Any item of value is called a(n) a. owner equity b. credit c. profit d. asset 2. A partial budget would be the most useful type of budget for estimating a. labor needed on the farm during the next year b. the amount of borrowing required for the next year c. the change in profit from installing an irrigation system in one field d. the breakeven price needed to cover all costs of cotton production 3. Which of the following would NOT appear on a cash flow budget? a. Inventory change b. Feed purchase c. Family living expenses d. Cost of a new tractor