Theory question 109
Farm Management and Records(a) State three functions of a farm manager.
(b) Explain the following terms as used in agricultural economics: (i) appreciation; (ii) salvage value; (iii) farm budget; (iv) farm inventory.
(c) State five qualities of a good agricultural extension agent.
Show the model answer
(a) Any three: planning farm activities; organising and supervising workers; decision making on what and how much to produce; keeping records; marketing produce; controlling and coordinating resources.
(b)(i) Appreciation: increase in the value of a farm asset over time (e.g. land, growing animals).
(ii) Salvage value: the value (price) of an asset at the end of its useful life when it is sold or scrapped.
(iii) Farm budget: an estimate of the expected costs and returns of a farm plan for a future period.
(iv) Farm inventory: a complete list of the farm's assets and their values at a given date.
(c) Any five: good knowledge of agriculture; good communication skills/speaks local language; patient and friendly; honest and trustworthy; respects farmers' culture; hardworking and dedicated; resourceful and a good organiser.
Definitions in (b) should be one clear sentence each.