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100+ Free ASFMRA AFM Practice Questions
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The Federal Conservation Easement Program (ACEP-ALE) is administered by:
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B
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D
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2026 Statistics
Key Facts: ASFMRA AFM Exam
75%
Management Plan Passing Score (Overall)
ASFMRA
70%
Minimum Per Subcategory
ASFMRA management plan
85+ hrs
Required Coursework
ASFMRA-approved
4 years
Required Management Experience
ASFMRA
BS/BA
Required Education
4-year degree
1
Farm Management Plan
Comprehensive submission
The AFM is awarded by ASFMRA to candidates with a 4-year degree, 4 years of farm/ranch management experience, 85 hours of approved coursework, a graded farm management plan (75% overall, 70% per subcategory), and a passing score on the AFM Comprehensive Exam. AFM holders manage land for trusts, banks, investors, and retired farmers. The designation signals competency across leases, finance, tax, conservation, and succession to landowner clients.
Sample ASFMRA AFM Practice Questions
Try these sample questions to test your ASFMRA AFM exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Under a typical cash lease, who bears the production risk from low yields and price declines?
A.The landlord
B.The tenant
C.Shared 50-50
D.The lender
Explanation: In a cash lease, the tenant pays a fixed rent regardless of yields or prices, so the tenant bears the production and price risk. The landlord receives a predictable rent stream with low risk.
2A flexible cash lease typically adjusts rent based on:
A.Actual yields, prices, or gross crop revenue
B.Landlord's mortgage payment
C.Local property tax rates only
D.Tenant's input costs only
Explanation: Flexible cash leases tie rent to outcomes such as yields, harvest-time prices, or gross revenue. They balance landlord risk-sharing with tenant predictability. Iowa State Extension data show many flex leases set rent at 25-40% of gross crop revenue.
3Which Schedule F line item is generally NOT a deductible expense for a cash-method farmer?
A.Seed and fertilizer purchased for the current crop
B.Pre-paid expenses exceeding 50% of other expenses (excess portion)
C.Hired labor and wages
D.Crop insurance premiums
Explanation: IRC Section 464 limits cash-basis farmers to deducting prepaid farm supplies only to the extent they do not exceed 50% of other deductible farm expenses. Prepaid expenses above that threshold are deferred to the year used.
4Under USDA's Agriculture Risk Coverage (ARC) program, payments are triggered when:
A.Actual county or individual revenue falls below the revenue guarantee
B.Actual price falls below the reference price
C.Acres are taken out of production
D.Crop insurance is purchased
Explanation: ARC provides revenue protection: payments trigger when actual county revenue (ARC-CO) or individual farm revenue (ARC-IC) falls below the benchmark revenue guarantee, which is based on historical Olympic average yields and prices.
5Price Loss Coverage (PLC) payments are calculated based on:
A.The difference between the effective reference price and the marketing year average price, times payment yield and 85% of base acres
B.Cash rent paid
C.Crop insurance indemnities
D.Actual yields and prices on planted acres
Explanation: PLC pays when the marketing year average price falls below the effective reference price. Payment = (Effective Reference Price - MYA Price) x Payment Yield x 85% of Base Acres. It is decoupled from current planting.
6The Conservation Reserve Program (CRP) general signup typically requires:
A.A 10-15 year contract with annual rental payments and cost-share for establishing cover
B.A perpetual easement and no payments
C.Annual cash payments for actively farming the land
D.Surrender of all mineral rights
Explanation: CRP general signup contracts run 10-15 years and pay annual rental plus up to 50% cost-share to establish approved conservation covers. Highly erodible or environmentally sensitive land is prioritized for enrollment.
7In farm financial analysis, the current ratio is calculated as:
A.Current assets divided by current liabilities
B.Total assets divided by total liabilities
C.Net income divided by gross sales
D.Total liabilities divided by net worth
Explanation: The current ratio (current assets / current liabilities) measures short-term liquidity. A ratio of 2.0 or higher is generally considered strong for agricultural operations, though the standard varies by enterprise type.
8A common 'safe' debt-to-asset ratio threshold used in farm financial analysis is approximately:
A.Below 0.30 (30%)
B.Above 0.70 (70%)
C.Exactly 1.00
D.Above 1.50
Explanation: Farm Financial Standards Council guidelines typically classify debt-to-asset ratios below 0.30 as strong, 0.30-0.60 as moderate, and above 0.60 as vulnerable. Ratios above 0.70 indicate financial stress for most operations.
9In a crop-share lease where landlord and tenant share 50-50, the landlord typically contributes:
A.The land plus a share of fertilizer, chemicals, and crop insurance
B.All labor
C.All machinery and labor
D.Only the land
Explanation: In a typical 50-50 share lease, the landlord provides the land and shares some input costs (fertilizer, chemicals, crop insurance) in the same proportion as the crop. The tenant provides machinery, labor, and management.
10For a corn crop, what is the typical N-P-K starter fertilizer placement that minimizes seedling burn?
A.2x2 placement (2 inches beside and 2 inches below the seed)
B.Direct seed contact (in-furrow at high rates)
C.Broadcast and incorporated only
D.Foliar applied at planting
Explanation: The 2x2 placement positions starter fertilizer 2 inches beside and 2 inches below the seed, supplying nutrients to young roots without seedling injury from salt or ammonia. High in-furrow rates can cause seedling burn, especially with N and K.
About the ASFMRA AFM Practice Questions
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