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