IOWA STATE AN S 226 EXAM 1 /
VERIFIED QUESTIONS WITH
CORRECT ANSWERS.
Quiz____?Why is the beef industry is described as "segmented"? - Answer✓✓ Our industry is not vertically integrated. The stages of the value added process are owned by different entities. So the industry struggles to be coordinated and responsive to changes in consumer demand because of lack of effective communication between segments. The key here is vertical integration. Make sure you know what that means ( who owns the stages - - - not an issue of where they are located).Quiz____?Dr. Purcell referenced the "failed price system" in your readings. What does he mean by failed? What has it failed to do? What exactly failed and why? - Answer✓✓ he grading system failed to coordinate pricing to reflect changes in consumer demand.It is important to know that the author specifically blames an inept grading system for the lack to coordinate pricing structures. The USDA itself is not to blame, but the USDA grading system for beef.Quiz____?Where is the epicenter of the feedlot industry in the US? Why there? - Answer✓✓ Texas Nebraska Kansas, availability of corn feed products Page 1 of 19 1 / 3
Quiz____?Why is the industry seasonal? - Answer✓✓ the pastures become available in May and wean in Aug and arrive in the feedlots in the fall Quiz____?Why is the industry less vertically integrated than say the swine or poultry industries? - Answer✓✓ primarily because of the vast land resources that beef production requires and the very relatively slow cash flow.Quiz____?What has happened to cattle numbers over the years and why the changes both in trend and cycles? - Answer✓✓ It is an industry economic characteristic of the beef industry where numbers of beef cattle are at a relative peak about every 10 years.Quiz____?What characteristics of raising beef support the viability of the industry? - Answer✓✓ utilize non-suitable land use low quality roughages minimal labor needs low facility investment needed environmentally friendly, nutrient recyclers suited to part time farming meat of choice (cost dependent) favored life style for many producers Page 2 of 19 2 / 3
Quiz____?Name the elements of an effective mission statement that we described in class ( note - not a goal, but a mission Statement) - Answer✓✓ Who are we?What do we do?For whom do we do it?Why do we do it?"The Lazy Y Ranch will use its available resources to maximize continuing net profit, while conserving and improving those resources by producing feeder calves that meet feedlot demand (Taylor, 94)." Quiz____?Why should a beef enterprise have a mission statement and use it? - Answer✓✓ it is a shared vision for the program and works toward a goal to improve the operation Quiz____?What is the benefit of SPA programming efforts to a producer? - Answer✓✓ (specialized performance analysis) help cow-calf producers reduce their cost of production and improve their production and marketing efficiency.tally of production, reproduction per cow costs per resource unit used Investment per cow, per acre, per cwt. sold investment in forage, pasture production forage production costs (per acre and per ton) pasture, aftermath costs (per acre and AUM) feed utilization per cow Page 3 of 19
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