Farm Management and Budgeting - JSS3 Agricultural Science Past Questions and Answers - page 1
What does farm management primarily involve?
Planning and execution of daily tasks
Efficient operation of enterprises
Land ownership and tenure
Environmental conservation efforts
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Which principle of farm management focuses on rational decision-making?
Risk management
Resource allocation
Decision-making
Budgeting
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What is the purpose of operational budgets in agriculture?
Evaluating enterprise profitability
Estimating costs and revenues
Assessing market conditions
Managing long-term investments
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What type of risk in agriculture is associated with fluctuations in market prices?
Production risk
Financial risk
Price risk
Climate risk
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Which risk management strategy involves spreading risk by engaging in multiple enterprises?
Insurance
Diversification
Hedging
Subsidies
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What government intervention aims to reduce the cost of agricultural inputs?
Price supports
Conservation programs
Input subsidies
Trade policies
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What trade policy influences the flow of agricultural products across borders?
Import and export regulations
Environmental policies
Tariffs and quotas
Price supports
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What is the primary purpose of environmental policies in agriculture?
Increasing agricultural productivity
Protecting natural resources
Promoting international trade
Maximising farm profitability
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Which budgeting method evaluates the financial performance of individual farm enterprises?
Operational budgets
Resource allocation
Enterprise budgets
Cash flow management
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What type of risk involves variability in weather conditions?
Financial risk
Climate risk
Production risk
Price risk
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