Important Dates
When was the first sustained flight of a fixed wing aircraft?
1903
What is management?
Getting things done through others
What are the 4 p's of marketing?
Product, Price, Place, Promotion
What are fixed expenses?
Expenses that allow businesses to open
FAA
Federal Aviation Administration
When was the Department of Homeland Security created?
2002
What are the 3 types of leadership styles?
Authoritarian, Participative, Delegative
What helps business owners understand trends and underlying factors in the market?
Market Research
What are variable expenses?
Expenses that go up as the volume of sales goes up
FBO
Fixed Base Operator
When was the first jet engine patented?
1930
How many common managerial errors are there?
12
How did September 11th affect general aviation?
Many businesses were harmed
What are the 4 types of money?
Short-term Cash, Long-term Cash, Equity, Employee Ownership
TSA
Transportation Security Administration
When was the Airline Deregulation Act?
1978
What are the 4 basic management functions?
Planning, Organizing, Directing/Coordinating, Controlling
What are some examples of trends that may affect general aviation?
Terrorism, Fractional Aircraft Ownership, New Pilots, Sport Pilots, Airport Closures, Technology, Tort Reform
What are the 4 main forms of profit?
Reward for Effort, Reward for Risk, Return on Investment, Profit to Sales Ratio
NTSB
National Transportation Safety Board
When was the first manned untethered flight?
1783
What is the act of assigning tasks and responsibilities to someone called?
Delegation
What are some exampes of categories of products and services?
Total Product, Product Classification, The Competition, Market Niche, Price, Elasticity, Pricing Policy, Place, Distribution System, Promotion, Sales, Collecting
What are the 5 main profit objectives?
Profit Maximization, Satisfactory Profit, Non-Momentary Profit, Hobby/Business, Social Responsibility
DHS
Department of Homeland Security