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Life Skills
8th
grade
AET Financial Applications-AET in the Classroom Lessons
25 questions
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- 1. Multiple Choice
An example for breeding animals is usually 5 to 10 years,
equipment 10 years and buildings usually have a 20-year
useful life.
Capital Item Usage
Capital Item Salvage Value
Capital Item Manager (Non-current Inventor)
Capital Item Useful Life
- 2. Multiple Choice
An example is a laptop in one year is 50% for breeding beef
and 50% for a research project.
Capital Item Usage
Capital Item Salvage Value
Capital Item Manager (Non-current Inventory)
Capital Item Useful Life
- 3. Multiple Choice
An example is a laptop cost value of $800, but is estimated to be valued at $650 at the end of use.
Capital Item Usage
Capital Item Salvage Value
Capital Item Manager (Non-current Inventory)
Capital Item Useful Life
- 4. Multiple Choice
Examples are showing the usage or selling items such as
tractors, show box, stall equipment and other related items
that are used to support several projects across several years.
Capital Item Usage
Capital Item Salvage Value
Capital Item Manager (Non-currently Inventory)
Capital Item Useful Life
- 5. Multiple Choice
Which of the following is a Non-Current Inventory (Capital Items)?
Student has a poinsettia project and purchases $400 in
plants, $100 in pots and soil, which gives the student a
current inventory of $500.
An asset that includes breeding animals, show tack, lawn
mowers, barns, land, trailers and other high-value items.
Items for a show animal project such as the animal, feed or
supplies, capital items and cash-on-hand prior to the first
agricultural education class.
- 6. Multiple Choice
Which of the following is an example of Beginning Inventory?
Items for a show animal project such as the animal, feed or
supplies, capital items and cash-on-hand prior to the first
agricultural education class.
An asset that includes breeding animals, show tack, lawn
mowers, barns, land, trailers and other high-value items.
Student has a poinsettia project and purchases $400 in
plants, $100 in pots and soil, which gives the student a
current inventory of $500.
- 7. Multiple Choice
Which of the following is an example of Current Inventory?
Student has a poinsettia project and purchases $400 in
plants, $100 in pots and soil, which gives the student a
current inventory of $500.
Items for a show animal project such as the animal, feed or
supplies, capital items and cash-on-hand prior to the first
agricultural education class.
An asset that includes breeding animals, show tack, lawn
mowers, barns, land, trailers and other high-value items.
- 8. Multiple Choice
When a student purchases a heifer before their first agricultural education class, the heifer is considered current inventory.
True
False
- 9. Multiple Choice
Which of the following is an example of a Cash Expense?
A laptop costing $800, salvage $650 and useful
life of 10 yrs. =$15 annual depreciation cost: ($800-$650) /10
= $15 cost per year.
Is selling a show animal, collecting rent from an
equipment lease or collecting cash to fund a research project.
Inventory purchased for resale, feed, supplies,
rent and other cost needed for the project.
A student selling from his/her hay production
project to one of their show animal projects, selling products
at home, or other non-cash expenses.
- 10. Multiple Choice
You are are a student that raises broilers for your county show. You process your cull birds and give them to your family. How do you show income in your SAE for the cull birds?
Capital Item
As "Used at Home" in the FINANCES tab for the SAE and use current market cost.
Salvage value
Inventory purchased for resale
- 11. Multiple Choice
Which of the following is an example of Depreciation Expense?
A lawnmower costing $800, salvage $650 and useful
life of 10 yrs. =$15 annual depreciation cost: ($800-$650) /10
= $15 cost per year.
Inventory purchased for resale, feed, supplies,
rent and other cost needed for the project.
Selling a show animal, collecting rent from an
equipment lease or collecting cash to fund a research project.
Working for a dairy business in exchange for
feed of a dairy project.
- 12. Multiple Choice
Show equipment resides under the Non-Current (Capital) Inventory asset category.
True
False
- 13. Multiple Choice
An agriculture education student purchases show equipment (brushes, buckets, show halter and other show
tack) for $400.The student estimates the ending value for their use of the equipment at $200, which is the
salvage value. The student selects a useful life of 10 years for the items.
What is the cost value of the "Show Equipment"?
$400
$200
$600
$100
- 14. Multiple Choice
An agriculture education student purchases show equipment (brushes, buckets, show halter and other show
tack) for $400.The student estimates the ending value for their use of the equipment at $200, which is the
salvage value. The student selects a useful life of 10 years for the items.
What is the salvage value of the "Show Equipment"?
$400
$200
$600
$100
- 15. Multiple Choice
An agriculture education student purchases show equipment (brushes, buckets, show halter and other show
tack) for $400.The student estimates the ending value for their use of the equipment at $200, which is the
salvage value. The student selects a useful life of 10 years for the items.
What is the useful life of the "Show Equipment"?
12 years
10 years
30 years
20 years
- 16. Multiple Choice
An agriculture education student purchases show equipment (brushes, buckets, show halter and other show
tack) for $400.The student estimates the ending value for their use of the equipment at $200, which is the
salvage value. The student selects a useful life of 10 years for the items.
What is the annual depreciation expense related to show equipment?
10 years
15 years
20 years
30 years
- 17. Multiple Choice
Which of the following is an example of AET Market Adjustment?
Student has a poinsettia project and purchases $400 in
plants, $100 in pots and soil, which gives the student a
current inventory of $500.
Items for a show animal project such as the animal, feed or
supplies, capital items and cash-on-hand prior to the first
agricultural education class.
A student selling from his/her hay production
project to one of their show animal projects, selling products
at home, or other non-cash expenses.
On December 31, a breeding operation with
offspring still on females has an AET cost value of $500, but
the market value is more accurate at $1500.
- 18. Multiple Choice
A student selling from his/her hay production
project to one of their show animal projects, selling products at home, or other non-cash expenses.
Non-Cash Transactions
Cash Income
Non-Cash Transfer
Cash Income
- 19. Multiple Choice
Raising show pigs from a sow operation (income) and transferring new prospects into a new show pig project (expense) for the current year.
Non-Cash Transactions
Cash Expense
Cash Income
Non-Cash Transfer
- 20. Multiple Choice
Which of the following is and example of a Non-SAE Labor Exchange (Non-cash)?
A student working in a family day care center
for the expenses to support a production rabbit project.
Working for a dairy business in exchange for feed of a dairy project.
A laptop cost value of $800, but is estimated to
be valued at $650 at the end of use.
A laptop in one year is 50% for breeding beef
and 50% for a research project.
- 21. Multiple Choice
Which of the following is an example of SAE Labor Exchange (Non-Cash)?
A student working in a family day care center
for the expenses to support a production rabbit project.
Working for a dairy business in exchange for
feed of a dairy project.
Selling a show animal, collecting rent from an
equipment lease or collecting cash to fund a research project.
A student receiving a free set of flowers to arrange and sell as
a floriculture project.
- 22. Multiple Choice
What is an example of a Gift (Non-Cash)?
Inventory purchased for resale, feed, supplies,
rent and other cost needed for the project.
Raising show pigs from a sow operation (income) and transferring new prospects into a new show pig project (expense) for the current year.
A student receiving a free set of flowers to arrange and sell as
a floriculture project.
Working for a dairy business in exchange for
feed of a dairy project.
- 23. Multiple Choice
What is an example for Used at Home (Non-Cash)?
A student with a poultry project that sells their
remaining chickens to family, but collects no cash or
exchange for the sale.
Is have a project for a show breeding goat, that
is not sold but rather retained as a breeding female in a
student’s breeding goat SAE. This is value at usually a normal
market price.
Working for a dairy business in exchange for
feed of a dairy project.
A student receiving a free set of flowers to arrange and sell as
a floriculture project.
- 24. Multiple Choice
Which of the following is a Transfer to a Capital Item (Non-Cash)?
A student with a poultry project that sells their
remaining chickens to family, but collects no cash or
exchange for the sale.
Have a project for a show breeding goat, that
is not sold but rather retained as a breeding female in a
student’s breeding goat SAE. This is value at usually a normal
market price.
Working for a dairy business in exchange for
feed of a dairy project.
A student receiving a free set of flowers to arrange and sell as
a floriculture project.
- 25. Multiple Choice
An example of a Gift is when a student purchases a set of flowers for a floriculture project.
True
False
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