BUSINESS ASPECTS OF FARMING 447 



QUESTIONS AND PROBLEMS 



1. What is shown to be the relation between the size of a farm and 

 the labor income? 



2. What is the relation of cash invested to profit in farming? 



3. What is the relation between the size of farm and the efficiency of 

 man labor on the farm? 



4. What is the relation between the size of farm and the efficiency of 

 horse labor on the farm? 



5. What is the relation between size of farm and the efficiency of the 

 use of tools and machinery ? 



6. What is meant by diversified farming ? extensive farming ? intensive 

 farming ? 



7. What are the relative advantages of diversified farming and special- 

 ized farming? 



8. How may the farm system be so planned that the labor required 

 will be evenly distributee! throughout the year ? 



9. What is the annual loss sustained through the nonuse of horses on 

 the average quarter section of land ? 



10. What is necessary in order to utilize profitably all the products of 

 the farm ? 



11. Give some good examples of standardization of farm products. , 



12. What is an inventory? How and when should it be taken? 



13. Whatrtfs meant by "bills receivable"? What should the bills- 

 receivable account show at the end of the year? 



14. What is meant by " bills payable " ? What should the bills-payable 

 account show at the end of the year ? 



15. What ledger accounts should a farmer keep? Why? 



16. How may the farmer ascertain which departments of his business 

 have made him money and which have not? 



EXERCISES 



1. Make an inventory of some farm near the school, using Table I 

 as a model. 



2. Have each student open a ledger showing the different farm 

 accounts, such as Bills Receivable, Bills Payable, Hogs, Horses, 

 Cattle, General Expenses, Cash, etc. 



3. A farmer buys a horse for $175, paying for it in cash. To 

 which accounts should this go ? If the farmer should sell the horse 



