Download PGA PGM 3.0 Level 2 Golf Operations: Questions and Answers and more Exams Sport Studies in PDF only on Docsity!
PGA PGM 3.0 LEVEL 2 GOLF OPS (ANSWERED)
COMPLETE VERIFIED SOLUTION, OVER 500
QUESTIONS AND ANSWERS
"After executing a motor skill, a player will evaluate the skill movements by comparing the results of the
performance to his or her expectations for the performance. - CORRECT ANSWER True"
"Knowledge feedback will influence the direction of a student's efforts but is unable to influence the
student's arousal and motivation level. - CORRECT ANSWER True"
"Knowledge of performance feedback can improve performance without learning taking place -
CORRECT ANSWER True"
"A good reason for delivering only non-error augmented feedback is so the student will become more
aware of cause and effect relationships within the swing. - CORRECT ANSWER False"
"Generally speaking, advanced players need less descriptive knowledge of performance feedback than
beginning players. - CORRECT ANSWER False"
"What frequency schedule method is based on research that suggests that students become more actively
engaged in the learning process when they have control over it? - CORRECT ANSWER Self-Regulated
Schedule"
"List the six key principles of practice conditions that optimize the learning of golf skills and play. -
CORRECT ANSWER Practice with purpose, practice the right things, practice properly, practice right
amount, relevant feedback, practice when motivated"
"According to the course manual, what are the three ultimate purposes or goals for practicing? -
CORRECT ANSWER Skills development or learning, skills maintenance and retention and skills
application or transfer"
"What do experienced teachers focus on when modifying lesson activities during the lesson? - CORRECT
ANSWER Monitor student performance more closely and attempt to maintain a appropriate level of
challenges"
"What do skillful instructors carefully consider when concluding a lesson? - CORRECT ANSWER Student
to keep enthusiasm, good feelings, valuable ideas and improved skills to the course or range. Close with a purposeful, meaningful experience"
"How can instructors teach students that what they just learned is part of a bigger picture? - CORRECT
ANSWER New skill in the lesson will be built upon the next. New learned concept needs to be practiced
for better improvement."
"What is one way to diminish the spontaneity and creativity that bring life to a lesson? - CORRECT
ANSWER Too much routine"
"What drill would be most helpful for a person who is having trouble squaring the clubface at impact? -
CORRECT ANSWER Toe-in/ heel-in drill, toe-up to toe-up drill"
"What can cause incorrect interpretations of images produced by skill performance analysis tools? -
CORRECT ANSWER If the camera angles are off"
"What example would make the practice and playing environments similar? - CORRECT ANSWER Make it
competitive, create realistic situations, encourage proper habits, Practice to a target" "What factor should the professional not use in their determination on how much technological
information be delivered to the student? - CORRECT ANSWER THE PLAYING LEVEL OF THE STUDENT"
"What factor should the professional consider when determining how much technological information
should be delivered to the student? - CORRECT ANSWER THE PERSONALITY OF THE STUDENT"
"When chipping, which drill can help a golfer create the appropriate amount of extension through impact?
- CORRECT ANSWER HOLD THE FINISH DRILL" "What is the purpose of positioning a tee to the outside and inside of the ball, perpendicular to the target
line, and slightly wider than the clubhead? - CORRECT ANSWER MISS THE TEE DRILL - Assists student in
making solid and consistent contact with the ball. (Chipping)" "When using the extended club drill in chipping practice, if the extension hits the player's side, this is an
indication of which swing errors. - CORRECT ANSWER THE STUDENT USED TOO MUCH WRIST THROUGH
IMPACT."
"What is the function of the skeletal system? - CORRECT ANSWER Support the body, protect the organs,
allow for movement, provide a mineral reservoir and produce blood cells"
"What is the probable in-swing result of rounded shoulders and a forward head position? - CORRECT
ANSWER Rounded posture, overly narrow and cannot stay in posture"
"What is the process of the design phase when constructing a golf course - CORRECT ANSWER 1. Sight
Analysis
- Design
- Development
"In what way is time related to other resources? - CORRECT ANSWER It must be reasonably accounted
for and allocated appropriately, and is tied to every other resource."
"What is the most likely determinant of the complexity of a facility's organization chart? - CORRECT
ANSWER The size of the facility, the number of services offered to customers , and the type of facility and
its mission."
"What are examples of financial resources? - CORRECT ANSWER Facility reserves, outside sources of
investment, vendors, banks, the physical property, membership,"
"Staff is considered a tangible facility resource? (T/F) - CORRECT ANSWER True"
"What intangible resource is key to enabling and facilitating peak performance? - CORRECT ANSWER
culture"
"How can a facility foster a culture of improvement? - CORRECT ANSWER encourage open discussion
and input , provide tools to positively impact operation"
""Identify staffing needs" is one of the staff-management roles in running a golf operation. (T/F) -
CORRECT ANSWER True"
"Job descriptions should identify the skills necessary to accomplish the tasks associated with each
position. (T/F) - CORRECT ANSWER True"
"High-performance profiling is a tool that can be used to communicate a uniform set of facility-wide
expectations for all employees - CORRECT ANSWER True"
"interviewing current employees is the first step in determining current training needs. - CORRECT
ANSWER Look at job descriptions and high-performance profiles and checking whether everyone is
trained in job-specific skills" "Self assessments are an appropriate means for facility staff to align their personal goals with business
goals. - CORRECT ANSWER True"
"Self assessments are most useful during the hiring process. - CORRECT ANSWER during the evaluation
phase" "New teachers observed the lead instructor at a golf facility conduct a short game clinic. This is an example
of external staff training. (T/F) - CORRECT ANSWER False"
"What are tasks associated with the "plan for succession" staff-management role managers have in
running a golf operation? - CORRECT ANSWER Implement cross-training, shared
functions/responsibilities, ensure several staff can perform key operational tasks, articulate career paths within the facility's business" "What should a manager consider when determining the number of employees needed to run an
operation? - CORRECT ANSWER the human resources it will take to achieve their business objectives,
and seasonal fluctuations in business." "What should golf facilities consider doing to elevate staff performance in meeting management and
customer expectations? - CORRECT ANSWER create high performance profiles"
"What is the advantage of asking open ended questions during the interview process? - CORRECT
ANSWER it avoids signaling the right answer"
"What is an example of external staff training? - CORRECT ANSWER Vendor product training, trips to
other facilities, workshops, PGA seminars" "Reduced training needs is one of the anticipated benefits of adopting new point-of-sale system
technology. - CORRECT ANSWER False- improved efficiency, improved customer service"
"What is the first step in acquiring a new technology-based system? - CORRECT ANSWER Assess facility
needs"
"What are policies? - CORRECT ANSWER Guidelines and rules that outline a definite course of action in
various situations."
"What are procedures? - CORRECT ANSWER a logical set of step-by-step instructions on how to
implement policies and complete specific tasks."
"Shift-change cash control is a procedure used to deter employee theft. - CORRECT ANSWER True"
"Why should employees be involved in creating and revising policies or procedures? - CORRECT
ANSWER morale boost, can assess the realism of policy/procedure expectations with feedback"
"What is a management tool for defining the structure of the golf operation? - CORRECT ANSWER
Organization chart"
"Promotion is one of the 4 "Ps" of marketing - CORRECT ANSWER True"
"Building a brand is a "Moment of truth" opportunity. - CORRECT ANSWER False. The brand is the sum of
the product's culture, product or service delivery, and customer perceptions and expectations for a specific type of benefit or experience."
"How would a facility determine the expense per sale that could be attributed to a targeted promotional
strategy? - CORRECT ANSWER Cost-Benefit Analysis"
"What would be the most reliable means of predicting the likelihood a proposed promotional plan would
be successful? - CORRECT ANSWER Knowing the target market and being aligned with business plan
objectives"
"Managing play best practices are the same across facility types - CORRECT ANSWER False"
"It is illegal for courses that receive any public funds to require a dress code - CORRECT ANSWER False"
"As yield management evolve with internet tee time systems and point of sale systems, traditional phone-
based systems will become obsoltete - CORRECT ANSWER False"
"When are private facilities exempt from the accommodation requirements of the ADA? - CORRECT
ANSWER If they do not allow any public play"
"What is an example of facility functions that need written safety procedures to insure uniform actions of
staff? - CORRECT ANSWER golf car policies"
"According to the USGA Rules of Golf, what type of accommodation may be made through the adoption of
local rules? - CORRECT ANSWER protection of the course, identifying obstructions"
"How should the head professional respond to threatening weather? - CORRECT ANSWER Alert players,
stop play and evacuate the course if necessary" "Under what law are golf facilities required to provide all people with goods and services on an equal
basis? - CORRECT ANSWER Americans with Disabilities Act"
"What tee time starting system can reliably prevent players from monopolizing the best tee times? -
CORRECT ANSWER Lottery system"
"Which tee time starting system compensates well for no-shows? - CORRECT ANSWER Walk on and
Play"
"What is a major advantage of an internal online reservation system>? - CORRECT ANSWER Keeps all
reservation and transactions in-house, avoid paying a middleman"
"Ancillary service accomodations should be addressed in a facility's resrvation policies. - CORRECT
ANSWER True"
"Why are on-course and phone based reservation systems still significant even though Internet-based tee
time systems are becoming more prevalent? - CORRECT ANSWER They play a significant role in the
customer's relationship with the facility"
"What criterion should management consider when determining the correct tee time interval? -
CORRECT ANSWER facility type, service mission, and the course difficulty"
"What does the USGA's Pace Rating System help determine? - CORRECT ANSWER how quickly a
foursome of average golfers should play a particular course on a busy day"
"What would be a design characteristic that would assist in speeding up pace-of-play - CORRECT
ANSWER Wider fairways, limit number of hazards"
"What course design feature would best support yield expectations related to play? - CORRECT ANSWER
Multiple tees for different ability levels, practice area easily accessible to first tee,"
"What is a good pace of play guideline? - CORRECT ANSWER Always be ready, check in with starter well
in advance, etc"
"How can the starter positively impact pace of play? - CORRECT ANSWER Greet players, consolidate
players into foursomes whenever possible"
"What quality is most desirable in a person tasked with managing pace of play? - CORRECT ANSWER
Strong communicators" "As a general rule. course assistants should encourage players to pay more attention to keeping ahead of
the ground behind them than keeping up with the group in front of them - CORRECT ANSWER False"
"Which staff member is responsible for setting the pace-of-play? - CORRECT ANSWER Starter"
"What is a disadvantage of letting faster groups play through? - CORRECT ANSWER The slow group gets
left behind and the bottleneck is relocated." "Moments of Truth begin front he first contact with the facility and finish when the final hole of their round
is coompleted. - CORRECT ANSWER False"
"To be fully effective, teams must have the time-limited authority to place team goals ahead of facility
goals when dealing with the assigned task before it - CORRECT ANSWER False"
"An effective team decision making process requires an authoritative team leader. - CORRECT ANSWER
True"
"Practice facilities should be designed so golfers will face what direction? - CORRECT ANSWER North or
East, Away from the sun"
"WHat is a benefit of having a caddie program at a club? - CORRECT ANSWER Help maintain the course,
add to plying experience, introduce young people in to the game,"
"What government act has significant application to the terms of caddie employment? - CORRECT
ANSWER Fair Labor Standards Act"
"What should a comprehensive caddie-training program include? - CORRECT ANSWER Orientation,
indoctrination, tee to green, on the green"
"What is the most important interdepartmental relationship for the golf operations department? -
CORRECT ANSWER Golf course maintenance"
"A yield management report shows the number of rounds played and the revenue generated by those
rounds. - CORRECT ANSWER True"
"Successful yield management would more likely involve target marketing of the broad customer base
than of a specific player group. - CORRECT ANSWER False"
"Yield analysis is primarily used to identify non-peak times. - CORRECT ANSWER true"
"A variance in a facility's operational budget should be interpreted as an undesirable financial situation for
the organization - CORRECT ANSWER true"
"Demand-based pricing can be employed to change the demand curver for the use of perishable tee times
- CORRECT ANSWER True" "Pace of play policies are an effective means for controlling the demand curve for the use of perishable tee
times. - CORRECT ANSWER True"
"Reducing green fees to obtain increased sales in other departments is a valid yield management
objective. - CORRECT ANSWER True"
"Yield management is a process that allows a facility to maximize the total number of rounds available
each day. - CORRECT ANSWER True"
"Successful yield management can produce dissatisfied customers - CORRECT ANSWER True"
"What term would be considered an important metric for monitoring performance against budget? -
CORRECT ANSWER Variance"
"What is the economic focus of yield management? - CORRECT ANSWER Increased demand to maximize
revenue"
"What can yield management predict? - CORRECT ANSWER Amount of rounds that can be sold"
"What is the formula for developing a yield management report for a given period? - CORRECT ANSWER
Number of rounds Played/Potential Rounds x 100 =% yield" "Conducting yield analyses aimed at optimal tee time utilizations is most important at what type of
facility? - CORRECT ANSWER Public facilities"
"What is the most relevant metric for tracking financial performance? - CORRECT ANSWER Rounds"
"Why is monitoring performance considered a two-part process? - CORRECT ANSWER Accomplishment
of planned objectives and goals, operational quality (staff service delivery)"
"Who should be kept appraised of the facility's financial performance? - CORRECT ANSWER
Management and employees"
"What is a yield percentage if a facility sells 180/240 available tee times? - CORRECT ANSWER 75%"
"Managing by walking around gives employees the opportunity to air grievances. - CORRECT ANSWER
True" "Managing by walking around is most effective when organizational protocols are observed, such as,
limiting conversation to their direct reports - CORRECT ANSWER False"
"Managers who use the "managing by walking around" technique should avoid establishing informal
relationships with employees of other departments. - CORRECT ANSWER False"
"Managing by example is the essense of behavioral management - CORRECT ANSWER True"
"One of the main benefits of the interpersonal management approach to monitoring performance is to
ensure policies and procedures are being followed. - CORRECT ANSWER True"
"Is it regularly with heads of other departments is an example of "managing by walking around" as it
applies to monitoring operations? - CORRECT ANSWER False (Staff Briefings)"
"What is an effective means of monitoring performance while "managing by walking around"? - CORRECT
ANSWER covering wide array of topics, not making big decisions, asking or persuading others informally,
not giving orders"
"interviewing current employees is the first step in determining current training needs. - CORRECT
ANSWER Look at job descriptions and high-performance profiles and checking whether everyone is
trained in job-specific skills" "Self assessments are an appropriate means for facility staff to align their personal goals with business
goals. - CORRECT ANSWER True"
"Self assessments are most useful during the hiring process. - CORRECT ANSWER during the evaluation
phase" "What are tasks associated with the "plan for succession" staff-management role managers have in
running a golf operation? - CORRECT ANSWER Implement cross-training, shared
functions/responsibilities, ensure several staff can perform key operational tasks, articulate career paths within the facility's business"
"Why should employees be involved in creating and revising policies or procedures? - CORRECT
ANSWER morale boost, can assess the realism of policy/procedure expectations with feedback"
"What is a management tool for defining the structure of the golf operation? - CORRECT ANSWER
Organization chart" "What does the American Marketing Assocation refer to as a name, term, sign, symbol or design, or
combination of them intended to identify the goods and services of a seller? - CORRECT ANSWER Brand"
"What is an example of indirect competition to an 18-hole daily fee facility? - CORRECT ANSWER Local
fitness and tennis clubs" "Tried and true practices adopted by other successful facilities should be the starting point for developing
new promotional programs. - CORRECT ANSWER False"
"How should surveys, focus groups, and sales analyses be used to keep a facility from wasting money on
ineffective promotions? - CORRECT ANSWER Helps understand the target market"
"What question should be asked in order to obtain reliable information for evaluating the effectiveness of
a targeted promotional strategy? - CORRECT ANSWER Was the right audience targeted? Were certain
communication vehicles more effective than others? Were the promotional messages clear to customers?"
"When are private facilities exempt from the accommodation requirements of the ADA? - CORRECT
ANSWER If they do not allow any public play"
"What is an example of facility functions that need written safety procedures to insure uniform actions of
staff? - CORRECT ANSWER golf car policies"
"Why are on-course and phone based reservation systems still significant even though Internet-based tee
time systems are becoming more prevalent? - CORRECT ANSWER They play a significant role in the
customer's relationship with the facility"
"What criterion should management consider when determining the correct tee time interval? -
CORRECT ANSWER facility type, service mission, and the course difficulty"
"What is a characteristic of an effective team? - CORRECT ANSWER Commited to Goals, Communciate
Openly, Have Clearly Defined Roles,Have A Sense of Belonging and Trust, Make Decisions by Consensus, Resolve Conflicts, Have Effective Leadership"
"As presented in the Manual, what must be present to achieve a key characteristic of effective teams? -
CORRECT ANSWER Cohesiveness"
"Identify an element in the consensus-based decision-making process? - CORRECT ANSWER Work
together to modify or shape ideas"
"Mobilizing the creativity and innovation to solve problems is one benefit of the team approach? -
CORRECT ANSWER True"
"What activities might be included in a "one minute manager" routine? - CORRECT ANSWER Check in
with individual employees Assess performance Provide feedback Inform of special responsibilities Keep individual employees on track and remind them of tasks that require coordination with other employees, golf operations areas or other departments."
"WHat is a benefit of having a caddie program at a club? - CORRECT ANSWER Help maintain the course,
add to plying experience, introduce young people in to the game,"
"What government act has significant application to the terms of caddie employment? - CORRECT
ANSWER Fair Labor Standards Act"
"What should a comprehensive caddie-training program include? - CORRECT ANSWER Orientation,
indoctrination, tee to green, on the green"
"Why is monitoring performance considered a two-part process? - CORRECT ANSWER Accomplishment
of planned objectives and goals, operational quality (staff service delivery)"
"Who should be kept appraised of the facility's financial performance? - CORRECT ANSWER
Management and employees"
"What is an effective means of monitoring performance while "managing by walking around"? - CORRECT
ANSWER covering wide array of topics, not making big decisions, asking or persuading others informally,
not giving orders"
"The cost of goods sold can be calculated if both the turnover rate and the average inventory value are
known - CORRECT ANSWER true"
"The BOMI predicts the dollar value of the inventory needed at the beginning of each month to reach
monthly sales goals - CORRECT ANSWER true"
"The higher the turnover rate, the more inventory you need on hand to reach the same sales targets. -
CORRECT ANSWER false; higher to less inventory"
"Knowing the previous year's sales volume is sufficient to accurately forecast sale - CORRECT ANSWER
false"
"Inventory should arrive one to two months prior to the anticipation of sales - CORRECT ANSWER true"
"The golf professional has projected $310,000 in annual merchandise sales, $205,000 for cost of goods
sold, and a turnover rate of 2.5. What is the average inventory level at cost? - CORRECT ANSWER
205,000/2.5=$82k"
"What is the formula for Cost of Goods Sold (COGS) - CORRECT ANSWER cost sold/total sales"
"In an open to buy plan, the sales estimates and the cost of goods estimates comes from what other
business management tool? - CORRECT ANSWER historical data"
"What is the main purpose of an open to buy plan - CORRECT ANSWER identifies how much to purchase"
"What information does the cost of goods sold (COGS) provide for a given period of time? - CORRECT
ANSWER sold, stolen, lost destroyed"
"Why must golf professionals forecast beginning of month inventory (BOMI) levels? - CORRECT ANSWER
tells BOMI it's also used for forecasting"
"What is the likely result of a high turnover rate? - CORRECT ANSWER increased sales, fewer markdown,
new trend setter, lower expense, higher employee morale, higher return investment"
"What is a result of a low turnover rate in the golf shop merchandising operation? - CORRECT ANSWER
staff items, big markdowns, low profits, high expense" "If your average inventory value is $37,000, and your annual cost of goods sold is $114,000, what is the
turnover rate? - CORRECT ANSWER 114,000/37,000=3.08"
"Which merchandising condition is most directly correlated with a high turn rate? - CORRECT ANSWER
less inventory"
"Given the following information, what was the turnover rate for the year? Sales- $196,000COGS-
$140,000Ave Inventory- $56,000Glove Sales- $24,000Men's Shirt sales- $54,000Rounds- 20,000 -
CORRECT ANSWER 140,000/56,000=2.5"
"Some OTB funds should be reserved for unforeseen opportunities - CORRECT ANSWER true"
"Based on the information below, what is the open-to-buy amount for july? July- August Sales $17,
$12,500COGS $12,000 $9,000BOMI $50,000 $41,000 - CORRECT ANSWER 50,000+12,000-
"What is the formula to determine monthly OTB dollars? - CORRECT ANSWER planned OTB at cost -
merchandise on order=actual OTB at cost"
"In an open-to-buy budget, how is average inventory defined? - CORRECT ANSWER average amount of
merchandise (in cost dollars) the facility must have on hand throughout the year to meet annual sales goals"
"What is the formula for calculating planned OTB? - CORRECT ANSWER (EOMI + COGS - BOMI)=Planned
OTB at cost"
"What does an open-to-buy reserve provide? - CORRECT ANSWER 10%-25% for other
opportunities/unplanned purchases" "Merchandise that the competition carries is a factor to be considered in the merchandise assortment
plan. - CORRECT ANSWER true"
"What is the most important consideration when evaluating the type of merchandise to purchase for your
shop? - CORRECT ANSWER core merchandise stock"
"Which merchandising standard would be most appropriate when choosing clothing for a high-end resort?
- CORRECT ANSWER logo products"
"What is necessary for developing a MAP? - CORRECT ANSWER review cost needs, product preferences,
price points; research prior year's sales; research current market trends; select an appropriate merchandise mix"
"When choosing a merchandise mix, which set of considerations is the most important? - CORRECT
ANSWER core merchandise stock"
"What are the two most important considerations when determining price points? - CORRECT ANSWER
values added services (ex. logo appeal, personal touch, club fitting, return policies) and external factors (ex. local competition and economic conditions)"
"Operational efficiencies increase when a management has the flexibility to use discretion when following
backroom policies and procedures - CORRECT ANSWER FALSE"
"What is the key tool for inventory control? - CORRECT ANSWER Purchase Order (PO)"
"What does "complete date" indicate on a purchase order? - CORRECT ANSWER Last possible date that
the vendor can have order delivered to and accepted."
"What inventory management tool serves to ensure adherence to the business plan? - CORRECT
ANSWER Enforcing a clear and efficient PO system is necessary to ensure accuracy and adherence to
business plans."
"What is the benefit of receiving and checking inventory? - CORRECT ANSWER To ensure common issues
do not occur: missing merchandise, incorrect pricing, over-shipped"
"Physical unit tracking can determine both merchandise on hand and merchandise sold. - CORRECT
ANSWER TRUE"
"What are the two methods of tracking real-time inventory changes during the time between physical
inventory counts? - CORRECT ANSWER Dollar & units.Tracking by dollar amounts helps keep the facility's
inventory investment in balance with sales. While unit control systems help determine the performance of individual items or styles."
"Perpetual book inventory can determine both merchandise on hand and merchandise sold. - CORRECT
ANSWER TRUE"
"A physical inventory counts all goods for sale, including the value of refillable goods (like range balls),
minus employee sales. - CORRECT ANSWER FALSE"
"Adopting a perpetual book inventory system replaces the need to conduct physical inventory counts -
CORRECT ANSWER FALSE"
"Annual physical inventory counts are the most effective way to identify inventory problems - CORRECT
ANSWER FALSE. Monthly"
"What is a disadvantage of high turnover - CORRECT ANSWER To identify problems and enable pros to
respond in a timely manner."
"A point of sale system allows merchandisers to track the age of merchandise in stock. - CORRECT
ANSWER TRUE"
"How often should a physical inventory count be conducted? - CORRECT ANSWER Monthly or quarterly"
"What could cause shrinkage? - CORRECT ANSWER Occurs for various reasons - internal or external
theft, human error, damage loss, inadequate receiving or sales, procedures and insufficient accounting and tracking practices."
"Why is high turnover beneficial? - CORRECT ANSWER Increased sales, fewer markdowns, ability to
capitalize on new trends, higher employee morale"
"Why is it important to conduct physical inventory counts? - CORRECT ANSWER To double check items
on hand." "Which term represents the method of tracking real-time inventory changes between routine inventory
counts? - CORRECT ANSWER Perpetual book inventory using POS"
"End of Month Inventory (EOMI) minus COGS equals Gross margin - CORRECT ANSWER FALSE. Final
Retail Price - COGS - Gross Margin in $s"
"Cost of Goods Sold plus Gross Margin equals Final Retail Sales Price. - CORRECT ANSWER TRUE"
"If an item sells at the targeted markup, markup percentage and gross margin percentage will be the same
- CORRECT ANSWER TRUE" "If the planned mark-up is 15%, what would be the price of a shirt that costs the shop $30 if the Mil River
Plan is used? - CORRECT ANSWER 30 x 0.15 = $4.50 + $30 = $34.50"
"If a shirt cots $30 and the mark-up percentage for the shirt is 50%, what would be the potential gross
margin return on investment? - CORRECT ANSWER 30 x 0.50 = 15 + 30 = $4545 - 30 = 15"
"What is the definition of mark-up? - CORRECT ANSWER The difference between wholesale price of an
item and intended sales price."
"What is the percent mark-up if the cost of an item is $75 and it sells for $120? - CORRECT ANSWER 120 -
"What is the price of a driver when it costs the shop $160 and the mark-up is 80%? - CORRECT ANSWER
160 x 0.80 = 128128 + 160 = $288" "Using the cost plus markup approach, what was the markup rate of a shirt that cost the shop $20 and is
selling for $37.50? - CORRECT ANSWER 37.50 - 20 = 17.5017.50 / 20 = 0.875 --> 87.5%"
"A golf shop has allocated 13% of its 325,000 retail sales forecast to woods. Based on 70% COGS, what was
the estimated cost of the woods? - CORRECT ANSWER 0.13 x 325,000 = 4225042250 x 0.70 = 29575"
