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Ag Sci animal N > business > Flashcards

business Flashcards

1
Q

how many farms are in ireland as of the year 2020

A

135,037

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2
Q

which region had highest average agricultural area utilised (ha)

A

South East (44)

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3
Q

which region had the lowest average agricultural area utilised

A

West/ Border

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4
Q

what percentage of total farms in Ireland specialise in Beef production

A

54.9%

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5
Q

what percentage of total farms in Ireland specialise in dairy

A

11.3%

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6
Q

average farm size in Ireland in Ha

A

33.4 ha

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7
Q

total agricultural area in Ireland

A

4,509,256 ha

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8
Q

how many sheep are in Ireland

A

5.5 million

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9
Q

how many cattle are in Ireland

A

7.3 million

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10
Q

how many and at what percentage is there female farmers

A

18,101 or 13.4%

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11
Q

what percentage of farm owners are over the age of 65

A

32.7% or 44,135

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12
Q

what percentage of farmers are under the age of 35

A

6.9 % or 9,338

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13
Q

what percentage of farmers have off farm employment

A

40%

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14
Q

what % of farmer and spouse have off farm employment

A

60%

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15
Q

what is the median price of land sold nationally

A

€8,094

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16
Q

national median price of arable land in Ireland

A

€13,745

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17
Q

definition of average agricultural area utilised (AAU)

A

combined area under crops silage, hay, pature and rough grazing ground in use.
south east high
west/border low

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18
Q

definition of standard output (SO)

A

of an agricultural product is defined as average monetary value of agri output at farmgate prices.
not measure of farm income as doesn’t take into account costs, direct payments, Vat

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19
Q

NFS only takes into account farms with SO above what

A

€8,000/annum

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20
Q

how many farms were surveyed as part of NFS

A

793

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21
Q

define family farm income (FFI)

A

the return from farming for farm, family, labour, land and CAP.

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22
Q

what was the national FFI average for 2023

A

€19,925

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23
Q

what percentage of farms had FFI under €5,000

A

36%

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24
Q

define a farm business

A

economically viable if the FFI is sufficient to remunerate family labour at the minimum wage and provide a 5% return on the capital invested in non-land assets.

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25
Q

what % of dairy farms are viable

A

53%

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26
Q

define a sustainable farm

A

are viable but are at risk of being vulnerable if farm payments decrease. usually off farm income coming into household.

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27
Q

what does it mean if a farm is vulnerable

A

at risk of loss, off farm income needed to make viable.w

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28
Q

what are 4 risk factors to farm cashflow

A
  1. weather
  2. price volatility
  3. economy
  4. price - cost squeeze
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29
Q

3 factors to limited company

A
  1. 12.5% corporation tax
  2. liability to company rather than individual
  3. must follow company law and have registered financial account.
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30
Q

what is the law of diminishing returns

A

point where the level of benefits or profits gains is less the money/effort put into product.

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31
Q

what are the 2 types of decision making

A
  1. strategic
  2. tactical
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32
Q

what is strategic decision making

A

long term / enduring eg. purchasing land

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33
Q

what is tactical decision making

A

day-to-day decisions eg. concentrate feed fed to cows

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34
Q

what is a contra account

A

used where farmer may owe money to merchant or supplier who in turn owes money to farm for goods supplied.

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35
Q

what % of market value is used to get account value for cattle

A

60% of MV

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36
Q

what % of market value is used to get accounts value of sheep/pigs/harvested crops

A

75% of MV

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37
Q

what are bank reconciliations

A

used to compare what books say and the balance appearing on bank statement.

38
Q

why are bank reconciliations accounts made

A
  • check accuracy of bank account
  • identify and banking errors
  • identify any bank account omissions
  • timing differences
39
Q

what are accruals

A

revenue and expenses matched to period in which they are incurred regardless of when cash changes hands.

40
Q

what is a sunk cost

A

cost committed to that will remain even if enterprise was ceased.

41
Q

advantage of sole trader

A

flexible
have few legal formalities

42
Q

what are the 2 major challenges facing farmers according to Makeham (1968)

A
  1. how to incorporate new technology profitably into business
  2. how to be sufficiently flexible, mentally and financially to adjust resource management.
43
Q

define efficient farm management

A

organisation of the farm business to obtain maximum continuous profit from the resources available to farmer.

44
Q

what is liquidity

A

ability of a business to pay off its debts as they fall due

45
Q

why would gross margin accounts be used

A

for management purposes

46
Q

define variable costs

A

vary in approximate direct proportion to changes in the size/output or activity of enterprise.

47
Q

define fixed costs

A

not normal influenced by small changes in size/output or activity of enterprise, not easily allocated to specific enterprises.

48
Q

how to increase TFGM

A
  1. enterprise substitution
  2. analyse efficiency of enterprise
49
Q

advantages of gross margin accounts

A
  1. enables the performance of individual farm enterprises to be assessed
  2. comparison over number of years
  3. performance of enterprises on the farms can be determined.
50
Q

limitations of gross margin analysis

A
  1. confined by its inclusion of variable costs only.
  2. confusion can arise unless full gross margin calculation can be examined
  3. outputs and costs alter with scale of enterprise
  4. makes no allowance for interrelationship between enterprises.
51
Q

what is the main challenge that comes with net margins

A

the allocation of fixed costs

52
Q

what must annual filing of returns show

A

total revenues earned and total expenses incurred

53
Q

when must tax returns be filed by

A

31st of October but extension available until 14th November

54
Q

what % of final tax in payable fir the current year

A

90%

55
Q

what % of final tax is payable for previous year

A

100%

56
Q

what is used in the tax calculation instead of depreciation

A

capital allowances

57
Q

define production cost basis

A

direct and indirect costs of getting stock to its condition at statement of financial position date

58
Q

what are the 2 additional charges to tax calculation

A

PRSI
USC

59
Q

what is the current rate of PRSI

A

4.1% of all income

60
Q

over how much self employed income must PRSI be paid

A

€5,000

61
Q

over what annual income is USC payable

A

€13,000

62
Q

what % of the stock increase will result in relief and a reduction in tax

A

25%

63
Q

what % stock relief is available to farmers in registered partnerships

A

50%

64
Q

what % stock relief is available to young trained farmers for increases in stock values

A

100%

65
Q

for how many years must land be owned before farmer can apply for leased farm land exemption

A

7 years

66
Q

how is relief determined for personal pension contributions

A

determined by age of person

67
Q

does non trading income qualify for lower tax rate of 12.5%

A

no it does not eg, rental income

68
Q

how long must you retain tax records for

A

minimum of 6 years

69
Q

what happns if during revenue audit returns have been calculated as incorrect

A

the adjustment will be calculated and additional tax due will be paid along with interest and charges
penalties will apply depending on nature on non-compliance

70
Q

define farm planning

A

a systematic and comprehensive framework for exploring ways of increasing farm efficiency and profitability

71
Q

why do profits matter

A
  1. reward for investment
  2. funds for expansion
  3. survival
  4. morale
  5. measure of efficiency
72
Q

examples of when major re-planning needs to be done

A
  1. buy more land
  2. give up job and return to full-time farming
  3. debt problem
73
Q

what constraints limit possibilities

A
  1. physiological limits
  2. diminishing returns
  3. managerial ability
  4. resource levels
74
Q

difference between planning and budgeting

A

planning is about identifying ideas for future farm development budgeting is evaluating these ideas.

75
Q

define budgeting

A

calculated assessment of the impact of a plan on annual profit

76
Q

why are budgets prepared

A
  1. viability
  2. feasibility
  3. worthwhileness
77
Q

define strategy

A

plan of action designed to achieve a particular goal

78
Q

why do farmers need a strategy

A

make reasoned, cohesive and consistent choices among alternative course of action in uncertain world

79
Q

advantages of strategic planning

A
  1. focuses farmer
  2. filter distractions
  3. evaluate opportunities and threats
  4. guide day to day decision making
  5. gives business direction
80
Q

what is a mission statement

A

defines a farms current business direction

81
Q

what are the 2 components of internal analysis

A

strengths
weaknesses

82
Q

what are the 2 components of external analysis

A

opportunities and threats

83
Q

what are the 4 cost analysis

A
  1. comparative analysis
  2. horizontal analysis
  3. vertical analysis
  4. value chain analysis
84
Q

what does KSF stand for

A

key success factors

85
Q

4 common problems under strategic planning

A
  1. planning under uncertainty
  2. ivory tower planning
  3. planning for present
  4. errors caused by cognitive biases
86
Q

list 4 tests used when choosing a strategy

A
  1. vision consistency test
  2. goodness of fit test
  3. building for the future test
  4. performance test
  5. importance test
87
Q

why use cashflow budgets

A

the determine the feasibility of a plan

88
Q

uses of cashflow

A

helps in planning
allows farmer to estimate overdraft
help prevent excessive borrowing
financial monitoring and control

89
Q

when is whole farm planning used

A

when major re-planning of the farm business is required eg major expansion

90
Q

define partial budget

A

examines the effect on annual profit of a relatively minor change

91
Q

limitations to partial budgeting

A

doesnt focus on overall demand for resource
can encourage narrow thinking
danger of over looking certain costs
doesnt evaluate cash flow

92
Q
A

Ag Sci animal N (16 decks)

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