FINAL EXAM

NAME ______________________________   DATE ____________

LOCATION _______________________________GRADE ______

Please answer these questions in your own words and to the best of your ability. (Additional paper maybe required.)

1.      What portion of the goals and priorities lecture did you feel to be the most beneficial in your given farm/ranch operation?  Why?  Give an example of how you plan to use the goal/priority information in your operation to make it become more effective and profitable.

 

2.      Explain in your operation how you have your budget set up for personal and business expenses.  Give its weaknesses and strengths.  Give an example of how it could be changed to make it more effective.

 

3.      When you begin your loan preparation for next year, do you use your history of production to assist you for the next year’s operation?  Describe briefly how you utilize this data.

 

4.      Is an Income Statement viable in your operation?  How do you utilize it?  Describe in general its purpose in determining net farm income.

 

5.      Explain how a Balance Sheet and an Income Statement are used in analyzing your operation.  Give a list of three items under the following categories, Asset and Liability.

 

6.      In you’re given operation, which is the most effective method of valuing your products cost or market?  Why?

 

7.      What is a cash flow budget?  Explain in your given operation how your cash flow budget is used.  Why do you feel it to be effective?  How do you use it as a tool to help set up next years-operating papers?

 

8.      Do you feel production records are important?  Tell how you use them as an aid in evaluating whether your operation is functioning at its greatest level of profitability.

 

Please print out this sheet and return it to:

Karen Harlan, P.O. Box 1393, Seagraves, TX 79359

or fax it to us at 806-546-0079.

  Work to be Submitted

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