FBMT1211

This course introduces basic farm business management concepts. Students will study the farm management planning cycle and develop an understanding of its relationship to family and farm business goal setting, cash and enterprise accounting principles, and tax planning.Student Learning Outcomes

• Explain the farm business management cycle to include planning, implementation, and controlling
• Describe a risk management assessment in all aspects of both farm and non-farm operations
• Explain tax and management depreciation
• List income and expenses for the tax year
• Describe characteristics within different farm business enterprises
• Identify a financial and production record-keeping system
• Describe the components of a balance sheet
• Identify available technologies for improving the farm business
• Identify business, family, and personal goals
• Identify current enterprise resource needs (i.e. feed, seed, fertilizer)
• List time management strategies for the operation
• Recognize how current tax return impacts your farm business