Avia 314- Final Exam Expected Questions and Answers

Avia 314- Final Exam Expected Questions and Answers What has caused the average aviation business person the most trouble in making sound business deciions? - ANSWER-The love of aviation Considering adjustments to strategic goals would be considered - ANSWER-objectives planning What does it mean when the text says that marketing is as much an art as a science? - ANSWER-No two approaches in marketing are the same. The business owner must consider many variables before settling on a marketing strategy How does the function of budgeting change when the budget period begins? - ANSWER-Budgeting begins to focus on the controlling of spending In regard to HR laws and regulations, what are the areas of employment law? - ANSWER-Workmen's compensation, workplace safety, and discrimination in the workplace Which is a disadvantage for a partnership? - ANSWER-Liability exposure Why would for-sale aircraft in inventory greatly influence the company's current ratio? - ANSWER- Inventory aircraft are considered an asset Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright © Stuvia International BV Page 2/11 How should the flight line operations of an FBO view flight crews and their passengers? - ANSWER- They should be viewed as customers What operational procedure changes were made in 2005 that allowed for better integration of GA flying with airspace procedures in other parts of the world? - ANSWER-Domestic Reduced Vertical Separation Minimums program There can be many positions within the maintenance business unit. What are some of the key responsibilities of the manager of the maintenance unit? - ANSWER-To ensure profitability of service The text mentions layers of insurance. The text also mentions the idea of a reinsurer. Which company was mentioned as the ultimate reinsurer? - ANSWER-Lloyd's of London The survival of the FBO as a business is tied directly to - ANSWER-the survival of the airport. The Airline Deregulation Act was enacted what year? - ANSWER-1978 "I'm so busy doing the urgent things that there isn't time to do the important things." - ANSWER-This statement is from a manager who struggles with setting priorities. Provide an example of a fixed cost. - ANSWER-Insurance expense. In regard to selecting employees, when is it a good time to send regret letters to employee candidates? - ANSWER-After your chosen candidate has accepted the position Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright © Stuvia International BV Page 3/11 Since change is inevitable, how should the manager approach the idea of change? - ANSWER-The manager should prepare themselves to consider new approaches. Having the right mindset will make it easier to meet the demands of change. Where should the manager begin when developing the master plan for a business' information system? - ANSWER-The manager should begin by determining the final products needed for analysis. Which segment of the FBO business is called the nerve center? - ANSWER-Front desk What outside source can cause some FBOs to offer very specific services? - ANSWER-Airport contracts What should the manager do to ensure that there is not an out-of-stock situation? - ANSWER-The manager should add a buffer to the theoretical ordering point In regards to safety, security, and liability, which is vital to cost control? - ANSWER-An effective risk management program The survival of the FBO as a business is tied directly to - ANSWER-The survival of the airport What has caused the average aviation business person the most trouble in making sound business decisions? - ANSWER-The love of aviation What is the common managerial error that may occur when manage