Module 1 knowledge check

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Question 1 of 5

1. Question

What are the four key steps to creating a successful business plan?

Analyse the current business situation, set the business goals, implement the plan, monitor progress
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Set the business goals, implement the plan, analyse the business progress, rewrite the plan annually
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Survey business team members for input, set business goals, implement the plan, analyse the outcome
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Analyse the current business situation, monitor progress for 12 months, revise business goals against progress, monitor for 12 months
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Question 2 of 5

2. Question

Which TWO of the following examples describe a personal value (as opposed to a business goal)?

To generate sufficient profit to take a four-week annual holiday.
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To prioritise a work–life balance that supports my mental health.
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To increase feed conversion efficiencies by 5% during the next two years.
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To ensure livestock are handled in a way that optimises their health and wellbeing.
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Question 3 of 5

3. Question

Knowing a business’s cost of production (i.e. dollars spent to produce a kilogram of meat or wool) enables the business manager to do which of the following?

Benchmark enterprise performance against other similar enterprises.
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Set profitable average target sales prices.
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Identify ways to boost profitability.
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All of the above
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Question 4 of 5

4. Question

Which of the following definitions best describes the concept of ‘indirect’ benchmarking?

Sheep producers calculate their own performance indicators and compare them against published industry benchmarks.
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Sheep producers contribute their farm information into a service that generates the benchmarks for comparison with other sheep producers.
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Sheep producers gather financial data from other producers and identify where they can make productivity gains.
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Sheep producers contract an external service provider to develop key performance benchmarks for their business.
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Question 5 of 5

5. Question

Which of the following risks to a sheep enterprise can be influenced through management?

Genetic selection
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Pasture agronomy
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Rainfall conservation
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All of the above
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Module 1: Plan for Success

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