Exam (elaborations)
PGA PGM 3.0 Level 1 Test Questions And Answers
- Course
- Institution
PGA PGM 3.0 Level 1 Test Questions And Answers
[Show more]
1 review
By: brits1079 • 1 year ago
Content preview
PGA PGM 3.0 Level 1 Test 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 cust omer 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 objective s 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 obje ctives 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" Ac cording 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 me eting 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 reven ue 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 o f 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 m anual, 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 g olf 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 cultu re 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 - True It is appropriate to address the role of the employee in the mission statement - False Assessing the current state of business. - The interpretation of the quan titative data is less susceptible to differences of opinion than qualitive data - True Customer demographics is an internal factor - False What type if information is typically provided by qualitive data. - Likes; Dislikes; Experiences What examples wou ld be considered internal data sources for planning purposes - - Finances - Cogs etc.. Cost of goods sold is an example of qualitive date - False What information would be most useful to the planning team interested in measuring the facilities past or cu rrent success - 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 - 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 ? - You are concerned about a decline in business growth, what method would be most effective in portraying your overall financial history - For the purpose of developing a business plan, what is the best description of a trend analysis? - The total of ann ual sales for a golf shop for the past five years are listed below: Year: Total Annual Sale 1 $98,000The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Succeed. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.59. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now