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Farm Business and Technology > Chapter One > Flashcards

Chapter One Flashcards

1
Q
  1. In what year did Ireland join the European Union (EU)?
A

1972

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2
Q
  1. Outline the role of the council of the European Union.
A

The European Council -Gives the EU Direction and sets priorities. It is made up of the Heads of States.

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3
Q
  1. Select TWO benefits for farmers who get involved in producer groups.
A

Producer groups are formed when a group of farmers join together with the aim of marketing their produce as group instead of an individual basis.

The main advantage: They have a direct link with their processor and will receive a bonus payment for their product.

They can also be linked to specific retailers who are willing to pay more for food according to their specifications.

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4
Q
  1. Select one of the main institutions of the European Union (EU).
A

The European Council -Gives the EU Direction and sets priorities. It is made up of the Heads of States.

The European Commission - which proposes laws and enforces them. There are 27 commissioners, one from each member state. Although they are nominated by their governments, Commissioners must represent the interest of the EU as a whole. They must act independently of the government and political party them came from.

The European Parliament - which accepts, rejects and amends laws proposed by the commission. These are elected by the citizens of the EU. It is currently made up of over 700 directly elected members (MEPS).

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5
Q
  1. What do the letters “PLC” stand for in business ownership?
A

A Public Limited Company

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6
Q
  1. Outline the role of Bord Bia?
A

Acts as the link between Irish food and drink suppliers and existing and potential customers.

Works to promote Irish meat abroad through its Quality Assurance schemes. Also responsible for the development and promotion of horticultural industry in Ireland.

Farmers contribute to the running of Bord Bia by paying a compulsory levy on a animals slaughtered in Irish meat plants and on animals exported live from ports in Ireland.

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7
Q
  1. Outline the role of Coillte?
A

Manages all state owned woodlands (7% of Irelands land) and operates partnerships with private forestry owners. Promotes forestry industry in Ireland.

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8
Q
  1. List the main purpose of the Common Agriculture Policy (CAP)?
A

Concerned with the production of a stable food supply for the EU’s 447 million population.

CAP in place since 1962. Currently reformed every 5 years or less. The current CAP budget from 2021 to 2027 is 387 Billion euro.

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9
Q
  1. What does the term “GDP” stand for?
A

Gross Domestic Product

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10
Q
  1. Macra Na Feirme is one farm organisation in Ireland. Outline the role of Macra Na Feirme?
A
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11
Q
  1. The IFA is one farm organisation in Ireland. Outline the role of the IFA?
A
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12
Q
  1. List an example of a business within the agri business sector?
A

Glanbia Plc, Kerry PLC

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13
Q
  1. List one benefit of a farm partnership?
A

The advantages are collaboration, better work life balance, more labour availability and wider and more varied mix of abilities and skills and opportunity for increased scale and decision making.

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14
Q
  1. List TWO examples of a public limited company?
A

Glanbia PLC, Kerry Group PLC.

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15
Q
  1. How many member states are in the European Union (EU)?
A

27

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16
Q
  1. List one example of contributions family farms make to their local communities
A

Providing Employments.
Purchasing close to 75% of farm inputs locally sustaining the local economy.
Farm representative for a co-op or state agency boar or stakeholder representative group.

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17
Q

Give an overview of all the businesses in the Irish Agribusiness sector?

A

Milk processing - Almost all milk in Ireland is processed by Co-ops.

Animal Health products - Cattle doses, Mastitis tubes, sheep dip etc.

Farm Input Sales - Feed, fertilser, farm disinfectant etc.

Grain Purchasing -Grain from cereals is sold directly after harvest to grain purchasing companies.

Animal feed Manufacturers -Same as grain purchasing as bulk of grin purchased is used in animal feed manufacture.

Livestock trading -Mart, apps or websites.

Meat Processing - Purchases of cattle, sheep and pigs for slaughter.

Financial institutions - Banks and other lending bodies provide finance to allow farmers to develop their farm business.

Advisory Services - Teagasc and other agricultural consultants offer a range of advisory services to improve technical efficiency, help with scheme applications to improve the profitability of the farm business.

Teagasc advisory is based on scientific research carried out by Teagasc and its partner organisations.

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18
Q

What is the size of the Agribusiness sector?

A

Difficult to estimate as range of businesses involved is vast. However there are a number of factors which indicate its importance to the economy:

Agricultural Exports.
Contribution of Agriculture to GDP.
Contribution to Employment.

Primary agriculture, fisheries and forestry accounts for 4% of the value of the Irish economy. In 2021 the primary sector (agriculture, fisheries and forestry) employed 7.1 % of the workforce.

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19
Q

Irish self sufficiency in Agriculture produce image:

A

Put image here:

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20
Q

How many countries have IRish Agri Food products been exported to?

A

180 countries.

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21
Q

Who is Ireland’s largest trading partner?

A

The UK . It accounts for 38% Agri food exports in 2021.

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22
Q

What is age and gender breakdown of Irish farms?

A

87% of Irish farms have a male holder.

(insert image)

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23
Q

What is a Sole Trader? The advantages and disadvantages?

A

A sole trader is an individual who owns and runs a business.

They keep all the profits and losses. The majority of farms in and businesses in Ireland are sole traders.

A disadvantage is the sole trader must use all of his private property to pay off the business debts.

The legal basis of sole traders is the 1890 Partnership Act. Partnerships can be used successfully as transitional business arrangements to steer farm families to next generation.

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24
Q

What is a partnership?

A

Two persons ( either natural or legal persons) conduct a business in common with a view to making a profit. Net profits are shared between the two according to the written partnership agreement. Each partner’s share of the net profits of the business is treated as his or her personal income and they pay their personal tax on their share.

The advantages are collaboration, better work life balance, more labour availability and wider and more varied mix of abilities and skills and opportunity for increased scale and decision making.

A solicitor must draw up a written partnership agreement before the business begins trading.

Disadvantages a re possibility of disagreements, conflicts, tc.

Both partners are liable for the total debts of the business from the date of the set up.

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25
Q

What are the different type of farm business arrangements?

A

Businesses owned by individuals such as:
1. Sole Trader.
2.Partnerships.

Businesses owned by a group of people are called

1.Private Limited Companies.

  1. Public Limited Companies or Co-operatives.
  2. A business owned by the state is called a State Owned Business
26
Q

What is a ‘legal’ person?

A

It is a limited company and it is a separate legal entity to the people that own or run it. A structure such as Limited company or co-operative is a legal person.

27
Q

What is a natural person?

A

An individual person.

28
Q

What is a limited company?

A

A legal person separate from the people that own/run it. Shares in the company are created when it is formed and are owned by its shareholders.

Limited liability companies are limited to the shares held by them in the company.

29
Q

How many types of limited companies are there?

A
  1. A private company owned by shares.
  2. A company limited by gurantee not having a share capital.
  3. A company limited by gurantee having a share capital.
  4. A public limited company.
30
Q

What are the advantages of a Private Limited Company?

A

Income tax is paid at the corporate rate.
The owners are not personally responsible for the debts of the company except when they personal gurantees or act fraudulently.
Surplus after tax profits may be retained in the company as a fund for farm expenses in difficult farming years.
A company my have an advantage over a sole trader when purchasing land.
It is a separate legal entity.
Losses can be carried forward and offset against profits in good years.
Ownership is transferable but careful tax advice is required.

31
Q

What is a private limited company?

A

It must have limited or LTD at the end of its name. Cn be owned between 1 and 99 people. These people are called shareholders as they share ownership of the business.

The company pays tax at the corporate rate of tax. The profits of the business are company profits and do not personaly belong to individual shareholders.

Shareholders or employees are paid a salary/dividend withdrawn from the company on an annual basis.

Companies are registered with the companies registration office (CRO) and must create a constitution when formed which must be created under careful legal advice.

Shareholders pay personal tax on money taken out.

32
Q

Disadvantages of a Private Limited Company?

A

More complicated accounts must be kept for the business.
Annual returns and accounts must be filed with the Companies Registration Office. The cost of complying with these regulations can be significant.
A limited company is more expensive to set up.
Existing capital allowances cannot be moved into the company.
Company must own assets to get capital allowances on any investment.
Access to business profits may be more difficult.
There may be difficulties with herd numbers and basic income support scheme entitlements.
Careful advice and planning is required in relation to capital taxes and stamp duty.
It is more closely regulated by law compared to a sole trader or partnership.

33
Q

What is a co-operative?

A

A legally incorporated business which is owned and controlled by the people who work in it. “One member, one Vote” policy.

They have limited liability. Examples include Drinagh, Co-op, Credit Unions.

34
Q

What is a Public limited company?

A

Must have letters ‘plc’ after their name.

It’s shares are traded publicly with some of the larger companies having their shares listed on the Stock Exchange.

It’s owners and management must disclose publicly a great deal of information with the Companies registration office for public inspection.

Example include Glanbia Plc, KErry Group Plc.

35
Q

How many government department are there?

A

17.

36
Q

What does the Department of Agriculture do?

A

Insert Image

37
Q

What does the Department of the Environment, Climate and Communications do?

A

Insert image

38
Q

What is Teagasc?

A

The Irish and Agriculture and Food Development Authority. Established under the Agriculture (Rsearch, Training and Advice) Act 1988. Undert the remit of the Department of Agriculture, Food and the Marine.

It’s mission is to support science based innovation in the agri food sector and wider bio-economy to underpin profitability, competitiveness and sustainability.

Responsible for meeting the knowledge and technology needs of the agri food sector.

It covers the following broad programme areas:

Animal and Grassland.
Crops, Environment and Land USe.
Food.
Rural Economy and Development.
Advisory.
Education.
Operations.

39
Q

Outline the role of Ornua?

A
40
Q

Outline the role of Horse Racing Ireland?

A
41
Q

Outline the role of Horse Sport Ireland?

A
42
Q

Outline the role of Bord Iascaigh Mhara?

A
43
Q

Outline the role of the Environmental protection Agency?

A
44
Q

Outline the role of the Food Safety Authority of Ireland?

A
45
Q

Outline the role of the Health and Safty Authority (HSA)

A
46
Q

What are Farm organisations and the four main ones?

A
47
Q

What does the ICSA do?

A

Irish Cattle and Sheep Farmers Association.

48
Q

What does the ICMSA do?

A

Irish Creamery Milk Suppliers Association.

49
Q

What are the three types of producer groups?

A

Lamb Producer Groups
Beef Producer Groups
Organic Producer Groups.

50
Q

What are the seven principals of Co-operation/ Co-operatives?

A
51
Q

What are the different types of Co-operatives?

A

There are five types

52
Q

How does a Co-op operate?

A
53
Q

What are the three main responsibilities of the Board of Directors?

A
54
Q

What is the ICOS?

A

The Irish Co-operaitve Organisation society(set up by Horace Plunkett in 1894) is a central national body for all the co-operatives in Ireland. Promotes further development of co-operatives.

55
Q

What services are provided by Co-operatives today?

A

Milk Processor,
auctioneering,
IT Training,
Environmental Consultancy,
Animal Feed,
AI Servicve,
Nutritional advice.

You may also sell producuces like milk or grain to local co-ops.

Support and traiinng to members.

56
Q

What do Teagasc/Farm advisors provide?

A
57
Q

How does European law operate? How the three ways in which policy is implemented?

A
58
Q

What percentage of the population works in agr-food sector?

A

7.1 %

59
Q

How high was Irish agricultures exports in 2021?

A

15 billion euro.

60
Q

List three areas the CAP focuses on currently?

A
  1. Income Supports to Farmers linked to environmentall sustainable food production, animal health and welfare, food safety and production that meet consumer demands.

2: Measures to support markets vulnerable to weather or high process volatility.

3: Rural development programmes focusing on the needs of each member state.

Farm Business and Technology (8 decks)

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