Trinidad State Junior College
Farm and Ranch Business Management Program
Specific Occupational Competencies
Standard and Measure #3
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Competency
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Courses to Meet Competency |
Assessment |
Standard |
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RECORD KEEPING Organize receipts with checks, Reconcile bank statements, Code and split business checks and deposits, Allocate expenses and income, Make correct entries and post transactions, Create filing system, Maintain filing system |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
70% or better |
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COMPUTER SKILLS Create directories, Delete directories, Change directories, Store disks, Format disks, Define computer terminology, i.e. floppy disk, hard drive, hardware, software, CD Rom, RAM, ROM, PC |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam, |
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OPERATE SOFTWARE PACKAGE Develop chart of accounts, Enter transactions, Print reports, Backup date files, Complete end of the month closing, Complete end of the year closing |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam, |
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BALANCE SHEETS Develop inventory, Determine marketing value, Determine cost value, Adjust inventory, Identify (prepare) current assets, Identify (prepare) non-current assets, Identify (prepare) current liabilities, Identify (prepare) non-current liabilities, Calculate owner equity |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam, |
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INCOME STATEMENT Develop cash income statement, Develop accrual income statement |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
Farm and Ranch Program Grading Standards are established as: A=100%-90%; B=89%-80%; C=79%-70%; D=69%-60%; F=59%-0. 75% of the Farm and Ranch Program students will attain 90% of the competencies listed with a grade of 70% or better.
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Competency
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Courses to Meet Competency |
Assessment |
Standard |
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CASH FLOW Develop projected cash flow, Compare projected and actual cash flow
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FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam, |
70% or better |
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GOAL SETTING Identify importance of goals, Develop personal goals, Develop family goals, Develop business goals, Prioritize goals |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam, |
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EVALUATION OF REPORTS Analyze balance sheet, Analyze income Statement, Analyze cash flow
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FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt |
Demonstration, Practical Application, Written Exam, |
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UTILIZE INFORMATION Interpret and communicate financial reports with the accountant, Interpret and communicate financial reports with other professionals, Interpret and communicate financial reports with the lender |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt |
Demonstration, Practical Application, Written Exam, |
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INTEREST Calculate simple interest, Calculate add on, Calculate discounted, Calculate APR, Generate amortization schedule
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FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt |
Demonstration, Practical Application, Written Exam, |
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TAX MANAGEMENT Monitor projected Cash Flow/Income statement, Calculate depreciation/basis, Complete Schedule F |
FRM 111 - IA Farm & Ranch Bus. Mgmt FRM 112 - IB Farm & Ranch Bus. Mgmt |
Demonstration, Practical Application, Written Exam, |
Farm and Ranch Program Grading Standards are established as: A=100%-90%; B=89%-80%; C=79%-70%; D=69%-60%; F=59%-0. 75% of the Farm and Ranch Program students will attain 90% of the competencies listed with a grade of 70% or better.
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Competency
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Courses to Meet Competency |
Assessment |
Standard |
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FARM AND RANCH BUSINESS MANAGEMENT YEAR TWO |
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GOALS Review personal, family, and business goals established in year one. |
FRM 121 - IIA Farm & Ranch Bus. Mgmt. FRM 122 - IIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
70% or better |
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ACCOUNTING PROCEDURE Adjust account balances, Update depreciation figures in computer, Update inventory amounts and values, Run hard copies of all accounting reports, Back-up complete year of computer data, Complete year-end closing process, Update chart of accounts, Update enterprise analysis in accounting package, Update monthly and yearly budget in accounting package, Update cost versus market values |
FRM 121 - IIA Farm & Ranch Bus. Mgmt. FRM 122 - IIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
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FINANCIAL RECORDS Prepare whole farm cash flow, Prepare enterprise budget, Prepare accrual income statement |
FRM 121 - IIA Farm & Ranch Bus. Mgmt. FRM 122 - IIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
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ANALYSIS / ECONOMIC PRINCIPLES Figure cost of production by enterprise, Evaluate marketing efforts and outcomes, Define opportunity cost, Understand concept of diminishing returns, Prepare depreciation schedule, Interpret capital gains and losses, Understand cash versus accrual accounting, Develop whole farm analysis, Compare beginning and ending balance sheets, Figure Current ratio, Figure Debt-to-asset ratio, Figure leverage ratio, Figure Equity ratio, Compare individual ratios to standards, Calculate accrued interest, Prepare income tax position to goals, Prepare loan repayment schedule, Complete a Schedule F |
FRM 121 - IIA Farm & Ranch Bus. Mgmt. FRM 122 - IIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
Farm and Ranch Program Grading Standards are established as: A=100%-90%; B=89%-80%; C=79%-70%; D=69%-60%; F=59%-0. 75% of the Farm and Ranch Program students will attain 90% of the competencies listed with a grade of 70% or better.
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Competency
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Courses to Meet Competency |
Assessment |
Standard |
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FARM AND RANCH BUSINESS MANGEMENT YEAR THREE |
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MARKETING GOALS Set Marketing goals, List steps for developing a marketing plan, Evaluate a marketing plan |
FRM 131-IIIA Farm & Ranch Bus. Mgmt. FRM 132-IIIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
70% or better |
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MARKETING BASICS Identify marketing terminology, List marketing alternatives, Identify marketing information sources, Calculate cost of production |
FRM 131-IIIA Farm & Ranch Bus. Mgmt. FRM 132-IIIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
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FUNDAMENTAL ANALYSIS Define supply and demand, List the strategies of supply and demand relationships |
FRM 131-IIIA Farm & Ranch Bus. Mgmt. FRM 132-IIIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
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MARKETING ALTERNATIVES Define options terminology, List option strategies, Apply option strategies, Define cash marketing, Define Cash forwarding markets, Define futures / hedging terminology, Apply future / hedging strategies, Define basis terminology, Apply basic concepts, Prepare a local basis schedule, Identify various government programs, Identify implication of government programs |
FRM 131-IIIA Farm & Ranch Bus. Mgmt. FRM 132-IIIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
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TECHNICAL ANALYSIS Construct a commodity price chart, Analyze price behavior
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FRM 131-IIIA Farm & Ranch Bus. Mgmt. FRM 132-IIIB Farm & Ranch Bus. Mgmt. |
Demonstration, Practical Application, Written Exam |
Farm and Ranch Program Grading Standards are established as: A=100%-90%; B=89%-80%; C=79%-70%; D=69%-60%; F=59%-0. 75% of the Farm and Ranch Program students will attain 90% of the competencies listed with a grade of 70% or better.