Chapter 1
What can fractional ownership in aviation be compared to?
A time share for planes.
What are the four functions of management?
Planning, organizing, directing and coordinating, controlling.
What is marketing?
The entire process of identifying customer needs purchasing or producing goods and services to meet those needs, then promoting them.
What is a more precise definition of profit.
A more precise definition of profit is reward for the risk of entrepreneurship.
How many siblings does Emma have
4
What does FBO stand for?
Fixed base operator
How many common managerial errors are there?
Twelve
Which act was a major milestone in aviation?
The revitalization act of 1994
What are the Profit Objectives
Profit Maximization
Satisfactory Profit
Non-Momentary Profit
Hobby/Business
Social Responsibility
What is the state bird of Minnesota
the Loon
What major event caused an increase in aviation security, specifically TSA?
What are the three types of leaders?
Authoritarian, delegative, parcipitative
What are some national trends that may affect aviaton?
Terrorism and Its Aftermath
Fractional Aircraft Ownership
Encouraging New Pilots
Sport Pilot Certification
Airport Closures
Technology
Tort Reform
What are the types of forecasted expenses?
Fixed and variable
Where is all the snow hiding this season
who knows
What invention revolutionized air travel, connecting countries that once seemed so far apart?
The jet/turbine engine
How often does the average manager get interrupted?
Every 8 minutes
What are the 4 P's of marketing?
Product, price, place, promotion
personal investments can be...
high risk - high profit
low risk - low profit
Icon A5
Who is the primary regulatory and safety agency in aviation?
the FAA
What is the 80:20 rule?
Delegating tasks to people who are 80% ready to handle them
What are the three basic methods for pricing?
cost-based, demand-based, price-based
What does the handling of credit transactions include?
identification, authorization, recording, billing.
What private jet has three engines
Falcon