chapter 1
What agency is primarily responsible for investigating aircraft accidents
NTSB
These four basic functions divide management activities: planning, organizing, this one (which includes leading and coordinating), and controlling.
directing
what are the 4 Ps
Product, Price, Place, Promotion
definitions of profit
reward for effort, risk, return on investment,and profit to sales ratio
The FAA is responsible for investigating all domestic aircraft accidents, including nonfatal general aviation ones, without delegating any to the NTSB.
False
This is NOT a typical service offered by a full-service FBO, even though it involves large numbers of passengers and scheduled operations.
scheduled airline passenger check-in (or Part 121 operations)
This error involves not staying informed on industry literature, societal trends, or emerging markets, which can be addressed by thinking outside the box and pursuing new opportunities.
What is failure to anticipate industry trends?
This event caused major delays and pushed companies toward air taxi, charter, and fractional ownership.
9/11 attacks
Types include family/friends, leasing, venture capital, banks, and these licensed investment companies.
Small Business Investment Companies
A full-service FBO typically provides scheduled airline passenger check-in for Part 121 operations.
false
After the 1978 Airline Deregulation Act, researchers at this organization have continuously worked to make civil aircraft faster, more efficient, and quieter while emissions standards tightened.
NASA
Also known as democratic leaders, they solicit input from group members to guide decisions
participative leaders
This certificate lowers training time and cost barriers for new pilots.
sport pilot certificate
Net profit divided by equity or investment cost, expressed as a percentage.
return on investment
Profit to sales ratio is calculated by dividing net profits by total sales and is useful for comparing to industry norms.
true
On a typical overseas flight, this class of passengers accounts for over 75% of the flight’s revenue according to the presentation.
Business and First-Class
When delegating to a new worker, use this rule
the 80:20 rule?
reasons for airport closure
urban development, noise complaints, or community impact.
profits accepted because aviation is enjoyed for fun and excitement, not maximum return.
non-monetary profit
One objective of delegation is to raise the level of employee motivation and increase readiness to accept change.
true
This is described as crucial for FBOs to maintain a proper footing in the local market, especially since an airport could increase FBO competition at any time.
public awareness (or marketing/image/keeping up with the times)
the real purpose of business management boils down to this
get and keep customers profitably
These companies account for over 40% of new corporate jet orders
fractional ownership companies
Fixed costs like rent and utilities vs. these costs that rise with sales volume, like fuel and maintenance.
variable costs
The Small Business Administration (SBA) is listed as one possible source of financing for an aviation business.
true