NATIONAL OPEN UNIVERSITY OF NIGERIA
14/16 AHMADU BELLO WAY, VICTORIA ISLAND, LAGOS
SCHOOL OF SCIENCE AND TECHNOLOGY
MARCH/APRIL 2014 EXAMINATION
COURSE CODE: AEC 308
COURSE TITLE: PRINCIPLES OF FARM MANAGEMENT
TIME ALLOWED: 2 HOURS
INSTRUCTION: ANSWER ONLY 4 QUESTIONS
1. a. Identify the essential steps in decision making process in a farm enterprise
b. Mention the functions of a farm manager.
c. Write short notes on the following:
i. Law of diminishing returns;
ii. Principles of substitution;
2. a. Outline the major characteristics of Nigerian agriculture.
b. i. Define farm valuation.
ii. Explain briefly, the different methods of farm valuation.
c. If an asset cost N5, 000.00 and can be sold off in the next ten years for N2, 000.00, calculate the annual depreciation.
3. a. What are the characteristics of a cooperative society?
b. List the disadvantages of a cooperative a cooperative society.
c. Mention the importance of keeping farm records and accounts.
d. Mention the different types of farm records
4. a. Outline the characteristics of land.
b. What are the major steps usually taken to maintain the productivity of land?
c. Mention the different classes of Capital.
d.What are the factors affecting the efficiency of labour?
5. a. Mention the functions of an entrepreneur.
b.With the aid of a sketched diagram, describe the organizational structure of a poultry farm.
b. Outline the disadvantages of sole-proprietorship.
6. a. Define farm management.
b. Identify the nature of farm management.
c. Define risks and uncertainties.
d. What are the methods that can be used to reduce the effect of risks and uncertainties in farming?
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