Avia 314- Final Exam
What has caused the average aviation business person the most trouble in making sound
business deciions? - ANSThe love of aviation
Considering adjustments to strategic goals would be considered - ANSobjectives planning
What does it mean when the text says that marketing is as much an art as a science? - ANSNo
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? - ANSBudgeting
begins to focus on the controlling of spending
In regard to HR laws and regulations, what are the areas of employment law? - ANSWorkmen's
compensation, workplace safety, and discrimination in the workplace
Which is a disadvantage for a partnership? - ANSLiability exposure
Why would for-sale aircraft in inventory greatly influence the company's current ratio? -
ANSInventory aircraft are considered an asset
How should the flight line operations of an FBO view flight crews and their passengers? -
ANSThey 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? - ANSDomestic 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? - ANSTo 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? - ANSLloyd's of London
The survival of the FBO as a business is tied directly to - ANSthe survival of the airport.
The Airline Deregulation Act was enacted what year? - ANS1978
"I'm so busy doing the urgent things that there isn't time to do the important things." - ANSThis
statement is from a manager who struggles with setting priorities.
, Provide an example of a fixed cost. - ANSInsurance expense.
In regard to selecting employees, when is it a good time to send regret letters to employee
candidates? - ANSAfter your chosen candidate has accepted the position
Since change is inevitable, how should the manager approach the idea of change? - ANSThe
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? - ANSThe manager should begin by determining the final products needed for analysis.
Which segment of the FBO business is called the nerve center? - ANSFront desk
What outside source can cause some FBOs to offer very specific services? - ANSAirport
contracts
What should the manager do to ensure that there is not an out-of-stock situation? - ANSThe
manager should add a buffer to the theoretical ordering point
In regards to safety, security, and liability, which is vital to cost control? - ANSAn effective risk
management program
The survival of the FBO as a business is tied directly to - ANSThe survival of the airport
What has caused the average aviation business person the most trouble in making sound
business decisions? - ANSThe love of aviation
What is the common managerial error that may occur when managers disregard industry
literature? - ANSThe failure to anticipate industry needs
What is the economist's true pricing theory? - ANSPrice is set at the intersection of the seller's
supply curve and the buyer's demand curve.
A business owner should expect at least what minimum return on their investment? - ANSAt
least as high a return by investing elsewhere.
In regard to employee selection, what should be used during an interview to reduce bias? -
ANSUse a three to five member hiring panel.
Which management practice was first identified by David Packard? - ANSManagement by
walking around
What has caused the average aviation business person the most trouble in making sound
business deciions? - ANSThe love of aviation
Considering adjustments to strategic goals would be considered - ANSobjectives planning
What does it mean when the text says that marketing is as much an art as a science? - ANSNo
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? - ANSBudgeting
begins to focus on the controlling of spending
In regard to HR laws and regulations, what are the areas of employment law? - ANSWorkmen's
compensation, workplace safety, and discrimination in the workplace
Which is a disadvantage for a partnership? - ANSLiability exposure
Why would for-sale aircraft in inventory greatly influence the company's current ratio? -
ANSInventory aircraft are considered an asset
How should the flight line operations of an FBO view flight crews and their passengers? -
ANSThey 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? - ANSDomestic 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? - ANSTo 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? - ANSLloyd's of London
The survival of the FBO as a business is tied directly to - ANSthe survival of the airport.
The Airline Deregulation Act was enacted what year? - ANS1978
"I'm so busy doing the urgent things that there isn't time to do the important things." - ANSThis
statement is from a manager who struggles with setting priorities.
, Provide an example of a fixed cost. - ANSInsurance expense.
In regard to selecting employees, when is it a good time to send regret letters to employee
candidates? - ANSAfter your chosen candidate has accepted the position
Since change is inevitable, how should the manager approach the idea of change? - ANSThe
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? - ANSThe manager should begin by determining the final products needed for analysis.
Which segment of the FBO business is called the nerve center? - ANSFront desk
What outside source can cause some FBOs to offer very specific services? - ANSAirport
contracts
What should the manager do to ensure that there is not an out-of-stock situation? - ANSThe
manager should add a buffer to the theoretical ordering point
In regards to safety, security, and liability, which is vital to cost control? - ANSAn effective risk
management program
The survival of the FBO as a business is tied directly to - ANSThe survival of the airport
What has caused the average aviation business person the most trouble in making sound
business decisions? - ANSThe love of aviation
What is the common managerial error that may occur when managers disregard industry
literature? - ANSThe failure to anticipate industry needs
What is the economist's true pricing theory? - ANSPrice is set at the intersection of the seller's
supply curve and the buyer's demand curve.
A business owner should expect at least what minimum return on their investment? - ANSAt
least as high a return by investing elsewhere.
In regard to employee selection, what should be used during an interview to reduce bias? -
ANSUse a three to five member hiring panel.
Which management practice was first identified by David Packard? - ANSManagement by
walking around
