Deck 1: The Business of Agribusiness

Question 1

What are the four key functions of Agribusiness Management?

Answer 1

Marketing Management Financial Management Supply Chain Management Human Resources Management

Question 2

The ------------------------------- breaks down the proportion of the consumer's food dollar that goes to the farmer for raw products and that goes to the food and industry for "marketing" those products to end consumers.

Answer 2

farm-food marketing bill

Question 3

A ------------------------------- is a small grocery store, selling a limited variety of basic foods, snack foods, and nonfood products, typically with extended hours.

Answer 3

convenience store

Question 4

The -------------------------------closely tracks consumer tastes and preferences and includes food processing, marketing, and distribution.

Question 5

The sector(s) of the food production and marketing system is (are):

A) Food Sector
B) Production Agriculture Sector
C) Input Supply Sector
D) All the above

Question 6

In 2013, the largest component of the farm-food marketing bill was:

A) Food processing
B) Transportation
C) Food services
D) Energy

Question 7

The food wholesaling industry in the food sector consists of the following types of firms, except:

A) Merchant Wholesalers
B) Manufacturers' Sales Branches and Offices
C) Wholesale Agents and Brokers
D) Institutional Food Service

Question 8

Unique dimension(s) of the food and agribusiness markets include:

A) Rural ties
B) Food as a product
C) Government involvement
D) All of the above

Question 9

The farm input supply sector includes:

A) Manufacturing
B) Distribution
C) Services
D) All of the Above

Question 10

The food retailing sector accounts for 13.1 percent of the value-added to the consumer food dollar. The food retailing sector consists of the following types of firms, except

A) Supercenter
B) Superstore
C) Fast Food/Quick Service
D) Warehouse Club

Question 11

The USDA predicts that ___ percent of the food dollar will be spent on food eaten away from home by 2020.

A) 28
B) 52
C) 78
D) None of the above

Question 12

For the average US consumer, less than ____ percent of their total personal consumption is for food consumed at home.

A) 2
B) 7
C) 14
D) 21

Question 13

Which of the following has provided 40 percent of the total debt capital needed by the farm production system for farmland and operating funds in recent years?

A) Farm Credit System
B) John Deere
C) Farm Financial Standards Council
D) U.S. Bank

Question 14

Most farms (88.2 percent) are classified as what type?

A) Small Family
B) Midsize Family
C) Large-scale Family
D) Non-Family

Question 15

The US food production and marketing system represents 4.9 percent of the total value added production to GDP.

Question 16

The share of total US employment that is provided by food and agricultural industries is 6.5 percent.

Question 17

In 2013, for every dollar spent on food, 83 cents went to the farmer.

Question 18

Non-family farms produce the largest share of farm products at 45.3 percent.

Question 19

In 2014, Kroger was the largest US food retailer.

Question 20

Today, there is a growing interest in local foods. It is estimated that almost $4 billion was spent on local foods in 2012.

Question 21

Wholesale agents buy and/or sell as representatives of others for a commission, so they typically neither physically handle nor take title to the goods.

Question 22

Operations management focuses on the direction and the control of the processes used to produce the goods and services that we buy and use each day.

Question 23

Production agriculture includes the farms and ranches that produce the crop and livestock products that provide inputs to the food and fiber sector.

Question 24

Food processing and manufacturing involves turning raw agricultural commodities either into ingredients for further processing or final consumer products.