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e. project management, feasibility study preparation, evaluation, research, development and extension on agricultural and biosystems engineering > Farm Management > Flashcards

Farm Management Flashcards

1
Q
  1. Which of the following is a characteristic of a manager.
    a. responsible
    b. politician
    c. decision maker
    d. mediator
    e. none of the above
    f. all of the above
A

f. all of the above

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2
Q
  1. Which of the following statement/s is/are true?
    a. A person must be efficient to be effective
    b. A person may be effective without being efficient.
    c. A person must be effective to the efficient.
    d. A person may be efficient without being effective.
    e. Statements a and c
    f. statements b and d
A
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3
Q
  1. Among the following statements, which demonstrates efficiency in operations?
    a. Reducing the number of workers while maintaining the same target yield.
    b. Increasing the number of workers while maintaining the same target yield.
    c. Increasing the target yield and maintaining the number of workers.
    d. Reducing the number of workers and reducing the target yield.
    e. Increasing the number of workers and increasing the target yield.
    f. Statements a and c.
A

f

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4
Q
  1. The following are all processes of proper management, except ________.
    a. Planning
    b. Procrastinating
    c. Controlling
    d. Leading
    e. Organizing
    f. None of the above
A

b

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5
Q
  1. The study of the ways and means of organizing land, labor and capital and the application of technical knowledge and skill in order that the farm may be made to yield the maximum net returns is called _____.
    a. Management
    b. Scientific Method
    c. Agricultural Economics
    d. Economics
    e. Farm Management
    f. Agricultural Mechanics
A

e

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6
Q
  1. Which among the following is/are not functions of management.
    a. Keeping records and accounts.
    b. Controlling and directing the various resources.
    c. Managing labor, land and capital.
    d. Overseeing the entire production process.
    e. All of the above.
    f. None of the above
A

f. None of the above

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7
Q

refers to the cultivation of land with or without the benefit of sound business, technical knowledge and skills

A

farming

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8
Q

Concerned with an effective recruitment, selection, placement development, maintenance and utilization of manpower to obtain optimum efficiency of labor

A

personnel management

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9
Q

includes duties performed by purchasing, material supervision as inventory controls, inspection of materials and salvage operations

A

material management

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10
Q

involves planning the procurement and utilization of funds and controlling the financial operations to insure effective utilization of funds

A

financial management

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11
Q

deals with the planning direction and control and decision making necessary for carrying out the production processes

A

production management

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12
Q

is the planning, directing and controlling of the entire marketing activities of the farm, including the formation of marketing objectives, policies, programs and strategies for product development

A

marketing management

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13
Q

the process by which a farm manager looks ahead to the future and contemplates alternative courses of action for the farm

A

farm planning

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14
Q

the process of determining requirements, allocating of resources and estimating the returns for the different activities of the farm

A

budgeting

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15
Q

takes the whole farm as the subject for decisions. It considers all expenses and returns so that the figure indicates the performance of the entire farm

A

complete planning and budgeting

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16
Q

takes part of the farm as the subject for decision. It considers the expenses and returns of the parts of the farm under consideration so that the net returns (or less) indicate only the profitability associated with change envisioned rather than the whole farm

A

partial planning and budgeting

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17
Q

pertains to farming activities utilizing fixed outlay of labor and capital to an increasing area of land.

A

extensive farming

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18
Q

a method of farming which utilizes fixed outlay of labor and capital to the same area of land

A

intensive farming

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19
Q

a system of grouping continuous land holding for the purpose of operating as one farmstead, resources for production are pooled together from among the other member

A

compact farming

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20
Q

the transaction between two parties in which one (creditor) supplies money, goods and services and other securities on the basis of a promise that payment by the other (debtor) would be due at a specified time

A

credit

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21
Q

includes all loans and/or advances granted to borrowers to finance activities relating to agriculture and the processing, marketing, storage, and distribution of products

A

agricultural credit

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22
Q

statement of what an enterprise owns and what it owes as of a particular data.

A

Balance sheet or Farm inventory

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23
Q

it is the process of setting and achieving goals through the execution of the management functions that utilize human, financial and material resources

A

management

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24
Q

People responsible for helping organizations achieve their goals

A

manager

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25
Q

managerial roles - interpersonal role

A

liaison

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26
Q

it is the effective and efficient use of scarce resources to achieve organizational goals

A

management

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27
Q

it is the process of planning, organizing, staffing and directing as well as controlling the efforts of all organizational members and the use of all available organizational resources in order to achieve the stated organizational goals

A

management

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28
Q

managerial roles - information role

A

monitor

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29
Q

managerial role- decision role

A

negotiator

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30
Q

Efficiency or effectiveness?

doing things right

A

Efficiency

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31
Q

Efficiency or effectiveness?

measurable

A

efficiency

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32
Q

Efficiency or effectiveness?

ability to choose appropriate objectives/means for achieving a given objective doing the right things

A

effectiveness

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33
Q

Efficiency or effectiveness?

output/input

A

efficiency

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34
Q

Efficiency or effectiveness?

selects the right things to get done or the right method for getting a particular thing done

A

effectiveness

34
Q

Efficiency or effectiveness?

minimize resources, maximize results

A

efficiency

35
Q

what are the ways to promote efficiency?

A
  1. Same input, more output
  2. Less input, same output
  3. Less input, more output
36
Q

what are the 7 Ms of management?

A
  1. Manpower
  2. Money
  3. Machine
  4. Material
  5. Method
  6. Minute
  7. Message
37
Q

Management Process

establishing goals and a suitable course of action for achieving those goals

A

Planning

38
Q

Management Process

getting members of the organization to move in the direction that will achieve its objectives

A

Directing

39
Q

Management Process

process of arranging and allocating work, authority and resources among an organization’s members so that they can achieve the organization’s goals

A

Organizing

40
Q

Management Process

putting the right person in the right place; also involves the development and implementation of a system for appraising performance and providing feedback for performance improvement

A

Staffing

40
Q

Management Process

process of ensuring that actual activities conform to planned activities and organization is moving towards its goals

A

Controlling

41
Q

Management Process

directing and influencing the task-related activities of group members or an entire organization

A

Leading

42
Q
  • Managers make all work-related decisions
  • Threat/punishment
A

System 1 (Exploitive Authoritative)

43
Q
  • Goals are discussed with subordinates
    -Rewards rather than threat/punishment
A

System 3 (Consultative)

44
Q
  • Goals and decisions are set by the whole team
  • Economic rewards & worth & importance
A

System 4 (Participative)

45
Q
  • Managers still issue orders but employees are free to comment
  • Rewards for those who meet or exceed the manager’s goals
A

System 2 (Benevolent Authoritative)

46
Q

Piece of land on which a farm household undertakes agricultural activities as part of its livelihood

A

Farm

47
Q

Study of the ways and means of organizing land, labor and capital and the application of technical knowledge and skill in order that the farm may be made to yield the maximum net returns

A

Farm Management

48
Q

Science of decision-making in evaluating & choosing between alternative strategies for making adjustments in resource-use & enterprise mix to secure higher levels of farm income

A

Farm Management

49
Q

refers to any activity which involves the production, selling or trading of needed products and services

A

Business

50
Q

Type of farm management decision

involve less investment and are made more frequently.

A

operational management decisions

51
Q

Type of farm management decision

involve heavy investment and are made less frequently

A

Strategic management decisions

52
Q

type of farm management decisions

examples of this are financing of the farm business, supervision, accounting and adjusting his farm business according to Government policies

A

administrative management decisions

53
Q

Type of farm management decisions

most important under the changing environment of agriculture. These decisions include buying and selling

A

marketing management decisions

54
Q

it is the day-to-day running or operation of activities within the farm business

involves administration of the farm business, day-to-day decision making, organizing, controlling, leading and planning of farm resources.

A

farm level management

55
Q

farm business activities

related to the purchase, depreciation, sale of long lived assets (obsolete) e.g. land, buildings, machinery, orchards, vineyards and breeding stock

A

investment/ farm development

56
Q

farm business activities

include all transactions related to borrowing money and paying interest and principal on debt of all kinds; also includes money borrowed to finance new investment

A

financial

57
Q

farm business activities

activities that are done on the farm related to the crop and livestock
-include the revenue from sales, other farm revenues, and expenses incurred during the production cycle

A

production

58
Q

concerned with the provision of information which will assist farmers in their management to achieve goals

involves the introduction of models that enables farmers to make sound decisions

A

farm management extension

59
Q

concerned with generating knowledge on farmers production goals, farmers’ decision making process, farm problems, factors that are affecting farmers’ performance and behavior, constraints facing farmers (technical, institutional, social etc)

A

farm management research

60
Q

functions of farm management

Selecting methods and practices and training labor to be used in performing various operations

A

management of labor

61
Q

farm labor mainly supplied by the family circle

A

family labor

62
Q

farm labor supplied from outside of the family

A

hired labor

63
Q

classification of farm job

first and must be done in clear weather with moderately dry soil.

A

fieldwork

64
Q

classification of farm job

hauling manure, building fences, plowing husking corn, ditching and tiling, cutting and hauling wood and outside repairs to buildings.

A

outside work that can be delayed

65
Q

indoor work such as repairing machinery, sharpening mower sickles and oiling machinery and harness should be kept in mind.

A

work for rainy days

65
Q

function of farm management

management of capital and management of land

A

buying and selling

66
Q

method of valuation of inventory

it is the estimated average selling price over a number of years

A

normal market value

66
Q

method of valuation of inventory

it is the actual purchase cost

A

original cost

66
Q

this will lead to increased productivity, whether one is raising livestock or raising crops. Proper management will decrease costs & labor while increasing profit

A

soil management

66
Q
  1. Provide data for farm planning and budgeting.
  2. Aid to credit, insurance, taxes and in preparing reports.
  3. Give data for group action on local or national programs.
  4. Provide information useful in property valuation.
A

Uses of farm records

66
Q
  1. Serve as a yardstick for performance and accomplishment.
  2. Serve as a guide or reminder on the schedule of activities.
  3. Provide a basis for evaluation and improvement.
  4. Serve as central facilitating aid.
A

Uses of farm plans

66
Q

risk in agriculture involving extreme weather conditions, fire, flood, earthquakes, and pests and diseases

A

natural factors

66
Q

example of risks in agriculture that involves human factors

A

carelessness, incompetence, dishonesty, theft, and political disturbances

66
Q

Another risk in agriculture that is concerned with the market

A

Unpredictability of market conditions

67
Q

What are some methods to reduce risks in agriculture?

A
  1. Insurance
  2. Diversification
  3. Future Contract
  4. Flexibility
  5. Liquidity
68
Q

formula for computing current ratio

A

current ratio = current assets/current liabilities

69
Q

what is the formula for computing quick/acid-test ratio

A

(current assets-inventories) / current liabilities

70
Q

this formula is use to compute ____?

current assets - current liabilities

A

net working capital

71
Q

what is the ideal current ratio for liquidity and solvency ratios?

A

2:1

72
Q

what is the ideal quick ratio?

A

1:1

73
Q

it is the amount of funds available for payment anytime

A

net working capital

e. project management, feasibility study preparation, evaluation, research, development and extension on agricultural and biosystems engineering (9 decks)

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