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Farm Business Manage
| Question | Answer |
|---|---|
| Gross income is included in the year in which earned, regardless of when payment is recieved. This method involves the use of inventories to determine gross income. | Accrual Accounting Method |
| Interest is calculated on the beginning balance and then added to the principle to obtain the amount to be repaid in equal periodic installments. | Add On Interest |
| The repayment of a loan with a regular series of payments over a specified period of time. | Amortization |
| The receipt of (or the making of) a series of uniform payments over a period of time. | Annuity |
| Estimate of a fair market value for personal property or real estate. | Appraisal |
| Items or resources controlled by the firm. | Assets |
| Units of output divided by the number of units of input. | Average Yield |
| Same as net worth statement. | Balance Sheet |
| The original cost of an asset plusthe value of improvements or alterationless the cost of depreciation,losses, or depletion. | Basis, Adjusted |
| The difference between the cash market price and the price of the nearby (expiring) futures contract. | Basis, Marketing |
| A market participant who believes prices are too high and will decline. | Bear |
| One where large supplies and/or poor demand cause a decline in price. | Bear Market |
| Person named inan insurance policy to recieve proceeds at death of insured. | Beneficiary |
| Schedule of expected returns&cost. An enterprise budget shows the expected return&costs associated with a specific production activity (e.g.soybeans) while a whole farm budget shows the expected return&costs associated with all the enterprises on the farm | Budget |
| A market participant who believes prices are too low and will advance. | Bull |
| One where small supplies and/or strong demand causes prices to rise. | Bull Market |
| An aggregation of economic goods used for personal purposes, pleasure, or investment. | Capital Asset |
| The gain (loss) realizedfrom the sale of a capital asset when the asset is sold for more (less) than its initial purchase price or adjusted basis. | Capital Gains (Loss) |
| Process for placing a value on an asset based on its future earning power and the expected interest rate. | Capitalization |
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