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NATIONAL OPEN UNIVERSITY OF NIGERIA
University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences, Dept. of Agricultural Economics and Extension,
PoP Examination Questions, October/November, 2019

Course Title: Farm Business Organization
Course Code: AEA310
Credit Unit: 3
Total Score: 70 Marks
Time Allowed: 3Hours
INSTRUCTION: Answer Compulsory question 1 (30 marks) and any fourquestions (10 marks each)

1 a) State the meaning of the following:
i. Farm Management
ii. Farm Organization
iii. Farm Operations
iv. Economics in terms of resource allocation
v. Farm Production records (10 marks)
b) Explain five (5) uses of farm records (10 marks)
c) i) Explain in detail profit and loss account. (5 marks)
ii) State five (5) ways to know when cash flow statement is helpful. (5 marks)
2. Discuss the following:
a) Current Ratio (2 mks)
b) Working Capital (3 mks)
c) Networth (3 mks)
d) Net Income (2 mks)
3. a) Explain the meaning of Resources. (2 marks)
b) Discuss the four main groups of resources. (8 marks)
4. Briefly discuss the various methods of acquiring these farm resources: (10 marks)
a) Land
b) Labour
c) Capital
d) Management
5 a) Enumerate four (4) relevance of resource productivity? (4 mks)
b) Highlight six (6) ways gross margin per man-hour can be increased. (6 mks)
6. a) Identify four (4) benefits derived from the use of the different farm resources (4 marks)
b) State any six (6) uses of Gross Margin analysis (6 marks)
7. a) Explain what you understand by the term, “decision making” (5 marks)
b) State any five (5) steps involved in decision making. (5 marks)