PGA PGM 3.0 Level 1 Test (Answered)
Verified Solution
The Process for developing a business plan starts before you establish the goals
you would like to achieve for the shops coming year
True
Who should provide direction for creating the business plan at a Golf Operation
Key Stakeholders
According to the business planning Model, a business plan should build on and
refine the operation plan
False
Long - Range Planning should initially assume an adversarial relationship
between neighboring facilities that directly compete with each other.
True
What is the usual business destination for long range planning?
3-5 years Achieve its vision
what is the most significant benefit of strategic business Planning.
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.
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?
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?
Current state of the business
The SWOT analysis would treat opportunities are threats as factors that usually
can be controlled by the facility.
False
The Result of a SWOT analysis could be sufficient justification for the
abandonment of a core business function
True
Staff evaluation are a relevant data source for a SWOT analysis
True
How might revenues be affected at a nearby daily fee course if the local tire plant
has major layoffs
Go Down (decrease)
,Lack of a mission statement is an example of a weakness that a SWOT analysis
might disclose
True
Trends in local consumer spending would be most useful for evaluating a core
business function
True
What should govern the decision to pursue an opportunity?
Finances - Barriers to entry - recourses - opportunity cost
Goals, Objectives & strategies
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.
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.
True
"Develop and promote group lesson programs aimed at a women and Juniors" is
an example of an effective business objectives.
False
What Important Characteristic is missing in the business Objectives. "Increase
pro shop sales next year?"
Measurables; How are you going to measure
Which Characteristics of goals and objectives is described as capable of being
observed, recorded, and measure.
Quantifiable
What is functionally significant difference between goals and objectives?
goal few clearly defined targets objectives of how we get the goal.
A facilities financial objectives could achieved through operational strategies
alone.
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?
.......
What is an example of a financial Strategy?
Borrowing Money: Debt: Reduce operating expense.
What would be the most appropriate initial response to a facility income not
meeting projections.
.......
Financial, Forecast, and Budgets
Calculating yield involves knowing the relationship between the amount utilized
and the amount available.
, True
Gross Profit is what remains after calculating the difference between revenue and
cost of goods
True
Linear trend analysis and base year analysis are example of vertical analysis
False
The Divisor in the linear trend formula - average percentage is the number of
years of change being measured.
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
True
Golf Shop sales of $100,000 yield gross margin of $30,000, What is the percent of
the cost of goods.
30%
What is the definition of "cost of goods sold"
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?
60%
According to the business planning course manual, what is usually the largest
contributor to the bottom line profit of the facility
Rounds
What is the formula for Merchandise Net Operating Income?
Revenue Generated - Operating Expense
What events would cause a change in the forecast for the golf shop expense?
What metric should be part of every forecast regardless of the type of the facility
A Vision defines the short - Term objectives that must be accomplished in the
upcoming year.
False
A Facility profile defines the overall culture of the business
True
The projected customer base of certain golf facilities located in the United States
could assume members drawn from international Markets.
True
A yield Analysis is used to compile a facilities historical data on the number of
rounds played.
True
What is the process called when a manager reviews total rounds to determine
who is playing and when?
Yield Analysis
Mission Statements should include a definition of the facility's underlying
financial model.
False
A sound mission statement defines the long term vision and core values of a
facility
Verified Solution
The Process for developing a business plan starts before you establish the goals
you would like to achieve for the shops coming year
True
Who should provide direction for creating the business plan at a Golf Operation
Key Stakeholders
According to the business planning Model, a business plan should build on and
refine the operation plan
False
Long - Range Planning should initially assume an adversarial relationship
between neighboring facilities that directly compete with each other.
True
What is the usual business destination for long range planning?
3-5 years Achieve its vision
what is the most significant benefit of strategic business Planning.
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.
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?
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?
Current state of the business
The SWOT analysis would treat opportunities are threats as factors that usually
can be controlled by the facility.
False
The Result of a SWOT analysis could be sufficient justification for the
abandonment of a core business function
True
Staff evaluation are a relevant data source for a SWOT analysis
True
How might revenues be affected at a nearby daily fee course if the local tire plant
has major layoffs
Go Down (decrease)
,Lack of a mission statement is an example of a weakness that a SWOT analysis
might disclose
True
Trends in local consumer spending would be most useful for evaluating a core
business function
True
What should govern the decision to pursue an opportunity?
Finances - Barriers to entry - recourses - opportunity cost
Goals, Objectives & strategies
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.
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.
True
"Develop and promote group lesson programs aimed at a women and Juniors" is
an example of an effective business objectives.
False
What Important Characteristic is missing in the business Objectives. "Increase
pro shop sales next year?"
Measurables; How are you going to measure
Which Characteristics of goals and objectives is described as capable of being
observed, recorded, and measure.
Quantifiable
What is functionally significant difference between goals and objectives?
goal few clearly defined targets objectives of how we get the goal.
A facilities financial objectives could achieved through operational strategies
alone.
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?
.......
What is an example of a financial Strategy?
Borrowing Money: Debt: Reduce operating expense.
What would be the most appropriate initial response to a facility income not
meeting projections.
.......
Financial, Forecast, and Budgets
Calculating yield involves knowing the relationship between the amount utilized
and the amount available.
, True
Gross Profit is what remains after calculating the difference between revenue and
cost of goods
True
Linear trend analysis and base year analysis are example of vertical analysis
False
The Divisor in the linear trend formula - average percentage is the number of
years of change being measured.
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
True
Golf Shop sales of $100,000 yield gross margin of $30,000, What is the percent of
the cost of goods.
30%
What is the definition of "cost of goods sold"
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?
60%
According to the business planning course manual, what is usually the largest
contributor to the bottom line profit of the facility
Rounds
What is the formula for Merchandise Net Operating Income?
Revenue Generated - Operating Expense
What events would cause a change in the forecast for the golf shop expense?
What metric should be part of every forecast regardless of the type of the facility
A Vision defines the short - Term objectives that must be accomplished in the
upcoming year.
False
A Facility profile defines the overall culture of the business
True
The projected customer base of certain golf facilities located in the United States
could assume members drawn from international Markets.
True
A yield Analysis is used to compile a facilities historical data on the number of
rounds played.
True
What is the process called when a manager reviews total rounds to determine
who is playing and when?
Yield Analysis
Mission Statements should include a definition of the facility's underlying
financial model.
False
A sound mission statement defines the long term vision and core values of a
facility
