Download PGA PGM 3.0 Level 1 Test 447 Terms Study Notes and more Exams Nursing in PDF only on Docsity!
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 Correct Answer ld 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
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
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
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
Assessing the current state of business. - Correct Answer The interpretation of the quantitative data is less susceptible to differences of opinion than qualitive data - Correct Answer True Customer demographics is an internal factor - Correct Answer False What type if information is typically provided by qualitive data. - Correct Answer Likes; Dislikes; Experiences What examples would be considered internal data sources for planning purposes - Correct Answer - Finances - Cogs etc.. Cost of goods sold is an example of qualitive date - Correct Answer False What information would be most useful to the planning team interested in measuring the facilities past or current success - Correct Answer Historical Yield Analysis
The Utility of your business plan for managing Day to Day operations in a golf shop depends on your ability to manage internal factors - Correct Answer True Consider the following table: Based on trend analysis, what forecast would be made on the number of weekend rounds that will be played in year 5. Year 1 2 3 4 5 Weekend Rounds 16k 14,500 16,000 17,400? - Correct Answer You are concerned about a decline in business growth, what method would be most effective in portraying your overall financial history - Correct Answer For the purpose of developing a business plan, what is the best description of a trend analysis? - Correct Answer
What best describes sensitivity analysis - Correct Answer Next year you will be replacing a long term golf - shop employee with a new assistant who has considerable sales experience and selling skills. You will be paying this new staff member a higher salary. What is a reasonable assumption for you to make. - Correct Answer They will bring in more revenue. In his first year at a golf club, The Head Professional has made some assumptions about how improvements in customer service will increase the coming year's sales volume. What Technique could be used to best test these assumptions. - Correct Answer Percent change, historical analysis Your employer is contemplating an increase in weekend green fees. She would like to know how this increase might affect the number of rounds played. What would provide her with the best estimate. - Correct Answer Past Round History.
Opening a new driving range 5 miles away would be relevant factor for making assumptions about the number of rounds likely to be played in the coming year. - Correct Answer True A capital budget is used for large value items such as equipment and fixtures - Correct Answer True The utility of a business plan for managing day to day operations depends on the accuracy of your assumptions - Correct Answer True in a cash budget, transactions are only recognized at the time they occur - Correct Answer True Depreciation allowances must be accounted for in a cash flow budget. - Correct Answer True Your finalized operating budget will show whether or not you have the money to pay - Correct Answer False
What is the most significant benefit of a POS system to a manager - Correct Answer Real time sales tracking what does performance metric provide - Correct Answer What us is one example of a performance metric - Correct Answer Raising and lowering the green fees is a reasonable response to an under performing budget - Correct Answer False Revising forecast and budgets is one way to keep a business solvent in the event of unforeseen external changes - Correct Answer True Changing the budget when the facility is falling short of budget projections is both unacceptable and unproductive - Correct Answer True
What is the baseline reason for analyzing variances - Correct Answer - to know why or how they have occurred & know if it is good or bad. Career Enhancement (Career Planning Process) - Correct Answer The Skills of a golf professional including knowing that rounds, memberships, golf cars, tournaments, and merchandise generate revenue for the facility - Correct Answer True A personal development summary details interest strengths weaknesses and future personal development steps - Correct Answer True What must every professional understand about evaluation. - Correct Answer Evaluation is crucial to career enhancement regardless of career choice How might a golf pro discover interest - Correct Answer explore industry opportunities, connecting with people fist hand experience
Why is it important to develop a vision statement - Correct Answer Provides direction to career - brief description of ideal future as PGA Pro "increase merchandise sales in the golf shop" is an example of a SMART goal. - Correct Answer False what is provided in the "strategies to Succeed" section of the career fitness manual? - Correct Answer helpful starting point for developing goals Core skills are those that are useful in many golf industry positions - Correct Answer True How can you utilize the Work experience portfolio to write a resume - Correct Answer to focus on content and align it to a particular position
What part of the resume concisely describes a summary of skills and qualification gained from work experience as a golf professional? - Correct Answer Action / Power Statements. Responsible, involved, and helpful are effective action words to create a power statement - Correct Answer False What are ways to connect with connect with other professionals who have industry experience to gather information about the industry. - Correct Answer Info interviewing / Job Shadowing A Resume should begin with listing education first and the work experience - Correct Answer False Career Advancement Strategies - Correct Answer It is recommended a resume included all relevant golf specific skills - Correct Answer True
