EXCERCISES A budget is an estimate ........................................................................... Public funding is money .......................................................................... Any budget consists of ............................................................................. Fixed cash costs include .......................................................................... A farm’s profit in a particular period of time is called .......................................................................................................................................... Assets that depreciate as they age, are .......................................................................................................................................... 11 Complete the sentences. 1. 2. 3. 4. 5. 6. Because they need to be able to determine the economic feasibility of their operations. They are necessary to implement production plans. The income from the sale of goods and services. Income, variable costs and fixed costs. Variable costs change with the level of output; fixed costs remain the same regardless of the volume of production. These costs refer to fuel, seeds, plants, fertilisers, insecticides, repairs and wages for short-term workers. It means loss of value. Because they do not last forever but become obsolete. 12 Find the questions for these answers. 1. 2. 3. 4. 5. 6. 7. 8. 13 Put the jumbled sentences into the correct order to write a report about on-farm production expenditures, analysing and comparing the data on the pie chart. ▢ are moderately decreasing for items from 10% to 6,7%, while fuels ▢ into different categories. It is noticeable that the highest costs… ▢ This pie chart shows the percentage of expenditures distributed… ▢ remain the lowest share, representing 3% of total expenditures. ▢ The third important element… ▢ represent a significant portion of the budget. ▢ concern chemicals, fertilisers and seeds. Similarly, costs for feeds… ▢ is the expenditure for farm services. The shares concerning labour, supplies/misc., rent, interest/taxes, machinery/vehicles… a. b. c. d. e. f. g. h. GLOSSARY : : : : : : : : : : : : to accrue maturare asset bene cash monetario depreciation ammortamento feasibility fattibilità to implement mettere in atto to incur contrarre, sostenere lease noleggio non‐cash non monetario public funding contributo pubblico return utile sales revenue incasso dalle vendite