SYSSF Quiz #3 - Sustainable Livestock Production Question Title * 1. A receipt is a payment received in exchange for goods or services provided. Many farms have numerous sources of receipts and each distinct source should be listed separately on the income statement. Only the receipts and expenses related to a particular year should be included in the income statement. True False OK Question Title * 2. Profit is the difference between total receipts and total expenses for one year. True False OK Question Title * 3. A cash flow analysis does not include (check all that apply): Noncash income Gain in value of assets Depreciation Noncash expenses All of the above OK Question Title * 4. According to Fortier, our natural world is a complex system, but can be viewed in terms of which of the following processes: Community dynamics Energy cycle Water cycle Mineral cycle All of the above OK Question Title * 5. Buildings are necessary for livestock production and you must have a barn to keep livestock. True False OK Question Title * 6. Livestock and meat prices must exceed the cost of production which includes fixed and variable costs, but excludes labor. True False OK Question Title * 7. Selling on the hoof (also called a custom sale) means you are selling the live animal to the customer and they are responsible for having it butchered to their specifications. Which of the following is/are not true of custom sales (check all that apply): You may split an on-the-hoof animal between multiple customers Animal must be packaged and wrapped in an inspected facility Each animal must be slaughtered at a plant where a Federal inspector is available to view the carcass The customer who purchased the animal on the hoof may resell the cut and wrapped meat direct to restaurants B and C OK Question Title * 8. The best way to avoid personal liability is: Pay attention to details Make safety a top priority Have you employees and guests sign a liability waiver Develop written personnel and safety policies A, B and D OK Question Title * 9. The best use of your limited resources is to fix the “weakest link” in your farm or ranch system. This link can be social, biological or financial. True False OK Question Title * 10. What is your name (so that we can give you credit if you want to receive the course certificate)? OK DONE