NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF AGRICULTURAL SCIENCE
JUNE/JULY 2013 EXAMINATION

COURSE CODE:  AEM 753

COURSE TITLE:  Farm Management        

TIME ALLOWED: 2 ½ HOURS

INSTRUCTION:   ANSWER ONLY 4 QUESTIONS

1. a. i. What is efficiency?

        ii. What are the measures of efficiency of a farm?

     b. Mention the decision rules and strategies to deal with risk and uncertainties.

     c. Mention the uses of Resources.

     d. Outline the tips for making profit in a livestock enterprise.

     e. What are the factors affecting crop yields?

2. a. What are the characteristics of farm land?

     b. As a professional, what advice would you offer to a farmer when land is limited in supply, in order   to enhance his productivity?

    c. In what ways can the gross margin per man-hour be increased?

    d. Outline the ways of land acquisition.

    e. Identify five measures generally used by Nigeria small scale farmers to reduce risk.

3. a. What is farm management?

    b. State the advantages of keeping farm records.

    c. What are the basic in formations needed for farm records?

    d. State the characteristics a good farm manager.

    e. Outline the importance of farm management in developing economies.

4. a. i. What are resources?

         ii. Name the different types of resources.

         iii. Why do we manage resources?

     b. Mention the steps in problem solving approach in farm management.

     c. Differentiate between budgeting and farm budget.

5. a. What are the methods of gathering farm data?

    b. i. Define valuation.

        ii. What are the various methods of valuation?

    c. Name the two steps involved in taken a farm inventory

    d. Define farm liability.

    e. Mention the classes of liabilities, giving examples.

6.  a.  What is net worth statement?

      b. i. What are the measures of financial success and capital position of a farm?

          ii. Define each of these measures.

      c. When is a farm said to be solvent?

      d. What are the indicators of solvency?

      e. Define each of these three indicators.