NATIONAL OPEN UNIVERSITY OF NIGERIA
University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences,
Dept. of Agricultural Economics and Extension,
2020_2 Examination 1234
Course Title: Farm Business Organization
Course Code: AEA310
Credit Unit: 3
Total Score: 70 Marks
Time Allowed: 3Hours
INSTRUCTION:
Answer Compulsory question 1 (30 marks) and any four (4) questions (10
marks each)
1. a) i) Define Resources. (2 marks)
ii) Discuss the four main groups of resources. (8 marks)
b) Define and explain gross margin. (10 marks)
c) Explain the following:
i) Farm management (2mks) ii) Budgeting (2mks)
iii) A farmer budget. (2mks)
iv) Economics in terms of resources allocation (2mks)
v) Farm production records. (2mks)
2. a) Who is a farm manager? (2mks)
b) State four(4) attributes of a farm manager (4mks)
c) Outline four(4) requirements for an effective control system in
managerial function of a farm manager.(4mks)
3 Explain the following: (10marks)
i) Efficiency (2 marks)
ii) Physical measures (2 marks)
iii) Financial measures (2 marks)
iv) Solvency (2 marks)
v) Networth (2 marks)
4 a) State five (5) uses of gross margin. (5 marks)
b) Mention five (5) procedural steps used for gross margin analysis.
(5marks)
5 Discuss the following: (10marks)
i) The Balance sheet (2 marks)
ii) Asset (4 marks)
iii) Liabilities (4 marks)
6 . a) Explain what you understand by term decision making (5 marks) b) State any five (5) steps involved in decision making. (5 marks)
7 a) State two (2) perceptions of farm management (4marks)
b) Outline the researchers perspectives of farm management (2mks)
c) Explain the following:
i) Farm organization. (2mks)
ii) Farm operations. (2mks)
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