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Applied Farm Management > Midterm 2 > Flashcards

Midterm 2 Flashcards

1
Q

3 types of risk taker personalities

A

Risk Averse
Risk Neutral
Risk Loving

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2
Q

Factor that affect willingness to take risks

A 
Money
Debt
Health
Going into the unknown 
Family responsibilities
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3
Q

Factors that affect ones ability to bear risk

A

Amount of equity/financial security

Cashflow commitments

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4
Q

Sources of risk and uncertainty

A 
Climate risks
Marketing/Price risk
Financial risk
Legal risk
 1. Liability 
 2. Business organization 
 3. Estate planning (will)
Personal risk
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5
Q

Tools for mitigating production risk

A

Diversity
Insurance
Stable enterprises
Extra production capacity

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6
Q

Tools for mitigating market/price risk

A 
Spreading sales
Marketing plan
Hedging 
Marketing awareness 
Forward contracts
Flexibility
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7
Q

Tools for mitigating financial risk

A 
Interest rates-locking vs. Variable
Liquid reserves
Credit reserve
Owners equity
Self liquidating loans
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8
Q

Tools for mitigating legal risks

A

Business organization vs. sole proprietorship vs. Corporation

Estate planning

Liability insurance

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9
Q

Tools for mitigating personal risk

A

Life insurance
Health insurance
Safety
Backup management

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10
Q

What can the money from ccga cash advance go to

A

Anything

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11
Q

Who can apply for a ccga cash advance

A

When you become an adult in ur province eg. 18 in mb 19 in BC

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12
Q

What crops are available for a ccga cash advance

A 
Cereal grains
Specialty crops
Oilseeds
Forage
Pulse crops
Sweeteners
Coarse grains
Livestock
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13
Q

When can you apply for before seeding cash advance

A

March 1st to may 1st

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14
Q

When can I apply for before harvest cash advance

A

After seeding and before harvest

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15
Q

When can I apply for a storage cash advance

A

After harvest

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16
Q

When can I apply for winter cereals

A

October 1st

17
Q

When can I apply for livestock

A

Year round as long as what is applied for is already born

18
Q

Security required for intended seeding and actual seeded CA

A

Production insurance for field crops
Agistability
GARS

19
Q

Security required for post harvest CA

A

Grain in storage

20
Q

Security required for livestock CA

A

Agristability

21
Q

When do I repay my CA and how much

A

When u sell the commodity and usually about half of what u sell it for there is a minimum on website

22
Q

What are ways to insure

A

Self insurance

Mutual insurance

23
Q

Types of farm insurance

A 
Autopac 
MASC (crop insurance)
Hail insurance
Worker’s compensation
Liability insurance 
General farm insurance 
Life insurance 
Death/disability insurance
24
Q

What does autopac cover

A

Any vehicle designed for road use

25
Q

Who is worker’s compensation for

A

Mandatory for any non family employee working in farm

26
Q

Liability insurance

A

Covers the farmer from visitors injuries on farm or caused by your operation

27
Q

What does life insurance cover

A

Covers over a period of time and expires when time is up

28
Q

What does Death insurance cover

A

When u buy it until u die then the family gets it. Builds like a savings account

29
Q

What does disability insurance cover

A

Provides financial assistance such as part or all of salary if u are unable to work due to injury, disability or health issue

30
Q

What is a partial budget also called

A

Cost/benefit analysis

‘Penciling something out’

31
Q

What are typical item on a partial budget

A 
Labour
Repairs
Insurance 
Fuel 
Depreciation 
Loan interest 
Extra income
32
Q

What is the first thing that has to be identified in a livestock budget

A

What are the productive units

Applied Farm Management (1 decks)

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