Gross Farm Income: The monetary and non-monetary income received by farm operators. Its main components include cash receipts from the sale of farm products, government payments, other farm income (such as income from custom work), value of food and fuel produced and consumed on the same farm, rental value of farm dwellings, and change in value of year-end inventories of crops and livestock.

 

Related Words

Gross Farm Income: The monetary and non-monetary income received by farm operators. Its main components include cash receipts from the sale of farm products, government payments, other farm income (such as inc . . . View Full Definition

Farm Income: Several measures are used to gauge the earnings of a farming operation over a given period of time: Gross cash income is the sum of all receipts from the sale of crops, livestock, and farm r . . . View Full Definition

Net Cash Income: A farm’s actual cash receipts and expenses in a given year, regardless of the year the goods sold were produced. In general, it serves as an indicator of the short-term financial condition o . . . View Full Definition

Net Farm Income: The return (both monetary and non-monetary) to farm operators for their labor, management and capital, after all production expenses have been paid (that is, gross farm income minus producti . . . View Full Definition