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.
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.
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.
Is an Income Statement viable in your operation? How do you utilize it? Describe in general its purpose
in determining net farm income.
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
In you’re given operation, which is the most effective method of
valuing your products cost or market? Why?
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?
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.