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Fiannce & Administration (2013) Flashcards

1
Q

Describe the Kelly Act of 1925

A
  1. Contractors could carry mail (not just Army); 2. Start of commercial aviation in U.S.
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2
Q

Describe the Air Commerce Act of 1926

A
  1. Cornerstone of commercial aviation in U.S.; 2. Promote development of commercial aviation; 3. Aviation under Secretary of Commerce (who established rules and licensing) 4. Establishes airways and maintains naviagation aids
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3
Q

Describe the Civil Aeronautics Act of 1938

A
  1. Transferred aviation from Dept. of Commerce to new CAA (Civil Aeronautics Authority) and placed all regulations with CAA. 2. Begins economic regulation 3. Creates administrator position 4. Creates Air Safety Board (NTSB predecessor)
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4
Q

Desribe The Reorganization Act of 1940

A
  1. Splits CAA into CAA & CAB (Civil Aeronautics Board) 2. CAA continues regulation enforcement; airman/aircraft certification, development of airway system 3. CAB responsible for economic regulation, safety rulemaking, and accident investigation
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5
Q

Describe the Federal Airport Act of 1946

A
  1. CAA charged with managing aid program for the improvement and construction of airports (predecessor to AIP) 2. Helps local govts build airport infrasturcture; Federal Aid to Airports Program (FAAP) offers 50/50 cost sharee grants for improvements to essential airports part of National Airport Plan/NAP (predecessor to NPIAS)
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6
Q

Describe the Federal Aviation Act of 1958

A
  1. Legislation spurred by the introduction of jet aircraft and a series of midair collisions 2. CAB becomes an independent office 3. Safety rulemaking transferred from CAB to new Federal Aviation Agency (formerly CAA) 4. FAA organized into 9 regional offices
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7
Q

Describe the Dept. of Transportation Act of 1966

A
  1. DOT created 2. Federal Aviation Agency becomes Federal Aviation Administration 3. FAA becomes reponsible for aviation security 4. Air Safety Board becomes NTSB
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8
Q

Describe the Airport and Airways Development Act of 1970

A
  1. Establishes Airport Development Aid Program (ADAP) for airport development projects and equipment 2. Establishes Planning Grant Program 3. Establishes Part 139
  2. Required National Airport System Plan (formerly NAP)
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9
Q

Desribe the Aviation and Airway Revenue Act of 1970

A
  1. Establishes aviation trust fund 2. Revenues from airline fares (fee), air freight, and GA fuel
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10
Q

Describe the Airline Deregulation of 1978

A

Phases out CAB’s economic regulation of airlines (over a period of about 5 yrs)4

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11
Q

What was the PATCO Strike 1981?

A

PATCO: Professional Air Traffic Controller Organization / Pres. Reagan fires nearly 13,000 controllers

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12
Q

Describe the Airport and Airways Improvement Act of 1982

A
  1. Establishes AIP (ending ADAP) 2. Establishes the National Airpspace System Plan (which eventually becomes NPIAS) 3. Establishes aprt 150 noise studies (rule-making follows in 1985)
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13
Q

Describe the Aviation Noise and Capacity Act of 1990

A
  1. Creates PFCs ($3.00 max) 2. Airports charging PFCs have AIP eligibility reduced by 50% 3. New noise standards (ANCA establishes Title 14 CFR Part 161) 4. Airports must comply with ANCA to receive PFC funding through Airport Safety & Capacity Expansion Act.
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14
Q

Describe the Military Airport Program of 1991

A

Set-aside discretionary AIP funds for current and former military airports

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15
Q

Describe the Aviation Ivestment and Reform Act for the 21st Century, 2000 (aka AIR-21)

A
  1. Increases PFC cap to $4.50 2. Large & medium hub airports accepting max PFCs must reduce AIP eligibility by 75%
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16
Q

Describe the Aviation and Transportation Security Act of 2001

A
  1. Creates TSA and authorizes $2.50 pax surcharge per segment/max $10 to fund 2. FAA’s security responsibilities moved to TSA (pax and baggage screening) 3. Reinvigorates Air Marshal Program 4. Creates FSD position (Federal Security Director)
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17
Q

Describe the Homeland Security Act of 2002

A
  1. Creates Dept. of Homeland Security 2. TSA moved from DOT to DHS
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18
Q

Describe the Vision 100 Century of Aviation Reauthorization Act of 2003

A
  1. Reauthorizes FAA funding 2. Launches NextGen (air traffic control upgrades)
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19
Q

Describe the Implementing Recommendations of the 9/11 Commission Act of 2007

A

Requires air cargo screening

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20
Q

Describe the FAA Modernization and Reform Act of 2012

A
  1. AIP reauthorized, clarifies allowable costs, NextGen emphasized 2. Requires master plans to consider pax convenience, airprot groups access, and access to airport facilities
  2. revised policy authorizingn TTF agreements to allow for residential property at GA airports
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21
Q

Airport Executives must understand and balance these two dichotomies:

A
  1. the airport is a public entity and must be managed as a public entity
  2. the airport is a business enterprise and must also be managed as a business.
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22
Q

The FAA encourages airports to be ______, with all operational expenses covered by airport revenues.

A

self-sufficient (although many small commercial airports and GA airports are partially funded by taxpayers)

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23
Q

Grant assurances require that revenue generated on airport property with airport asseets:

A

be used for the operation of the airport

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24
Q

The Federal Airport Act of 1946 transferred ownerwship of surplus military airports to local municipalities, sometimes called _____ agreements.

A

AP-4 (precursor to grant assurances)

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25
Q

The predominant form of airport ownership:

A

municipality (33% of all U.S. airports are city owned, 15% are county operated)

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26
Q

The power to acquire property for the public good is called:

A

eminent domain

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27
Q

Common reasons airport authorities are created:

A
  1. airport market or service areas have outgrown their political boundaries, but has economic impacts that affect a wider region
  2. allows the governing board to concentrate and specialize on airport business matters
  3. smaller staff with better coordination within teh airport management team
  4. airport authorities can provide on-scene decision making resulting in less policitcal impact to airport business functions
  5. auhorities can provide multiple jurisdictions with representation in the airport’s operation and development
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28
Q

Define port authority

A
  1. legally chartered institution with same staus as a public corporation
  2. operates other types of public facilities along with an airport (e.g. harbors, toll roads railways, or other public transportation systems)
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29
Q

A ______ is comprised of individuals with airport expertise appointed to represent the city or county. They are also subject to political maneuvering.

A

commission

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30
Q

Advantages of municipal airport ownership:

A
  1. airport administration has access to city/county resources
  2. municipal gov’t has the power to tax and issue certain bonds
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31
Q

Disadvantages of municipal airport ownership:

A
  1. in times of financial constraints, airport may suffer budget or personnel reductions along with other departments
  2. airport is competing with other departments for the same attention and leadership consideration
  3. policy-makers are often very unfamiliar with the operation of an airport and they often have extensive span of control to manage that extends beyond just the airport
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32
Q

Advantages of airport or port authority ownership:

A
  1. focused leadership and specialized attention to a significant community asset
  2. management and operation insulated from political impact
  3. shared representation or equitable taxation (Authorities don’t always have power to tax)
  4. efficient operation and economies of scale
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33
Q

Disadvantage of airport or port authority ownership:

A
  1. Resources and finances may not be readily available in the quantities or level necessary to support the airport.
  2. greater exposure to liability
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34
Q

The trend of airport ownership over the last 50 years is moving toward this type of ownership:

A

airport authority

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35
Q

Privitazation refers to:

A

shifting government functions to private enterprise

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36
Q

Private companies produce most of the _____ generated at airports.

A

revenue (private companies also employ roughly 90% of the employees working at commercial service airports)

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37
Q

The privatization or other sale of airport property is discouraged by:

A

grant assurances

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38
Q

Grant Assurances specify what?

A
  1. the use of airport revenue
  2. fair and reasonable fees for airport users
  3. disposition of airport property
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39
Q

How an airport is organized depends on:

A
  1. type of ownership
  2. size of airport
  3. the extend to which different functions of teh airport are operated by internal or external parties
  4. the local political environment
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40
Q

List the 4 primary areas of airport management:

A
  1. finance and administration
  2. planning and engineering
  3. operations and maintenance
  4. marketing, PR, and air service development
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41
Q

Planning and Engineering frequently work with this FAA office in the administration of federal grants through the AIP:

A

Airports District Office (ADO)

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42
Q

Two key positions at the airport that are generally outside the vertical reporting structure:

A

legal counsel and financial auditor

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43
Q

Criminal law is statutory and is considered a crime against:

A

society

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44
Q

Felony crimes:

A

imprisonment of more than one year for serious crimes such as murder, rape or burglary

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45
Q

Misdemeanor crimes:

A

<1 year in jail rather than prison or punishinable by fine

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46
Q

Infractions:

A

governed by state laws, not a criminal offense, typically punished by a fine

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47
Q

A civil law is considered to involve inuury to:

A

an individual

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48
Q

Civil law is also referred to as:

A

tort law (requires actual damange and intent to cause damage)

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49
Q

For a civil/tort law to be violated, there generally has to be a violation of:

A

A individual’s rights to freedom from bodily injury, property damage, personal reputation, and/or the taking of rights without just cause. Must be both actual damage/injury AND intent to cause such.

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50
Q

The failure to use reasonable care is called:

A

negligence

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51
Q

A person is _____ if he/she fails to act as an ordinarily prudent person would act under the same circumstances.

A

negligent

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52
Q

Government immunity commonly extends to employees of federal, state or loval government IF:

A

the employee is acting within the scope and authority of their position

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53
Q

This act waives governmental immunity if the act of a government employee caused damage:

A

Federal Tort Claims Act

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54
Q

This act waives immunity over claims arising out of contracts with the federal government:

A

Tucker Act

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55
Q

Wen someone has personally participated in an affirmative act of negligence, known about or complied in negligent acts, or failed to perform a precise duty which he/she agreed to perform is called:

A

active negligence

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56
Q

Examples of areas where airport operators can be exposed to active negligence:

A
  1. response to aircraft incidents or accidents
  2. snow removal
  3. airfield maintenance
  4. environmental remediation
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57
Q

Property rights allow a person:

A

the unrestricted enjoyment of their personal and real property, under the legal precept of quiet enjoyment

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58
Q

What is Part 77

A

Objects Affecting Navigable Airspace

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59
Q

What is Part 139

A

Certification and Operations: Land Airports Service Certain Air Carriers

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60
Q

What is Part 150

A

Airport Noise and Compatibility Planning

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61
Q

What is Part 151

A

Federal Aid to Airports

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62
Q

What is Part 152

A

Airport Aid Program

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63
Q

What is Part 156

A

State Block Grant Program

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64
Q

What is Part 157

A

Notice of Construction, Alteration, Activation and Deactivation of Airports

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65
Q

What is Part 158

A

Passenger Facility Charges

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66
Q

What is Part 161

A

Notice and Approval of Airport Noise and Access Restrictions

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67
Q

Title 49 CFR Parts 1500-1562

A

Airport and aircraft operator security regulations (moved from FAA to TSA under Title 49 as a result of the Aviation and Transportation Security Act of 2001

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68
Q

What is Part 36

A

Noise Standards: Aircraft Type and Airworthiness Certification

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69
Q

What is Part 71

A

Designation of Class A-E Airspace Areas; Airways: Routes and Reporting Points

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70
Q

What is Part 73

A

Special Use Airspace

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71
Q

What is Part 91

A

Aircraft Operating Rules (non-commercial)

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72
Q

What is Part 93

A

Special Air Traffic Rules and Airport Traffic Patterns

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73
Q

What is Part 97

A

Standard Instrument Approach Procedures

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74
Q

What is Part 121

A

Operating Requirements: Domestic, Flag and Supplemental Air Carrier Operations

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75
Q

What is Part 129

A

Operating Requirements: Foreign Air Carriers and Foreign Operators of U.S. Registered Aircraft Engaged in Common Carriage

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76
Q

What is Part 135

A

Operating Requirements: Commuter and On Demand Operations

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77
Q

What is Title 14 CFR Part 420?

A

License to Operate a Launch Site

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78
Q

When the government desires to add, change or remove a regulation, they commonly issue this:

A

Notice of Proposed Rulemaking

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79
Q

How long is the public commend period for a Notice of Proposed Rulemaking?

A

30-60 days (30 days for minor changes, 60 days for major changes)

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80
Q

After the public comment period for a proposed regulation is closed, the governmental agency will pulish the final regulation in this document:

A

Federal Register

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81
Q

What type of agreement was a predecessor to AIP grants and their Grant Assurances?

A

AP-4 agreements (which transferred ownership of surplus military airports after WWII to muncipalities with the agreement the muncipality would maintain and operate the airport)

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82
Q

What are Grant Assurances?

A

A contract between the FAA and airport sponsor. Funds are given to the airport in exchange for the promise that the airport will be kept open and properly maintained, operated and managed.

83
Q

How long do Grant Assurances last?

A

Up to 20 years, or for the useful life of the facilities developed or the equipment acquired. Some types of Grant Assurances stay in place throughout the existence of the airport.

84
Q

Grant assurances balance three competing public interests:

A
  1. the airport operator managing local affairs
  2. the requirement of the FAA to ensure federal funds are effectively used for public air transportation
  3. the goal of the government to promote social objectives such as DBEs and the rights of those with disabilities.
85
Q

Grant Assurance #5 (Preserving Rights and Powers)

A

Restricts the airport from taking any action that would not allow them to properly manage the airport. (Such as, selling airport property aquired with federal funding without permission of the FAA.) TTF agreements cause airports to lose control of off-airport activities and hinder self sufficiency.

86
Q

What is a Through-the-Fence operation?

A

a business opration located off airport property and not under teh control of the airport,but which has access to the runway and taxiway system

87
Q

What is the FAA’s position on through-the-fence agreements?

A

Not prohibited, but strongly discouraged because of safety, security, and economic equity concerns.

88
Q

What act revised the policy by authorizing TTF agreements to allow for residential property at GA airports?

A

FAA Moderniation and Reform Act of 2012

89
Q

Grant Assurance #19 (Operations and Maintenance)

A

requires the aiprort to operated at all times in a safe and serviceable condition in accordance with the Minimum Standards

90
Q

These standards set the requirements of a business wanting to operate on an airport and they are imposed to sensure there is an adequate level of safe and efficient service is available to the public.

A

Minimum Standards (benefits for both the airport and the tenant)

91
Q

MInimum standards imposed on tenants must be:

A
  1. be reasonable and not unjustly discriminatory
  2. apply uniformly
  3. reasonably protect the investment of the tenant
  4. be relevant to the activity
  5. ensure opportunities for new tenants
92
Q

Typical areas covered by rules and regulations are:

A
  1. security
  2. conduct of individuals using the airport
  3. conduct of tenants and vendors using the airport
  4. schedule of fees, rates and charges
  5. vehicle movement in the AOA and AMA
  6. aircraft operations
93
Q

Grant Assurance #20 (Hazard Removal and Mitigation)

A

requires airport to take necessary actions to protect the airspace around the airport, including visual and instrument approach paths

94
Q

Grant Assurance #21 (Compatible Land Use)

A

requires airport to make an attempt to restrict the use of adjacent land, or land in the immediate vicinity, to activities and purposes compatible with airport operations

95
Q

Grant Assurance #22 (Economic Nondiscrimination)

A

requires the airport to be available for public use on reasonable terms and without unjust discrimination to all types, kinds and classes of aeronautical activites on the airport. Unjust discrimination doesn’t mean they can’t discriminate (i.e. for reasons of safety), they just can’t unjustly discriminate.

96
Q

Aeronautical Acivities:

A

any activity that involves, makes possible, or is required for the operation of aircraft or that contributes to or is required for the safety of such operations

97
Q

Grant Assurance #23 (Exclusive Rights)

A

restricts airport operator from granting any tenant the exclusive right to conduct a particular commercial aeronautical service

98
Q

Grant Assurance #24 (Fee and Rental Structure)

A

Requires the airport sponsor to set fees and lease rates and other charges that are directed at making the airport as self-sustaining as possible. Exceptions allowed to promote growth if in the airport’s best interest.

99
Q

Airport sponsors must impose ______charges for noncommercial uses of airport property.

A

Fair Market Value (exceptions for aeronautical user charges and nonprofit aviation organizations)

100
Q

Grant Asurance #25 (Airport Revenues)

A

restricts the use of airport revenue generated by the airport to be spent on capital or operating costs

101
Q

Examples of airport revenue:

A
  1. proceeds from the sale of land, leases or equipment
  2. taxes on fuel
  3. operating, access, landing and tie-down fees
  4. parking, GT accees, and concessions
102
Q

Examples of non-airport revenue:

A
  1. income from businesses built on land leased from the airport
  2. income from leasing property not for aeronautical purposes nor acquired with federal funds
  3. collection of fines
  4. PFCs
103
Q

Revenue diversion includes using airport revenues for any of the following:

A
  1. general economic development
  2. marking/promotional activities unrealted to the airport
  3. payments in lieu of taxes/assessments that exceed the value of services
  4. payments to compensate sponsoring governmntal bodies for lost tax revenues exceeding stated tax rates
  5. direct or indirect payments of airport revenue beyond that which is required to pay for services adn facilities provided to the airport
104
Q

Grant Assurance #31 (Disposal of Land)

A

requires airport operator to dispose of land purchased for noise compatibility or airport development when it’s no longer needed, at FMV, and as early as practicable

105
Q

Land acquired with federal funds for noise abatement purposes which is no longer needed may be sold, but revenue from the sale must go to one of these 4 things:

A
  1. reinvest in an approved noise compatibility project
  2. reinvest in an approved propject eligible for federal funding
  3. transfer to a sponsor of another aiprort to be reinvested for an approved noise compatibility project4
  4. pay the FAA a deposit for the Airport and Airway Trust Fund
106
Q

Grant Assurance #39 (Competitive Access)

A

when an airport cannot accommodate requests for additional gates by air carriers, they have to notify the Secretary of Transportation (prevents airports from having to accommodate requests from airlines without violating GA #22)

107
Q

_______ are directives on specific subjects and programs issued by the FAA.

A

FAA Orders (FOs) - internal directives for FAA employees, provide guidance to FAA personnel on their programs

108
Q

The FAA’s ____________ Handbook provides the policies and procedures to be followed in carrying out FAA functions related to airport compliance.

A

Airports Compliance Handbook

109
Q

Airport Executives must balance these two philosophies:

A
  1. aiprort as a public entity (goal: break even)

2. airport as a business enterprise (make profit)

110
Q

The FAA’s goal is for airports to strive to be:

A

self-sufficient (not must be, but try to be)

111
Q

Regardless of the aiprort’s size and complexity, management’s primary duty is:

A

safe and efficient/secure operation

112
Q

Noise abatement, property law, eminent domain, environmental law, personal injury and contract law are all examples of what?

A

airport legal issues

113
Q

What is Part 1520

A

aviation security/SSI (sensitive security information)

114
Q

What is Part 1540

A

aviation security/rules

115
Q

What is Part 1542

A

aviation security/airports

116
Q

What is Part 1544

A

aviation security/aircraft ops

117
Q

Rules & Regulations apply to which groups?

A

Users and Tenants

118
Q

What are Advisory Circulars?

A

external directives issued by the FAA. may provide guidance or may be required (usually latter)

119
Q

What are DBEs?

A

small businesses majority owned (51%) by socially or economically disadvantaged individuals, including women

120
Q

Part 26 requires airports awarding more than $250,000 in cotracts using federal funds to implement what?

A

A DBE program (with no less than 10% of federally funded projects participating in DBE)

121
Q

Commercial Service airports have what number of minimum annual enplanements?

A

2,500

122
Q

What percentage of national enplanements do large hub airports have?

A

1% or more (these account for 70% total pax enplanements)

123
Q

What perrcentage of national enplanements do medium hub airports have?

A

at least 0.25% but less than 1%

124
Q

What percentage of national enplanements do small hub airports have?

A

at least 0.05% but les than 0.25%

125
Q

Describe non-hub primary vs non-hub primary commercial:

A
  1. nonhub primary: <0.05% national enplanements but at least 10,000 annual enplanements
  2. nonhub non-primary commercial: at least 2,500 enplanements but no more than 10,000
126
Q

What are non-primary airports also known as?

A

Reliever airports

127
Q

Approx how many total airports are in the US?

A

19,000 (14k private airstrips, 5k public, only 450 commercial service)

128
Q

What is the largest segment of aviation?

A

General Aviation

129
Q

Primary service airports have what number of minimum annual enplanements?

A

10,000

130
Q

This type of airport is the most common primary airprort:

A

nonhub

131
Q

How many airports are in the NPIAS, open to the public, and eligible for AIP funding?

A

3,330

132
Q

This term allows federal agencies to met the requirement to pulish regulations by referring to materials already pubished elsewhere:

A

incorporation by reference

133
Q

This 2012 FAA document provided additional classifications for GA airports:

A

General Aviation Airports: A National Asset (identifies benefits of GA airports)

134
Q

What are some benefits of GA airports?

A

emergency preparedness and response (police, fire, disaster relief), access to remote areas, commercial/industrial activities, executive business travel, airshows, skydiving, flight instruction, research, etc.

135
Q

What are the four new categories of GA airports?

A
  1. national (84–located in metro areas near businesses and support flying throughout nation and world
  2. regional (interstate/intrastate)
  3. local (backbone of GA system)
  4. basic
136
Q

Two functions of the NTSB:

A
  1. investigatge probably cause

2. make safety recommendations

137
Q

What does the FSDO office do?

A

Flight Standards District Office - pilot and aircraft certifications

138
Q

What does the ADO do?

A

Airport District Office - compliance with Part 139 and GA’s, manage discretionary funds, Part 13 complaints

139
Q

What is a Part 13 complaint?

A

informal complaint about airport to ADO - resolved at local level

140
Q

What is a Part 16 complaint?

A

formal complaint against airport, goes directly to Office of the Chief Counsel

141
Q

The FAA will notify an airport of a Part 16 complaint within ____ days.

A

20

142
Q

The aiport has ____ days to repond to a Part 16 complaint

A

20

143
Q

If a Part 16 complaint goes to a hearing, further investigation may be done by this FAA office:

A

Office of Airport Safety and Standards

144
Q

A non-final decision on a Part 16 complaint would take place within ____ of last pleading after which either part would have ___ days to appeal.

A

120 (then either party has 30 days to appeal)

145
Q

Which agency of the UN establishes uniform international standards for avaition and develops Standards and Recommended Practices (SARPS)?

A

ICAO

146
Q

Annex 14 covers what?

A

aerodromes (airports). annexes are like our FARs

147
Q

What system is managed by CBP

A

APIS - advanced pax information system (pax manifests checked by CBP personnel)

148
Q

AAAE

A

5,000 members

149
Q

ACI

A

represents aiprorts

150
Q

A4A/IATA

A

formerly ATA - represents commercial airlines

151
Q

RAA

A

Regional Airline Association

152
Q

AOPA

A

Aircraft Owners and Pilots Association (implemented airport watch program)

153
Q

NBAA

A

National Business Aviation Association (world’s largest civil aviation trade show)

154
Q

NATA

A

National Air Transport Association (FBO’s, flight schools, aircrat maintenance operators)

155
Q

ALEAN

A

Airport Law Enforcement Agencies Network

156
Q

NASAO

A

Nat’l Assoc. State Avaition Officials

157
Q

AIA

A

Aerospace Industries Association - manufactuers and supplies of aircraft and space systems

158
Q

This process clarifies thinking, validates assumptions, identifies weaknesses and strengths and consider new approaches.

A

Strategic Plan (long-term, high level…..describes what products and services an aiprort will provide over a specified period)

159
Q

What is a critical part of strategic planning?

A

public input

160
Q

What is the Core Planning Team?

A

defines process, faciliates meetings, develops communication plan, action plan, and evaluating strategic plan

161
Q

Elements of strategic plan:

A
  1. vision statement
  2. mission statement
  3. SWOT
  4. strategic issues
  5. strategies
  6. peformance indicators
162
Q

How does a business plan differ from a strategic plan?

A

business plans are short to medium term, strategic plans are medium-long term

163
Q

Every strategic plan should ask these 3 questions:

A
  1. where is the airport now?
  2. where does the aiprot want to be and when?
  3. how will the aiport get there?
164
Q

Benefits from developing strategic plan:

A

incraesed efficiency; establishment of performance metrics, stakeholder buy-in

165
Q

What is aeronautical use?

A

any activity that involves, makes possible, is required for the safety of, or otherwise directly related to the operation of an aircraft

166
Q

Examples of non-aeronautical revenue?

A

industrial park land rent, res centers, catering facilities, rental car operations, parking (usually largest source), concessions

167
Q

Examples of non-operating revenue?

A

PFCs, CFCs, interest income, grants

168
Q

Examples of aeronautical revenue?

A

landing fees (largest for commercial airports), terminal/hangar rents, fuel taxes (largest for GA airports) or flowage fees

169
Q

Which type of revenue has limitations on setting rates? And which does not?

A

aeronautical (limits), non-aeronautical (none)

170
Q

Define Aeronautical Use Agreement:

A

identifies the legal, financial and operational relationship between airport operator and the airlines

171
Q

What is a signatory vs non-signatory carrier?

A

signatory carriers signed the AUA (usally means lower landing fees and other benefits)

172
Q

Signatory carriers may exercise significant control over an airport’s capital budgeting process under provisions in a use agreement known as what?

A

Majority In Interest clauses

173
Q

What are the two primary methods for determining rates and charges?

A

residual and compensatory

174
Q

Describe the residual method:

A

airline assumes risk, monies left over are refunded to airlines (or loss is made up by airlines); single cash register

175
Q

Describe the compensatory method:

A

airport assumes risk, airlines charged for the actual cost of the facilities and services they use, afees/rates set based on cost centers, airport keeps nonairline revnues

176
Q

T/F: The rate base can include environmental costs, insurance costs, noise abatement costs, debt service, cash reserves and contingencies.

A

True

177
Q

Any reasonable method of rate setting may be used (examples)

A

historic, valuation, direct negotiation, FMV

178
Q

Four types of leases:

A
  1. straight (constant rate)
  2. graduated (changes at certain intervals)
  3. revaluation (periodic revaluation)
  4. percentage (% of sales – common w/concessions)
179
Q

Three approaches to leasing:

A
  1. airport mgmt directly leases and manages space
  2. institutional operator (outsources)
  3. development co or retail expert to provide management for specific service (thing JBT for loading bridges)
180
Q

This type of interest cannot be placed on the land under a ground lease:

A

mortgage interest

181
Q

Which part of a lease outlines who is who/where?

A

Recitals

182
Q

Key financial statements:

A

balance sheet, income statement, cash flow statement

183
Q

Balance sheet/Statement of Net Assets

A

assets minus liabilities / short (s financial position

184
Q

Assets =

A

liabilities + owner’s equity

185
Q

Two types of depreciation:

A

straight line or accelerated

186
Q

Income Statement/Statement of Activities

A

Revenues minus expenses / uses accrual accountin, shows changes over a period of time, used to determine ratios, “the bottom line”,

187
Q

EBIT

A

earnings before interest and taxes (operating margin)

188
Q

COGS

A

Cost of Goods Sold

189
Q

Cash Flow Statement

A

starting and ending balances (like a personal bank statement), does not use accrual accounting

190
Q

MAG

A

minimum annual guarantee (common with concessions)

191
Q

GAAP

A

generally accepted accounting principles

192
Q

Statement of Shareholders Equity is aka:

A

Statement of Retained Earnings

193
Q

Quarterly financial reports will include Management’s DIscussion and Analysis which provides:

A

detailed discussion about financial health and explains poisitive/negative trends and anomalies

194
Q

Three types of financial ratios:

A

leverage, profitability, effectiveness

195
Q

Current Ratio =

A

current assets / current liabilities (should be >1.0)

196
Q

Debt to Equity Ratio =

A

total liabilities / shareholder equity (>1 means overleveraged, how much debt is carried per dollar of equity)

197
Q

Quick Ratio =

A

current assets - inventory / current liabilities (can debts be paid with cash on hand without selling inventory??)

198
Q

P/E Ratio =

A

current stock price / earnings per share

199
Q

Profit Margin =

A

net income / revenue x 100 (% from each dollar earned available for retained earnings)

200
Q

Inventory Turnover =

A

COGS / average inventory (how many times during the period was the inventory sold/replaced)

201
Q

Return on Assets =

A

net income / total assets (are your assets effectively earning you money?)

202
Q

Business transactions are recorded where?

A

the General Journal (“book of original entry”), then later to teh General Ledger

203
Q

_____ is a financial plan showing how the airport is to be operated in the short-term.

A

operating budget

204
Q

Budgeting best practices are offered by the NACSLB

A

National Advisory Countil on State and Local Budgeting

CM Test (7 decks)

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