PGA PGM 3.0 Level 1 Test | 447 Questions with 100% Correct Answers | 35 Pages The Process for developing a business plan starts before you establish the goals you would like to achieve for the shops coming year - Correct Answer True Who should provide direction for creating the business plan at a Golf Operation - Correct Answer Key Stakeholders According to the business planning Model, a business plan should build on and refine the operation plan
- Correct Answer False
Long - Range Planning should initially assume an adversarial relationship between neighboring facilities that directly compete with each other. - Correct Answer True What is the usual business destination for long range planning? - Correct Answer 3-5 years Achieve its vision what is the most significant benefit of strategic business Planning. - Correct Answer Provide a long term vision & Destination Helping Establish a starting point for goals, Objectives, and related strategies is an appropriate use of a SWOT analysis. - Correct Answer True You are in the process of completing a business plan for the golf shop. Initial forecast of sales, expenses, and profit have been made. Past data has been analyzed and important inside and outside factors have been identified. What is the next step to be taken towards completing the plan? - Correct Answer Monitor Performance A Golf Professional is purchasing a golf course. The business plan he presented to his banker included his history of operating successfully operating similar facilities, budget projections for the first five years under his management, and objectives and strategies for reaching his goals. The banker rejected the loan application because of missing information. What important element is missing from the business plan? - Correct Answer Current state of the business 1 / 4
The SWOT analysis would treat opportunities are threats as factors that usually can be controlled by the facility. - Correct Answer False The Result of a SWOT analysis could be sufficient justification for the abandonment of a core business function - Correct Answer True Staff evaluation are a relevant data source for a SWOT analysis - Correct Answer True How might revenues be affected at a nearby daily fee course if the local tire plant has major layoffs - Correct Answer Go Down (decrease) Lack of a mission statement is an example of a weakness that a SWOT analysis might disclose - Correct Answer True Trends in local consumer spending would be most useful for evaluating a core business function - Correct Answer True What should govern the decision to pursue an opportunity? - Correct Answer Finances - Barriers to entry
- recourses - opportunity cost
Goals, Objectives & strategies - Correct Answer Consider the following the statement as part of the a business plan: "improve range profits and customer satisfaction." According to the business planning course, this statement is an example of an objective. - Correct Answer True The new manager of a ten - year - old private course currently doing an average of 5, 000 tournament rounds per year, proposes to increase tournament rounds by 50% by the end of the next year. This proposal meets the criteria for an effective business objective as presented in the business planning course manual. - Correct Answer True "Develop and promote group lesson programs aimed at a women and Juniors" is an example of an effective business objectives. - Correct Answer False 2 / 4
What Important Characteristic is missing in the business Objectives. "Increase pro shop sales next year?"
- Correct Answer Measurables; How are you going to measure
Which Characteristics of goals and objectives is described as capable of being observed, recorded, and measure. - Correct Answer Quantifiable What is functionally significant difference between goals and objectives? - Correct Answer goal few clearly defined targets objectives of how we get the goal.A facilities financial objectives could achieved through operational strategies alone. - Correct Answer False The Following agenda was part of a golf range business plan."175 dozen range balls and rotate usage three times a year. Who: Head Professional. When: End of First Quarter. Cost: $1500" According to the business plan component represented by this statement? - Correct Answer .......What is an example of a financial Strategy? - Correct Answer Borrowing Money: Debt: Reduce operating expense.What would be the most appropriate initial response to a facility income not meeting projections. - Correct Answer .......Financial, Forecast, and Budgets - Correct Answer Calculating yield involves knowing the relationship between the amount utilized and the amount available. - Correct Answer True Gross Profit is what remains after calculating the difference between revenue and cost of goods - Correct Answer True Linear trend analysis and base year analysis are example of vertical analysis - Correct Answer False 3 / 4
The Divisor in the linear trend formula - average percentage is the number of years of change being measured. - Correct Answer True Conducting a base year analysis is a good choice for a facility that has just completed a project that added nine new holes to the original 9 - hole course - Correct Answer True Golf Shop sales of $100,000 yield gross margin of $30,000, What is the percent of the cost of goods. - Correct Answer 30% What is the definition of "cost of goods sold" - Correct Answer Cost used to by stock If the gross target margin for your golf shop were about 40%, what would be the target % for your cost of goods sold? - Correct Answer 60% According to the business planning course manual, what is usually the largest contributor to the bottom line profit of the facility - Correct Answer Rounds What is the formula for Merchandise Net Operating Income? - Correct Answer Revenue Generated - Operating Expense What events would cause a change in the forecast for the golf shop expense? - Correct Answer What metric should be part of every forecast regardless of the type of the facility - Correct Answer A Vision defines the short - Term objectives that must be accomplished in the upcoming year. - Correct Answer False A Facility profile defines the overall culture of the business - Correct Answer True The projected customer base of certain golf facilities located in the United States could assume members drawn from international Markets. - Correct Answer True
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