Home Study Quiz 2017 ARMS 3

Similar documents
Operating & Capital Expenditures: Section 29 (and elsewhere)

Operating & Capital Expenditures: Section I (and elsewhere)

Suppose a farmer is eligible what triggers a corn PLC Payment? Suppose a farmer is eligible what triggers a corn County ARC Payment?

National Marketing Year Average Price less than the Reference Price ($3.70). Suppose a farmer is eligible what triggers a corn County ARC Payment?

2018 Enrollment Update

Crop Cash Flow and Enterprise Information - step two for your 2017 farm analysis

Suppose a farmer is eligible what triggers a corn PLC Payment? Suppose a farmer is eligible what triggers a corn County ARC Payment?

2018 Enrollment Update

Suppose a farmer is eligible what triggers a corn PLC Payment? Suppose a farmer is eligible what triggers a corn County ARC Payment?

2016 Enrollment Update

THE FARM BILL AND THE WESTERN HAY INDUSTRY. Western States Alfalfa and Forage Symposium November 29, 2017 Reno, Nevada

AAE 320 Spring 2013 Final Exam Name: 1) (20 pts. total, 2 pts. each) 2) (17 pts. total) 2a) (3 pts.) 2b) (3 pts.)

2016 Enrollment Update

Cost Concepts Key Questions Chapter 9, pp

Balance Sheets- step one for your 2018 farm analysis

Owning or operating corn Base Acres makes you eligible for corn direct payment No trigger for corn DP, just own or operate

Fourth Quarter 2014 Earnings Conference Call. 26 November 2014

Fourth Quarter 2016 Earnings Conference Call. 23 November 2016

Farm Accounting Using QuickBooks

Eligibility: own or operate Base Acres. No trigger except owning /operating Base Acres.

INSIGHTS FROM AGRICULTURAL LENDERS. January 11 th, 2019 Top Farmer Conference Beck Agricultural Center Dr. Brady Brewer

Second Quarter 2016 Earnings Conference Call. 20 May 2016

Balance Sheets- step one for your 2016 farm analysis

National marketing year average price less than the $3.70 Reference Price. Suppose a farmer is eligible what triggers a corn County ARC Payment?

Dairy Proforma Calculator (DPC) Instructions Gary G. Frank, Center for Dairy Profitability, UW-Madison August 1, 1998

2006 Michigan Cash Grain Farm Business Analysis Summary. Eric Wittenberg And Stephen Harsh. Staff Paper December, 2007

Net Worth Statement Instructions & Forms Dan Childs NF-AE-01-02

Managing Feed and Milk Price Risk: Futures Markets and Insurance Alternatives

Worksheet 1* Historic and Projected Out-of-Pocket Cost of Production

The Margin Protection Program for Dairy in the 2014 Farm Bill (AEC ) September 2014

AEC 851 BUDGETING ACTIVITY ANALYSIS INTRODUCTION TO BUDGETING AND

2017 NATIONAL FFA FARM AND AGRIBUSINESS MANAGEMENT CAREER DEVELOPMENT EVENT

2008 STATE FFA FARM BUSINESS MANAGEMENT CONTEST

Frequently Asked Questions 2016 Enrollment Update Margin Protection Program

4Q 2017 Earnings Call. 22 November 2017

CREDIT IN A CHANGING ENVIRONMENT. Rick Nelson Vice President, Agribusiness

Session 5: Financial Management

Dairy Outlook and Utilizing MPP- and LGM-Dairy: Kenny Burdine University of Kentucky Agricultural Economics

AGRICULTURAL FINANCIAL AND TAX PLANNING. Self Employment Tax on Ranch Related Income

2015 Iowa Farm Business Management Career Development Event. INDIVIDUAL EXAM (150 pts.)

2009 Michigan Upper Peninsula Dairy Business Analysis Summary. Eric Wittenberg And Christopher Wolf. Staff Paper December, 2010

Margin Protection Program for Dairy

2Q 2018 Earnings Call. 18 May 2018

Second Quarter 2011 Earnings Conference Call. 18 May 2011

Farm Bill Meeting Stoddard County

3Q 2018 Earnings Call. 17 August 2018

Agriculture & Business Management Notes...

APPLICATION FOR REVOLVING CREDIT

Farm Bill Meeting Bollinger County

Farm Bill Meeting Cape County

Farm Income Statement 2015 Moorhead Farm Business Management Annual Report (Farms Sorted By Net Farm Income) Number of farms

Farm Bill Meeting Scott County

Developing a Cash Flow Plan

Case Study #1: Mixed Farm Operation - The Kattel Farm

Farm Financial Risk Management: Introduction to Farm Financial Statements for New and Beginning Farmers

Employee Liability Insurance $/$1,000 wages $ Employee Benefits percent/wages 18.00% Labor Downtime percent 25.00%

Developing a Cash Flow Plan

Dryland Bermuda Enterprise Budget - Hay Only 1000 acres farmed, 160 acres for this budget. OSU Name. OKLAHOMA COOPERATIVE Farm Description

Tax Considerations of Farm Transfers (Revised 26 February 2009)

4Q 2018 Earnings Call. 21 November 2018

Case Studies with MPP Dairy Financial Stress test Calculator: Dealing with Declining Milk Price Basis in Michigan

Farm Taxes. David L. Marrison, Associate Professor

Frequently Asked Questions 2016 Enrollment Update Margin Protection Program

Program on Dairy Markets and Policy Information Letter Series

2/20/2012. Goal: Use price management tools to secure a profit for the farm.

Balance Sheet and Schedules

2018 Farm Bill Economic Principles and Policy Challenges

BUSINESS/FARM SUPPLEMENT School Year

Current assets include cash, bank accounts, crops, livestock, and supplies that will normally be sold or used within a year.

2014 Dairy Farm Business Summary

Managerial Accounting Using QuickBooks Pro TM

HOW CAN WE HELP YOU TODAY?

Jason Henderson Vice President and Branch Executive Federal Reserve Bank of Kansas City Omaha Branch May 17, 2011

1Q 2019 Earnings Call. 15 February 2019

Dairy Grazing Farms in Michigan, Sherrill B. Nott. Staff Paper # October, 2002

2014 Iowa Farm Business Management Career Development Event. INDIVIDUAL EXAM (150 pts.)

& is the level of interest which has accumulated on a loan from the last time you paid it up to the date you are doing

2017 MN State Farm Business Management Exam MULTIPLE CHOICE (Score 2 points per question)

Crop Insurance for Milk? Dairy-Revenue Protection

2002 Michigan Dairy Farm Business Analysis Summary. Staff Paper No November Eric Wittenberg and Christopher Wolf

Garden State FFA Degree Handbook

2000 Sole Proprietor Financial Summary

BUSINESS/FARM SUPPLEMENT School Year

Barry J. Barnett Department of Agricultural Economics

d) T F GRP is the most popular crop insurance policy in Wisconsin for corn and soybeans, especially for small farms.

Farm Financial Management Case: Mayer Farm 2013

OSU Name. OKLAHOMA COOPERATIVE Farm Description

CASH RENT WITH BONUS LEASING ARRANGEMENT: DESCRIPTION AND EXAMPLE

Enterprise Budgets. How is it constructed?

2010 Michigan Upper Peninsula Dairy Business Analysis Summary. Eric Wittenberg And Christopher Wolf. Staff Paper December, 2011

CRS Report for Congress Received through the CRS Web

Dairy Farm Operating Trends

Mark Rickels Relationship Manager, Johnston, Ia.,

NEW YORK DAIRY FARM RENTERS 2011

QuickBooks Preferences & Lists (Module #2) Lara L. Worden Area Agriculture Agent

Net farm income is an important

Dr. Jay Parsons - Colorado State University John P. Hewlett University of Wyoming

Coimisiún na Scrúduithe Stáit State Examinations Commission

Risk Management Agency

AAE 320 Spring 2015 Exam #2 Name:

Transcription:

Enumerator Name: Home Study Quiz 2017 ARMS 3 The following quiz relates directly to the questionnaire sections common to all questionnaire versions unless otherwise specified. Reference the 2017 ARMS Phase 3 Interviewer s Manual, Questionnaire and the Respondent Booklet. 1) The ARMS is the U.S. Department of Agriculture s secondary source of information on agricultural resource use and costs, farm sector financial conditions, and farm household finances. The Census of Agriculture is the primary source. 2) In a Census year, ARMS 3 is a mandatory survey. 3) If the respondent completes the ARMS 3 survey, they have completed their mandatory Census of Agriculture reporting responsibilities and do not have to complete the Census form. 4) Information from ARMS Phase 3 is used to (circle all that apply): a) provide information about relationships among agricultural production, resources, and the environment. b) determine what it costs to produce various crop and livestock commodities, and the relative importance of various production expense items. c) estimate net farm income and provide data on the financial situation of farm and ranch businesses, including the amount of debt. d) provide the farm sector portion of the Gross Domestic Product (GDP) for the Nation. e) identify the characteristics and financial situation of agricultural producers and their households, including information on management strategies and off-farm income. 5) Numerous reports are published based on data gathered from ARMS. Which NASS report is compiled from ARMS 3: a) Considerations in Work Choices of U.S. Farm Households: The Role of Health Insurance b) Characteristics of Beginning and Women Farmers c) Farm Production Expenditures 6) Why is it important to collect information about the farm operator s household? 7) What should you do if an interview cannot be conducted because the respondent has refused?

8) What should you do if a respondent reports an unusual or extreme data value? a) Write a -1 in the appropriate box b) Write a comment explaining the value c) End the interview and code the report as a refusal because the respondent is lying d) Estimate a value based on your own judgment 9) To reduce the chances of getting refusals, you should be: a) courteous and friendly, but persistent with the respondent. b) prepared to give reasons why the respondent should report on ARMS 3. c) prepared to answer questions about the purpose of the survey. d) All of the above. 10) If an Area Frame operation is found to have gone out of business in September, what should be done in this situation? a) Try to get the information from the nearest neighbor. b) Complete the interview as it existed on June 1 for the time that it was in business. c) Attempt to interview the operations that took over in September. d) Code the operation out of business and return it to the office. 11) The pre-printed information on the 2017 ARMS Phase 3 utilizes information from: a) the 2017 June Area Survey b) the 2017 ARMS Phase 1 Screening Survey c) the 2017 ARMS Phase 2 Survey (when applicable) d) Both a) and b) e) All of the above. 12) The target name on the record is State University Research Farm Stephen Habets Mgr. The operation grew crops during 2017, so this operation is eligible to be included in ARMS Phase 3. 13) Where is cash and share rent received recorded? a) Cash rent received is recorded in Section 3, Item 5. b) Share rent received is recorded in Section 28, Items 2 and 3. d) Both cash and share rent received are recorded in Section 27, Item 5b. 14) In 2017, the respondent planted 100 acres of corn for silage. 30 acres were lost to flooding. The remaining acres were harvested, yielding 20 tons/acre. 50 of the harvested acres were irrigated. 800 tons were used to feed the respondent s cows. The rest was sold at $40/ton in cash. Complete the table in Section 7 below:

15) The respondent got 3 cuttings off her 50 acre alfalfa field, so 150 acres should be recorded in the acres harvested column for alfalfa in Section 5, Item 4 (Item Code 157). 16) The gross receipts from contracts recorded in Section 19 (Column 6) should also be included in Sections 11-18 if they were cash sales. 17) Marketing contracts include buying and selling futures contracts. 18) In marketing contracts, the total price received by the operator is always equal to the quantity of commodity sold and removed times the price received per unit. 19) The unit price can be used as a clue to determine if a contract is a marketing or a production contract. 20) Obtaining complete information on contracts is important because: a) It is USDA s only source of data to separate production, income, and expenses among operators, contractors, landlords, and others b) It shows an accurate picture of both the value of the farm sector s output and the financial condition of farming operations. 21) The respondent sold and delivered $34,000 dollars of soybeans on the cash market in December, 2016, but deferred the payment to 2017 for tax purposes. The respondent received $34,000 on January 16, 2017. How should those dollars be recorded? a) The production was from 2016, so it should not be recorded at all. b) The dollars should be recorded in Sec 22, Item 1a and Sec 22 1a(i) c) Since it was a cash sale received in 2017, it should be recorded in the Sec 7 table, Column 7. d) Both b) and c) 22) Which of the following is not a Marketing Expense (Section 29, Item 33)? a) Check-off fees b) Custom milk hauling c) Off-farm (commercial) drying charges d) cotton ginning charges 23) Capital Expenses are: a) reported if the building and/or improvements are made the same year as the expense is made b) reported in the year upon completion of building improvements. c) reported in the year the depreciation expense is claimed. d) reported in the year the expense was made.

24) If a farmer doesn t know the market value of their land and buildings, what should you as an enumerator tell them to use as a guide? 25) When a respondent has multiple operations, typically only one operation is chosen for the ARMS Phase 3 Survey. If the respondent has machinery (for example, a tractor) that is used on both operations, but mostly used on the operation selected for the ARMS Phase 3, where is that tractor accounted for? a) In the Farm Assets Section, Section 30 b) In the Off-Farm Assets question in Section 37 d) The machinery is not accounted for on the questionnaire 26) The respondent reported owning 250 head of dairy heifers being raised on contract by another operation in Section 19. These should be included in Section 30, Item 6b since they are owned by the operation. 27) What is recorded for sunk costs (Section 30, Item 6e) for a production contract? a) The amount the contractor has spent for the contracted livestock or crops that are on the operation as of the reference date b) The amount the contractee has spent for the contracted livestock or crops that are on the operation as of the reference date 28) The operator said that the market values of their beginning and ending inventories of their crops are the same. What should you do? a) Accept their answer and move on. b) End the interview and code the questionnaire a refusal because the respondent is lying. c) Probe for further information and write detailed notes if the operator insists the values are the same. 29) The operator obtained a real estate loan for farm ground in 1987. The operator refinanced the loan in 2005 at a lower interest rate. What year should be recorded in Column 6 of the Section 32 debt table? a) 1987 b) 2005 c) Refinanced loans are not recorded in the debt table 30) The operator had a loan balance of $30,000 on Jan 1, 2017, and paid off the balance on October 25, 2017. This loan should be recorded in the Section 32 debt table. 31) The operator obtained a real estate loan from a commercial bank for her vacation home on the lake. No amount of the loan is for expenses related to the farm operation. Where should this loan be recorded? a) The Section 32 debt table b) Section 37, Item 4b c) This loan should not be recorded anywhere on the ARMS 3 questionnaire.

32) The operator s dwelling is owned by the operation, with a mortgage. How should this be recorded? Circle all that apply. a) Mortgage details should be in the Section 32 debt table b) The mortgage balance on December 31, 2017 should be in Section 37, Item 4a c) Total interest paid on the mortgage in 2017 should be in Section 29, Item 18a d) Market value of the dwelling should be in Section 30, Item 1a e) The mortgage balance on December 31, 2017 should be in Section 32, Item 5 33) Which of the following are reasons why the labor questions in Section 34 are asked? a) To measure the well-being of farm households b) To estimate the labor required to produce agricultural products c) To study the effects of agricultural policy changes d) All of the above 34) If the answer to Section 36, Item 1 (family farm question) is No, Section 37 must be skipped. 35) If the operation structures itself as an LLC, it must also be one of the choices in Section 36, Item 4. 36) Always consider an operation that is operated as a husband-wife team to be a legal partnership. 37) When determining the value of this household s off-farm income, you should include income for which of the following? Circle all that apply. a) the operator. b) all other members of the operator s household. c) live-in mother-in-law who is only drawing social security. d) partners that live within 5 miles of the operator. 38) The operation produced and sold $1000 of fruit jams in 2017. Where should this value be recorded? a) Section 27, Item 5j. b) This value should NOT be recorded. ARMS does not care about fruit jams. 39) Where are income taxes paid to the IRS recorded? a) Section 29, Item 19a b) Section 29, Item 19b c) Section 37, Item 2i d) Section 37, Item 4d e) Income taxes are not recorded on the questionnaire 40) Where is the principal operator s draw recorded? a) Section 29, Item 24 b) Section 37, Item 1a c) Section 37, Item 1b d) Section 37, Item 1c e) The operator s draw is not recorded on the questionnaire