NATIONAL OPEN UNIVERSITY OF NIGERIA AEC 308: PRINCIPLES OF FARM MANAGEMENT
SCHOOL OF SCIENCE AND TECHNOLOGY
AEC 308: PRINCIPLES OF FARM MANAGEMENT JANUARY 2013
INSTRUCTION: ANSWER ONLY 4 QUESTIONS TIME: 2 HOURS DATE: Saturday 26th Jan
- 1. a.
- Identify the essential steps in decision making process in a farm enterprise ii. Mention the functions of a farm manager.
- b. State/define the following:
- Law of diminishing returns; ii. Principles of substitution; iii. Diversification; and
- 2. a.
- List the characteristics of land.
- What are the major steps usually taken to maintain the productivity of land?
iii. Mention the different classes of Capital. b.
- Name the various sources of acquiring capital for farm operations.
- What are the factors affecting the efficiency of labour?
- 3. a.
- Mention the functions of an entrepreneur.
- Describe with the aid of a sketch diagram only, an organizational structure of a poultry farm. b.
- Enumerate the disadvantages of sole-proprietorship. ii. Enumerate the disadvantages of partnership.
iii. Enumerate the disadvantages of a Limited Liability Company.
- 4. a.
- Mention the different types of cost. ii. Define farm valuation.
iii. Mention the methods of farm valuation.
- b. If an asset cost N10, 000.00 and can be sold off in the next ten years for N2, 000.00, calculate the annual depreciation.
- List the major characteristics of Nigerian agriculture.
- 5. a.
- What are the characteristics of a cooperative society?
- List the disadvantages of a cooperative a cooperative society.
- Mention the importance of keeping farm records and accounts. ii. Mention the different types of farm records
- Define the following:
- Networth iii. Asset
- 6. a.
- Define farm management.
- Identify the nature of farm management.
iii. “The broad scope of farm management could be viewed from its broad functions”. List these functions.
- b. i. Mention the general principles of managem ii. Define risks and uncertainties in farming.
iii. Name the methods that can be used to reduce the effect of risks and uncertainties in farming.