Which of the following is NOT typically part of a golf operation's operating budget?

The correct answer identifies employee performance reviews as not typically part of a golf operation's operating budget. An operating budget generally includes the predictable expenses that directly affect the operation of the business, such as utilities (the costs of electricity, water, etc.), depreciation (the reduction in value of assets over time), and marketing and promotions (the expenses associated with advertising and promoting the golf operation).

In contrast, employee performance reviews are more associated with human resources management. While they can have a significant impact on operations by influencing employee productivity and morale, their costs do not fall under typical line items in an operating budget. Instead, they might be part of general administrative costs or a separate human resources budget. This distinction helps clarify that while performance reviews are crucial for employee management and development, they do not represent an immediate operational expenditure tracked in the day-to-day functioning of the golf operation.