• This contest consists of two sections: Multiple-choice test and Problem-solving. MULTIPLE-CHOICE TEST - This section is designed to test a participant's understanding of economic principles involved in farm managing. PROBLEM-SOLVING - This section is used to test the ability to use decision-making and problem analysis skills while applying the economic principles and concepts taught in farm business management. The first part takes approximately one hour to complete, and the second about two hours. A couple of things you need to know are how to read a balance sheet, an income statement, and some operating and expense ratios. There are three main objectives to the test. They are: 1) Develop skills to apply the economic principles and concepts in analyzing farm-ranch business management decisions. 2) Develop ability to use records and manage resources for optimum returns. 3) Develop ability to make good decisions using the principles and concepts of farm business management. This is a very challenging and sometimes frustrating contest, but it is also rewarding. There is a great sense of accomplishment after completing the test.