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FINAL EXAM

Name: _______________________________________________________________________

Name:

Please answer these questions in your own words to the best of your ability.
Print out this sheet.Fill out this form.

  • 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 goals/priorities information in your operation to make it become more effective and profitable.
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  • 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.
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  • 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.
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  • 4. Is an Income Statement viable in your operation? How do you utilize it? Describe in general its purpose in determining net farm income.
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  • 5. Explain how a Balance Sheet is used in analyzing your operation. Give a list of three items under the following categories: Asset and Liability.
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  • 6. Explain how Income Statements are utilized in your operation.
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  • 7. In your given operation, which is the most effective method of valuing your products, cost or market? Why?
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  • 8. 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 year's operating papers?
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  • 9. Do you feel production records are important? Tell how you use them as an aid for evaluating whether your operation is functioning at its greatest level of profitability.
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  • 10. Explain why Financial Management is imperative in today's global position.
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You will need to complete FSA form 2376 and send it to me. This form is an evaluation of this class and must be submitted to your state FSA office in order for you to complete this course. Since there is a section that I must also fill out, I will submit it with the rest of your completion documents. This form is available for download as a .pdf from the USDA website, or you may download from HERE . If you have difficulty downloading or accessing this form, please contact me. You will need a program that will open .pdf files. One such program is Adobe Acrobat Reader. You can find that program for free here .

Submit this page and form for a grade by mailing to:

  • Karen Harlan
  • PO Box 1475
  • Seagraves, TX 79359
or fax to: (806) 546-0079

Submit your test and then download the form and mail it to:

  • Karen Harlan
  • PO Box 1475
  • Seagraves, TX 79359
or fax to: (806) 546-0079