ag buisness
Terms
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- two categories of the cost component of enterprise bugets
- variable or operating, and fixed
- partial budget
- projected costs and returns associated with some change in the business operations
- types of operating enterprises
- seed, feed, fertilizer, normal repairs, hourly labor
- enterprise budget
- individual items
- what is a whole farm budget
- one budget for everything
- a budget is only as good as the ____ you use.
- data
- four factors of production
- capital, labor, land, and management
- what are break even prices
- prices necessary to just cover variable operating costs or total costs
- three types of budgets
- enterprise, partial, and whole farm
- reasons for budgeting
- helps plan for useful life of assets, an excellent device fore organizing, useful when you need credit from lending agencies, allows experimentation with possible outcomes before resources are actually commited, lets you refine and organization
- what is a budget
- a plan for action by the business
- four situations where partial budgeting is useful
- expanding and enterprise, altnernative enterprises, changing produciton practices, buying new equipment
- fixed enterprises
- depriciation, interest, insurance, taxes on realestate