NATIONAL OPEN UNIVERSITY OF NIGERIA AEM 451 FARM BUSINESS ORGANIZATION
14/16 AHMADU BELLO WAY, VICTORIA ISLAND, LAGOS SCHOOL OF SCIENCE AND TECHNOLOGY JUNE/JULY EXAMINATION
COURSE CODE: AEM 451
COURSE TITLE: FARM BUSINESS ORGANIZATION TIME ALLOWED: 2 ½ HOURS
INSTRUCTION: ANSWER ONLY 5 QUESTIONS
- a. Define agriculture.
- What are the productive resources in agriculture?
- c. Define farm manageme
- State four objectives of farm management.
- e. Mention five factors usually considered in the organization of a farm set?
- State five attributes of a farm manager.
- a. What is land consolidation?
- As a professional, what advice would you offer to a farmer when land is limited in supply, in order to enhance his productivity?
- c. In what ways can the gross margin per man-hour be increased?
- “The objectives for any organization like commercial farming should be clear and numerical so that all its managers have a commonly accepted goal”. Mention these objectives.
- a. Mention the four major functions of management.
- Mention the eight problem solving approach in farm management.
- c. By their definition, differentiate between budgeting and farm budge d. Mention the two different budgeting types.
- a. Name the two major approaches of collecting farm management information.
- Under these two major approaches, list the different methods of collecting farm management information.
- c. Name the two steps involved in taking a farm inventory. d. Define a farm asse
- e. With two examples each, mention three classes of assets.
- a. What are the practices for enhancing good farm Management and minimizing risks?
- For a livestock enterprise, what considerations or practices would you carry out for effective management and risk minimization?
- a. What are the rewards for using farm resources or factors of production?
- Mention three methods of acquiring factors of production. c. State the uses of factors of production.
- Define the following terms:
- Technical efficiency;
- Allocative efficiency;
- e. State four relevance of resource productivity.
- a. What is liquidity?
- Mention four main indicators of liquidity.
- c. Define each of the four main indicators of liquidity. d. What is solvency?
- e. Name three indicators of solvency.