm is going to achieve its purpose is known as the _____. | objective |
| 5. The ____ section of the marketing plan gives the background information and current situation on consumer needs, perception, and buying trends. A. purpose, b. objective, c.market situation, d. product situation | market situation |
| 6. the ____ section of the marketing plan gives detailed information for each of the firms' current products, a recent history of its sales, and revenue | product situation |
| 7. in the competitive situation portion of the marketing plan, _____ are to be identified and described in terms of their size, goals, and market share. | competitors |
| 8. The ____ section of the marketing plan describes the distribution, logistics, and geographically limiting factors should be covered in this section. | distribution situations |
| 9. The ____ section of the marketing plan discusses including factors such as demographics, the economic climate, technology, the political situation, legal issues, social issues, and cultural issues. | macroeconomic situation |
| 10.what is a target market? A.a single market with all costumers having the same needs, b.a market of specific costumers with specific needs,c. a large market with everyone having the different needs,d. a niche market with people who want obscure products | a market of specific costumers with specific needs |
| 11. wholesale, retail, and direct sales are examples of _____. product vision, distribution outlets, product positioning, product placement, none of the above | distribution outlets |
| 12. The sales promotion strategy outlines ____ of the firms marketing plan. they type of promotion researched to be used, the amount and type of promotion to be used, amount advertising to be used, type and amount of media to be used | the amount and type of promotions to be used |
| 13. ______ operates on the idea that consumers have different needs. | target market |
| 14. ____ is the total level of sales possible n a target market for all firms. | market potential |
| 15. _____ is the level of sales a single firm can expect to receive from a target market. | sales forecast |
| 16. ____ is the % of total sales from the target market achieved by single firm. | market share |
| 17. An estimation of market potential based on economic factors is known as the _____. | macroeconomic approach |
| 18. which group is the best target market for caviar? | those in the highest income bracket |
| 21. if the price of the product increases, demand will ____? | decrease |
| 22. Demand for fireworks increase just before independence day due to? | seasonality |
| 23. if increases in the price of tea could lead to an increased demand for coffee due to? | substitute goods |
| 24. if the price of peanut butter goes up significantly, the demand for jelly could be reduced do to? | complimentary goods |
| 25. if consumer trends create an increase demand for steak, the demand for chicken will? | decrease |
| 26. if consumer trends create and increase for steak, the demand for pig feed at the local co-op will? | decrease |
| 27. if a person loses their job, their demand for drinking water will? | stay the same???? |
| 28. sales will decrease greatly from a small increase in price if a product is? | highly elastic |
| 29. % change in quantity demanded/ % change in price of competitors product = what formula? | cross price elasticity |
| 30. if the price of a product increases by 1% and the quantity demanded decreases by 1.5%, the product would be described as? | elastic |
| 31. what is the elasticity of a product if the price increased by 1% and the quantity demanded decreased by 0.66%. 0.66, 1.33, 1.75, 0.5, none | 0.66 |
| 32. if the price of a product increases by 1% and the quantity demanded increased by 0.66% the product would be described as? | inelastic |
| 33. what is the elasticity of a product if the price increased by 1% and the quantity demanded decreased by 1%? 1.0, 1.75, 1.66, 0.47 | 1.75 |
| 34. if the price of a product increased by 1% and the quantity demand decreased by 1% the product is describes as? | unitary |
| 35. the demand for gasoline is ______ that the demand for shell gasoline. | less elastic |
| 36. the demand for domino's pizza is ____ that the demand for pizza. | more elastic |
| 37. what does ROIC mean? | return on invested capital |
| 38. which is not an example of product differentiation? better quality, better price, lower cost provider, better social status | lower cost provider |
| 39. the best product differentiation are those that are? sought after, hard to duplicate, made from better materials, offers the best customer service | hard to duplicate |
| 40. which of the following is an element of a sustainable competitive advantage? superior efficiency, superior quality, superior innovation, superior customer responsiveness | superior quality |
| 41. the company that is the most efficient will ____. have the best price, profit more per unit, have better input cost, all the the above, none of the above | all the above |
| 42. the company that produces superior quality will ___. have the lowest input cost, have higher sales prices, have higher input costs, all the above, none of the above | none of the above |
| 43. A company that is consistently the first to introduce new technology and products has ______. superior : efficiency, quality, innovations, customer responsiveness | superior innovation |
| 44. superior customer responsiveness means that a company ____. has: lower supplier cost, bet quality items, latest technology, adaptive to changing needs and wants | adaptive to changing needs and wants |
| 46. A firms value statement is ______. how it will conduct business, how it will treat customers, what morals and ethics are important to the firm, all of the above, none of the above | all of the above |
| 45. a firms vision statement is _____. what it wants to be, what it can be, what it is, what it used to be | what it wants to be |
| 47. a firms mission statement is _______. its purpose and objectives, its ethical code, what it aspires to be how it will conduct business | its purpose and objectives |
| 48. implementation of a strategic plan must _____. happen fast, take time to do it right, be an ongoing process, be developed by employees | be an ongoing process |
| 49. which is not apart of porters five forces? threats of new business entering the market, growing bargaining power of suppliers, the level of rivalry among existing firm, all of the above, none of the above | all of the above |
| 50. in market analysis, companies often use the ____ model. best case, worst case, most likely, all of the above, none of the above | all of the above |
| 1. which of the following is the idea that whatever happened in the past, will happen again? A. extrapolation, b. graphical analysis, c.adjust for inflation, d. adjust for population, e.n none of the above | extrapolation |
| 2. ____ is the plotting of data on a graph so that the manager can see what patterns are present i the data. A. extrapolation, b. graphical analysis, c. adjust for inflation, d. adjust for population, e. none of the above | graphical analysis |
| 3. which of the fllowing is ncessary to determine if a change in price is due to a general rise in all prices with and economy? a. extrapolation, b. graphical analysis, c. adjust for inflation, d. adjust for population, e. none of the above | adjust for inflation |
| 4. ____ is used to help reduce short term fluctuations in data by plotting average values of several data points are over a period of time. a. moving average, b. seasonality, c. cyclical patterns, d. adjust for income, e. none of the above | moving average |
| 5. biological factors create recurring patterns of output and quantity due to ____. a. moving average, b. seasonality, c. cyclical patterns, d. adjust for income, e. none of the above | seasonality |
| Yearly changes in quantity create an up and down cycle in the market prices due to_____.A moving average b.seasonality c. cyclical patterns. d. adjust for income, e. none of the above | seasonality |
| 7. ______ are more common in animal ag because large changes in output take more than one growing season. a. moving average, b. seasonality, c. cyclical patterns, d. adjust for income, e. none of the above | cyclical patterns |
| 8. the united states department of ag culture updates crop production forecast through the season based on updated information pertaining to ____. a. acreage, b. yield, c. weather, d. disease, e. all of the above | all of the above |
| 9. when forecasting it is best practice to consider ____. a. the best outcome, b. the most likely outcome, c. the worst outcome, d. no outcome, e. all of the above | all of the above |
| 10.producing a forecast that accounts for everything to go right is known as_____. a. the best outcome b.the most likely outcome c.the worst outcome d. no outcome e. none of the above | A.the best outcome |
| 11.producing a forecast that accounts for everything going as expected is known as _____.a the best outcome b.the most likely outcome c. the worst outcome d. no outcome e. none of the above | b. most likely outcome |
| 12. a futures contract must include____. a. price b. quantity c. quality d. maturation date e. all of the above | e. all of the above |
| 13. the ____ summarizes the amount and timing of cash in and out of the business for the next budgeting period. | cashflow budget |
| 14. operating budgets require forecasting in the areas of ____. a. cost of product sold, b. fixed production cost, c. sales estimates, d. profit margins, e. all of the above | all of the above |
| 15. the ____ summarizes the expected sales, production, and profit related costs for the next budgeting period. a. operating budget, b. cash flow budget, c. capital expenditure budget, d. net budget, e. none of the above | operating budget |
| 16. if a firm makes a good overall profit when paid at the beginning of the month, but has problems making payroll at the end of the month, they may have a problem with the___? a. operating budget, b. cash flow budget, c. capital, d. net budget, e. none |
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robermac000
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