_______________ ar the general costs of operating and administering the business outside of the direct cost of goods sold. Can be referred to as overhead or fixed costs.
What is operating costs
100
When purchasing shares in a corporation, you are purchasing ___________
What is stock
100
A state chartered legal entity that issues stock and has a legal existence apart from its owners
What is a corporation
100
When borrowing money, the most economically sound practice is to pay back the money in the _________ time frame.
What is shortest
100
Something of value a business owns or uses.
What is assets
200
Which of the following is listed on a balance sheet: assets, liabilities, net worth.
What is all of these.
200
__________ are formed when two or more people manage a business together as owners.
What is partnerships.
200
The input, production and processing sectors in agribusiness are interdependent. True or false
What is true
200
The ______________ is the price of borrowing money.
What is interest.
200
Assets=Liability+owners equity
What is accounting equation
300
Upgrading computers, putting a new roof on a building, paving a driveway, or buying a new truck for a business is classified as this type of expense.
What is capital.
300
True or false. All resources are scarce.
What is true.
300
_________ economics is a social science related to agricultural issues.
What is agricultural
300
Most agricultural commodities are generally ___________ with regards to supply and demand.
What is inelastic.
300
___________ economics examines what should be or ought to be in an economic situation
What is normative
400
Taxes, licenses, salaries, and utilities are examples of this type of expense.
What is operational.
400
What part of the business plan lists who will be running the business?
What is management statement.
400
Name the 3 types of legal business structure.
What is sole proprietorship, partnership, corporation.
400
This law states that as consumption per unit of time increases, change in satisfaction decreases.
What is law of diminishing marginal utility.
400
Being a good motivator, a good leader, and technically proficient are all qualities of a good ___________.
What is manager.
500
Which management tool helps identify internal and external strengths, weaknesses, opportunities, and threats?
What is SWOT.
500
________ economics explains or predicts the economic behavior of producers and consumers, without making judgements about what should be.
What is positive.
500
Which of the following is not a prerequisite to an efficient economic system? large number of producers and consumers, interaction between producers and consumers, very little knowledge, free market economy
What is very little knowledge.
500
________________ is motivating a group of people with a variety of talents and needs to accomplish the common goal of implementing a business's purpose and objectives.
What is management.
500
a business owned operated and patronized by its owners.