Ag Business 1
Which type of loan is used to purchase land and buildings with a loan period ranging from 8 to 40 years?
Long Term Loan
Which function involves developing a plan to identify ways to make potential customers aware of the product or service to be offered?
Promoting
Which loan type is repaid in equal installments of principal and interests?
Amortized Loan
Selling a product directly to a consumer is:
Retail Marketing
What are 3 types of ownership that an agribusiness can be organized by?
Sole Proprietorship, Partnership, Corporation
The person who organizes a business or trade is an
Entrepreneur
What is the term for a financial document the records the amount of product kept on hand, how many were sold, each item’s cost, total sale, and profit?
Inventory Reports
What source of credit was first started to assist tenant farmers in becoming landowners?
Farmer's Home Administration
What type of product would be purchased with consumptive credit?
Personal Vehicles
What is the estimated amount of weight that an animal will lose when it is transported to market?
Pencil Shrink
The equation for a balance sheet is:
Assets = Liabilities + Net Worth
The 3 types of insurance that a borrower should have:
Liability, Life, Property
What 3 factors affect price?
Supply of the Item, Demand of the Item, General Price Level
What type of records are NOT necessary information when applying for a loan?
Medical Records
What advertising includes a product’s usefulness, durability, price, value, and a customer’s need for an item?
Product Advertising
Three types of cooperatives are:
Marketing, Purchasing, Service Based
The most important source of credit is:
Commercial Banks
A document signed by the borrower agreeing to the terms of the loan is called:
Promissory Note
What is not a major disadvantage of owning your own business?
Control over your own finances
An example of an ag business in Jennings is:
Tractor Supply