NATIONAL OPEN UNIVERSITY OF NIGERIA
FACULTY OF AGRICULTURAL SCIENCES
DEPARTMENT OF AGRICULTURAL ECONOMICS AND EXTENSION
2020_2 EXAMINATION 1234
Course Code: AEM 451
Course Title: Farm Business Organisation
Credit Unit: 3
Exam Question : POP 2020_2
Total Score: 70 Marks
Instruction: Answer compulsory question 1 (30 marks) and any other 4 questions
(10 marks each).
Time Allowed: 2 ½ Hours.
1a. Describe the various perspectives of farm management (10 marks).
b. State any five procedural steps for gross margin analysis (5 marks).
c. Management is applied in various ways to realise the objectives of a farm business. Discuss
(5 marks).
d. Explain any five measures for reducing risk in farm business (5 marks).
e. Calculate and interprete the networth of a farm business whose total assets and liabilities
are estimated at 64,000.00 and 86,000.00 respectively (5 marks).
2a. What are the objectives of farm management (6 marks).
b. Outline four major functions of a farm manager (4 marks).
3a. Mention any five advantages of budgeting in farm business (5 marks).
b. Outline five animal production records (5 marks).
4a. Write short notes on the three classes of liabilities (6 marks).
b. State four importance of cash flow statement (4 marks).
5a. Critically examine the relevance of resource productivity (6 marks).
b. Differentiate clearly between liquidity and solvency (4 marks).
6a. Enumerate the steps involved in decision making (6 marks).
b. State any four sources of risk in agriculture; giving relevant examples of each (4 marks).
7a. State any five attributes of a farm manager (5 marks).
b. Differentiate between an enterprise and an activity (5 marks)
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