Chapter 1
What year was the Airline Deregulation act implemted?
1978
What is management defined as?
Getting things done through others
Which event in 2001 had the greatest impact on General Aviation Operations?
September 11th attack
What are the 4 types of money?
Short-term cash
Long-term cash
Equity
Employee ownership
What date was the Wright brothers' first successful flight?
December 17, 1903
Which passengers typically account for 75% of overseas flight revenue?
Business and first class passengers
What are the four traditional functions of management?
Planning, Organizing, Directing / Coordinating, and Controlling.
What three factors can lead to an aiports closure?
Urban development near the airport
Severe noise complaints
Negative impact on the local community
What is the reason for anyone being in a business?
Profit motive
What year did the first manned untethered flight happen?
1783
What are the three Aviation Regulatory Agencies?
FAA, NTSB, TSA
What are the 3 leadership styles?
Authoritarian, Participative, and Delegative
What are the four P's of marketing?
Product, Price, Place, Promotion
What are the 4 main forms of profit for a business?
Reward for Effort
Reward for Risk
Return on Investment
Profit to Sales Ratio
When was the first patent for a turbojet engine submitted?
January 16, 1930
What are the components of the Modern Aviation Industry?
Pilots / Aviation Support Personnel
Airport and Air navigation systems/manufacturers
Scheduled air carries
General aviation/ aviation interest groups
The government
Why is delegation the best time management strategy?
Delegation boosts: pride, ownership, rewarding, inspiring, etc.
What are the three basic methods for pricing?
Cost-based, Demand-based, Price-based.
What are the 4 parts to setting your cash flow and profit goals?
Part 1 - Planning for Positive Cash Flow
Part 2 – Planning for Profits
Part 3 – Budgeting
Part 4 – Other Considerations
When was the first practical and controllable helicopter created?
1936
What makes a "Full Service" FBO?
Charter operations, Pilot training, Aircraft rental/sightseeing, Aerial photography
Crop dusting/application, Aerial advertising/surveying
Passenger transportation, Aircraft sales/service
Sale of aviation petroleum products, Repair/Maintenance of aircraft, Sale of aircraft parts
What delegation method is best applied for new workers?
80:20 rule, if they are 80% ready to handle the task.
What are the 7 areas of pricing policy?
1. Fixed vs. Flexible Pricing
2. Pricing in Relation to Market Level
3. Pricing in Relation to Product Life Cycle
4. Pricing in Relation to Product Line
5. Promotional Pricing Policies
6. Geographic Pricing Policies
7. Channel Pricing
What are the five profit objectives?
Profit Maximization
Satisfactory Profit
Non-Momentary Profit
Hobby/Business
Social Responsibility
What year did the military gain interest in aviation?
1909