FRB-FARM-2-Q Risk Management

Question 1 of 5

1. Question

Choosing to vaccinate your calves is an example of which common approach to agricultural risk management?

Diversification

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Crop insurance

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Management practices

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Farm financial benchmarking

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Total quality control

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Question 2 of 5

2. Question

What is farm financial benchmarking?

A way of tracking whether you employees are 1) showing up on time, 2) properly trained, and 3) fairly compensated.

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A complicated planning mechanism that helps protect your crops against destructive weather events.

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A computer-based planting strategy that ensures optimal soil health and maximum crop yields.

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An approach for measuring and evaluating your operation's performance and financial health.

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Question 3 of 5

3. Question

Select three strategies a farmer or rancher can use to balance risk and reward in agriculture.

Provide financial information to your banker

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Transfer some of your risk to someone else

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Join your local Farm Bureau chapter

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Create a farm blog to connect with customers

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Trademark your farm's name

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Diversify your operation's crop mix

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Research and implement optimal management practices

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Question 4 of 5

4. Question

The saying, “Don’t put all your eggs in one basket” is an example of what common approach to agricultural risk management?

Farm financial benchmarking

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Transferring risk to someone else

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Diversification

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Management practices

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Question 5 of 5

5. Question

True or False?
Crop insurance can help farmers and ranchers to protect their crop yields and prices from a range of weather and market perils.

True

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False

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