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Farm Bus Man Test 1
| Question | Answer |
|---|---|
| what are the four general business strategies | low value, high volume - high value, low volume - specialty products and service producers (niches) - part-time operators |
| what are the three functions of management | planning, implementation, control |
| strategic management | charting long term course of business |
| tactical management | taking short run actions that keep the business moving along that course |
| steps in strategic management (6) | define business mission, formulate goals, assess resources internally, assess resources externally, select appropriate strategy, implement it |
| internal scanning define | identifying internal resources |
| external scanning define | identifying external resources |
| steps in tactical management (5) | define problem, identify solutions, collect data, analyze solutions, implement chosen solution |
| production activities define | revenue from product sales or used directly to make product (ex. feed) |
| investment activities define | long-term assets used for production (breeding stock, machinery, etc) |
| financing activities define | borrowing money, paying loans, etc |
| account payable define | you owe someone money but haven't paid it yet |
| account receivable define | someone owes you money but hasn't paid it yet |
| accrued expense define | an expense that accumulates daily but has not been paid (ex. interest of loans) |
| asset define | something of value |
| credit define | increase in liability, income, or net worth |
| debit define | increase in asset or expense (you bought something) |
| expense define | cost to make money |
| inventory define | the physical quantity and value of products not yet sold |
| liability define | you owe someone money |
| net farm income define | revenue minus expenses, profit |
| owner equity define | net value of business, business assets minus business liabilities |
| prepaid expense define | something you paid for but haven't yet recieved |
| what are the two accounting periods | calendar vs fiscal |
| what is a fiscal year | an accounting period that does not start and end on Jan 1 and Dec 31, can be any two dates |
| what is double entry accounting | records changes in values of assets and liabilities as well as revenue and expenses, ex. sell 10 calves, cash account increases but assets decrease |
| cash accounting define | actual physical cash changes are reflected, assets are not counted (ex. buy 10 calves, spent $20,000 but assets increase is not shown) |
| accrual accounting define | revenue is recorded when product is made, includes assets as well as physical cash changes |
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user-1965832