Course Syllabus. Farm Business Management ARE 303 Spring Semester 2004 MWF 9:10 10:00 am Room: Gardner 2213

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1 Course Syllabus Farm Business Management ARE 303 Spring Semester 2004 MWF 9:10 10:00 am Room: Gardner 2213 Staff Instructor: Guido van der Hoeven Secretary: Angie Barefoot 3308 Nelson Hall 3304 Nelson Hall Office Phone: Office Phone: Office Hours: M 10:15 11:30 am T 1:30 2:30 pm By appointment As I have an extension appointment, scheduled office hours may change week to week depending on my activities. I will announce any changes in class if extension activities take me out of my office during the semester. Feel free to come by my office during the announced office hours. You may schedule a time to meet with me outside these times by seeing me in class, calling me, or e- mailing me. Course Objectives To acquaint students with the ever-changing role of a farm manager in today s economy. To gain a working knowledge of the economic and business principals necessary to survive and thrive in today s agricultural environment. To understand the financial management of a farming operation. This includes construction and use of financial statements, a general understanding of the financial industry, organizational business structures and taxation. To understand the importance of personal financial management and its direct impact on a business. To provide you with opportunities to develop skills which will make you more employable in the field of business management. These skills include written and oral communication, thinking on your feet, and practical decision making.

2 Class Policies START class on time, end class on time! Please be on time for class, if you come in late you distract your classmates; that is not fair to them. Repeated tardiness can impact your grade. INTERACT! You will be working with other people throughout your careers. I expect and encourage input during our times together. If you have ideas as for topics that should be covered or for guest speakers, please let me know. One of the things I enjoy most about teaching is the interaction with and among students in the class. I encourage interaction and discussions in class that broaden the scope of our understanding. CELL PHONES : Turn off any cell phones. Do not have calls interrupt class. Academic Integrity Both the faculty and students at North Carolina State University have a responsibility to maintain academic integrity. An informational brochure about academic integrity is available from the university and students are encouraged to obtain a copy. I EXPECT YOU TO ADHERE TO THE HONOR PLEDGE. I have neither given nor received unauthorized aid on this test or assignment. The Honor Pledge The students and faculty of NCSU believe that the willingness of students to affirm and adhere to the essential values of honesty and integrity in all their academic pursuits is exemplified in the Honor Pledge as listed above. It is the university policy that all students sign a statement of Honor on tests and assignments for each course as specified by the instructor. Readings and Suggested Textbook Kay, Ronald D., and William M. Edwards, Patricia A. Duffy. Farm Management. 5 th edition. McGraw Hill, Inc., New York Throughout the semester I will make additional articles and readings as assignments to be completed. These assignments will give the student a feel for the what s happening now in the real world as we discuss topics in class.

3 What you really want to know..how am I to be graded? Plus/minus grading will be used in determining final grades. In general, the numerical grades will be converted to letter grades: A A B A C A D Similarly for the other letter grades. Below 60 F Letter grades can be adjusted down due to failure to turn in assignments or lack of attendance and participation in class. Grades will not be curved. The instructor reserves the right to make borderline adjustments on an individual basis. Your final grade will be based on your performance on the problem sets, exams, quizzes, two-minute papers, and class participation. Your grades will be calculated as follows: Homework & Class Participation 15 percent 2 Midterm Exams 25 percent 1 Comprehensive Final Exam 25 percent Semester Project (Business Plan) 20 percent Quizzes 15 percent Total 100 percent Anyone having trouble in this class should contact me as soon as possible so that an appointment for personal attention can be made. Assignments (Homework, Problems Sets, Reports, etc) Problems will be assigned throughout the semester to provide you with practical experience in applying the management principals, techniques, and tools presented in class. Due dates will be announced throughout the semester. All problems sets must be submitted well organized and in a secure fashion. Leave sufficient margins so that comments can be made. All reports are to be typewritten; specific instructions will be given with each assignment. All assignments are due on the date specified; frequently, we will discuss the assignments in class on the due date. I will not accept late or incomplete assignments. Any late or incomplete assignments will receive an automatic zero (0). Assignments will be graded on content, presentation, and grammar.

4 You will also be asked to complete two minute papers in class. You will be asked to work in groups, however, unless advised otherwise, everyone will turn in their own work. Now the really fun stuff!! Exams and Quizzes This course will have two midterm exams, several announced and unannounced quizzes and a comprehensive final exam. If you miss an exam without informing me ahead of time, you will receive a zero (0) for that exam. No Exceptions! All scheduled makeup exams will be oral. The lowest quiz score may be dropped to calculate the final quiz average. Short in-class exercises, assignments and quizzes will be given unannounced. EXPECT these. This course is not a straight lecture class. I will employ a variety of learning opportunities: discussions, guest speakers, group assignments, and quizzes. This requires you to attend class. I am a firm believer in regular class attendance and class participation; it is important to your grade. If you don t attend, you can t participate!!!

5 Course Outline (Subject to Change) Farm Business Management ARE 303 Spring Semester 2004 Introduction - Role of a Farm Manager - Scope of Agriculture Future of Agriculture - Business Life of Firms - Decision Making Process - Forms of Business Organization Economic Costs - Opportunity Cost - Fixed and Variable Costs Business Plan - Vision - Goals - Working Ideas - Story to Tell Management Information - Record Keeping - Cash Flow Statement - Balance Sheet - Income Statement - Financial Analysis - Taxes (Schedule F) Economic Principles and Management Tools - Marginal Analysis - Breakeven Analysis - Budgeting - Enterprise - Partial Agricultural Credit - Sources of Agricultural Credit - Leasing versus Owning Investing Analysis and Personal Finance - Time Value of Money - Capital Investment Decisions - Risk Management - Personal Financial Management & Investments

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