Quiz
AET Financial Applications
11 hours ago by
marywilson0785_49098
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  • Question 1
    30 seconds
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    Q.

    An example for breeding animals is usually 5 to 10 years,

    equipment 10 years and buildings usually have a 20-­year

    useful life.

    answer choices

    Capital Item Usage

    Capital Item Salvage Value

    Capital Item Manager (Non-current Inventor)

    Capital Item Useful Life

  • Question 2
    30 seconds
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    Q.

    An example is a laptop in one year is 50% for breeding beef

    and 50% for a research project.

    answer choices

    Capital Item Usage

    Capital Item Salvage Value

    Capital Item Manager (Non-current Inventory)

    Capital Item Useful Life

  • Question 3
    30 seconds
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    Q.

    An example is a laptop cost value of $800, but is estimated to be valued at $650 at the end of use.

    answer choices

    Capital Item Usage

    Capital Item Salvage Value

    Capital Item Manager (Non-current Inventory)

    Capital Item Useful Life

  • Question 4
    30 seconds
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    Q.

    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.

    answer choices

    Capital Item Usage

    Capital Item Salvage Value

    Capital Item Manager (Non-currently Inventory)

    Capital Item Useful Life

  • Question 5
    30 seconds
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    Q.

    Which of the following is a Non-Current Inventory (Capital Items)?

    answer choices

    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.

  • Question 6
    30 seconds
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    Q.

    Which of the following is an example of Beginning Inventory?

    answer choices

    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.

  • Question 7
    30 seconds
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    Q.

    Which of the following is an example of Current Inventory?

    answer choices

    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.

  • Question 8
    30 seconds
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    Q.

    When a student purchases a heifer before their first agricultural education class, the heifer is considered current inventory.

    answer choices

    True

    False

  • Question 9
    30 seconds
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    Q.

    Which of the following is an example of a Cash Expense?

    answer choices

    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.

  • Question 10
    30 seconds
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    Q.

    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?

    answer choices

    Capital Item

    As "Used at Home" in the FINANCES tab for the SAE and use current market cost.

    Salvage value

    Inventory purchased for resale

  • Question 11
    30 seconds
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    Q.

    Which of the following is an example of Depreciation Expense?

    answer choices

    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.

  • Question 12
    30 seconds
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    Q.

    Show equipment resides under the Non-Current (Capital) Inventory asset category.

    answer choices

    True

    False

  • Question 13
    30 seconds
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    Q.

    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"?

    answer choices

    $400

    $200

    $600

    $100

  • Question 14
    30 seconds
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    Q.

    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"?

    answer choices

    $400

    $200

    $600

    $100

  • Question 15
    30 seconds
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    Q.

    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"?

    answer choices

    12 years

    10 years

    30 years

    20 years

  • Question 16
    30 seconds
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    Q.

    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?

    answer choices

    10 years

    15 years

    20 years

    30 years

  • Question 17
    30 seconds
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    Q.

    Which of the following is an example of AET Market Adjustment?

    answer choices

    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.

  • Question 18
    30 seconds
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    Q.

    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.

    answer choices

    Non-Cash Transactions

    Cash Income

    Non-Cash Transfer

    Cash Income

  • Question 19
    30 seconds
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    Q.

    Raising show pigs from a sow operation (income) and transferring new prospects into a new show pig project (expense) for the current year.

    answer choices

    Non-Cash Transactions

    Cash Expense

    Cash Income

    Non-Cash Transfer

  • Question 20
    30 seconds
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    Q.

    Which of the following is and example of a Non-SAE Labor Exchange (Non-cash)?

    answer choices

    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.

  • Question 21
    30 seconds
    Report an issue
    Q.

    Which of the following is an example of SAE Labor Exchange (Non-Cash)?

    answer choices

    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.

  • Question 22
    30 seconds
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    Q.

    What is an example of a Gift (Non-Cash)?

    answer choices

    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.

  • Question 23
    30 seconds
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    Q.

    What is an example for Used at Home (Non-Cash)?

    answer choices

    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.

  • Question 24
    30 seconds
    Report an issue
    Q.

    Which of the following is a Transfer to a Capital Item (Non-Cash)?

    answer choices

    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.

  • Question 25
    30 seconds
    Report an issue
    Q.

    An example of a Gift is when a student purchases a set of flowers for a floriculture project.

    answer choices

    True

    False

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