100 Points Possible Directions: Be complete in your answer. No partial credit will be given Multiple Choice (2.5 each). Write your answer next to the number. after all 1. An estimate of the value of the firm that would be transferred to owners after liabilities have been repaid is called: a) Accounting Equation c) Owner's Liability b) Owner's Equity d) Balance Sheet 2. What is the amount of Owner's Equity for a firm that owns a building worth $150,000 and $25,000 worth of inventory and has a $100,000 note payable on the building? a) $125,000 c) $25,000 b) $50,000 d) $75,000 3. This budget estimates expenses and receipts for a specific period of time for a specific crop or livestock a) Partial Budget c) Capital Expenditures Budget b) Enterprise Budget d) Whole Farm Budget 4. This budget details resources for the entire business along with a plan to use them to accomplish goals a) Partial Budget c) Capital Expenditures Budget b) Enterprise Budget d) Whole Farm Budget 5. This budget helps establish cash needs over a specific planning period. a) Enterprise Budget c) Cash Flow Budget b) Planning Budget d) Partial Budget 6. If you want to determine whether or not you should buy a sprayer or pay for custom spraying you might develop this type of budget a) Partial Budget c) Capital Expenditures Budget b) Enterprise Budget d) Whole Farm Budget 7. The table below is an example of what type of budget? a. Cash Flow Budget c. Whole Farm Budget b. Partial Budget d. Checking Budget