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AVMG 4200 Test 1 (Graded A+ actual test)
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  • AVMG 4200
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  • AVMG 4200

In order for there to be "Free Markets" several preconditions must be met; among the "top three" for a modern economic system are _____ . - ️️a predictable and stable means of value exchange The accounting paradigm that characterizes costs according to Unit Variable and NonUnit Variable cate...

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  • September 14, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
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AVMG 4200 Test 1
In order for there to be "Free Markets" several preconditions must be met; among the
"top three" for a modern economic system are _____ . - ✔️✔️a predictable and stable
means of value exchange


The accounting paradigm that characterizes costs according to Unit Variable and Non-
Unit Variable categories is the _____ approach. - ✔️✔️managerial accounting

"Time and Place Utility" refers to the concept or principle of - ✔️✔️goods in shortage
are worth more than goods in surplus

Product types that represent the market for air freight include items that are -
✔️✔️valuable relative to weight and volume

The three fundamental forms of utility under capitalist economic theory are: -
✔️✔️Possession, Form, and Time/Space

Goods will move from areas of surplus to areas of shortage as if by a mysterious
"Invisible Hand" as long as three fundamental conditions are met; among these are
_____ . - ✔️✔️free market conditions are provided


Utility or Value in an economic system created by the "physical transformation of
materials from raw to finished product" is called _____ value. - ✔️✔️Form

The cost per passenger (or pound) for a flight is literally impossible to calculate in
advance because - ✔️✔️the costs are fixed but demand varies

The economic deregulation of the transportation industry began with - ✔️✔️rail in 1976

"Managerial" accounting deals primarily with - ✔️✔️assessing business alternatives

Under the "Cost Accounting" paradigm, labor is typically characterized as a _____ cost.
- ✔️✔️variable

Transportation adds value in an economic system by generating - ✔️✔️time and Place
utility

The _____ cost concept is a core principle of the modern Supply/Value Chain model. -
✔️✔️total

, The value created by a modern Supply/Value Chain is harvested - ✔️✔️only at the
retail (final customer) step of the process

A critical outcome of the supply chain is to deliver - ✔️✔️the right product to the right
place.

"Freight Eligibility" determines and goes along with and determines _____. -
✔️✔️modal option selection

The buying of transportation services is typically either done by a _____ or _____. -
✔️✔️shipper, forwarder

In the competitive environment for transportation services, _____ refers to the modal
characteristic defined by the convenience and number of dropoff & pickup locations. -
✔️✔️accessibility

The two main negotiation approaches between freight buyers and carriers are the
_____ and _____. - ✔️✔️adversarial, collaborative


In the "Physical perspective" of the aviation industry macro supply/value chain, the
system is made up of - ✔️✔️nodes (locations) and arcs (routes)

The "arcs" in the physical model of the aviation industry supply/value chain perspective
can be either _____ or _____. - ✔️✔️surface, air

The three types of Air Freight Carriers are - ✔️✔️Integrated, Combination, Dedicated
(all-cargo)

The "Cost of Movement" (transportation price and features) varies widely among the
different modes of transportation available to a shipper. Which transportation modes are
typically the FASTEST? - ✔️✔️Air and Truck

"Time & Place Value" is created by the _____ function in an organization. -
✔️✔️Logistics

"Possession Value" is created by the _____ function in an organization. -
✔️✔️Marketing

"Yield (or Revenue) Management" pricing strategy attempts to sell each ticket or waybill
- ✔️✔️for the maximum price possible

Profit maximizing decisions can only be determined through - ✔️✔️managerial
accounting

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