FREE TICO Travel Industry Laws Questions and Answers
What does the acronym TICO stand for?
The acronym TICO stands for Travel Industry Council of Ontario. This organization is responsible for regulating and enforcing the Travel Industry Act in Ontario, Canada. They ensure that travel agencies and websites comply with the law and protect consumers by providing compensation funds and resolving disputes. The Travel Industry Council of Ontario plays a crucial role in maintaining the integrity and quality of the travel industry in the province.
Commission is...
Commission is a small fee added by a travel agency or service to the total fee charged to customers. This fee is added in order to generate profit for the agency or service provider. It is a common practice in the travel industry where the agency earns a percentage of the total cost of the trip as commission. This additional fee allows the agency to cover their operational costs and make a profit from the services they provide to customers.
What does IATA stand for?
IATA stands for International Air Transport Association. This organization represents and serves the airline industry worldwide. They work to improve safety, security, efficiency, and sustainability in air transport. They also provide various services and support to airlines, travel agents, and other stakeholders in the aviation industry.
Service Fees are...
Service fees are fees charged by a travel agency to the client. This means that when a client uses the services of a travel agency, they are required to pay additional fees for the services provided by the agency. These fees may cover various aspects such as booking arrangements, itinerary planning, and other services offered by the agency. The service fees are separate from the cost of the actual trip or travel expenses and are charged by the agency for their assistance and expertise in arranging the client's travel plans.
What does DOT stand for?
DOT stands for Department of Transportation. This is the correct answer because the Department of Transportation is a government agency responsible for overseeing and regulating various aspects of transportation, including roadways, air travel, and public transportation. The other options, Domestic Override Travel, Discount Ontario Travel, and Department of Travel, do not accurately represent the commonly known meaning of DOT.
What does ARC stand for?
The correct answer is Airlines Reporting Corporation. The ARC is a company that provides settlement services between airlines and travel agencies. They handle the financial transactions and reporting for ticket sales, ensuring that the airlines are properly compensated for the tickets sold by travel agencies.
What are commission overrides?
Commission overrides refer to an additional commission percentage that is paid to a person or company when they achieve a certain volume level of sales or performance. This means that if a salesperson or company exceeds a specific target or threshold, they will receive a higher commission rate on their sales. Commission overrides are a way to incentivize and reward individuals or organizations for reaching or surpassing their sales goals, encouraging them to continue performing at a high level.
What is pseudo city Code?
A pseudo city code is a GDS code that is used to identify a travel agency location. It helps in distinguishing different travel agency locations within the Global Distribution System (GDS). This code is used to facilitate communication and transactions between travel agencies and airlines, hotels, and other travel suppliers.
What are markups?
Markups refer to the practice of adding profit to a price. It is a common strategy used by businesses to ensure they make a profit on the products or services they sell. By adding a markup, the business can cover their costs and generate revenue. The markup is typically calculated as a percentage of the cost price, and it represents the amount of profit that is added to the cost to determine the selling price. This allows businesses to earn a profit and sustain their operations.
What does GDS stand for?
GDS stands for Global Distribution System. This system is used in the travel industry to provide a centralized platform for travel agents and online travel websites to access and book flights, hotels, car rentals, and other travel services. It allows for real-time availability and pricing information, as well as the ability to make reservations and issue tickets. The GDS connects various travel suppliers, such as airlines and hotels, with travel agents and customers, making it easier to search and compare options, and ultimately facilitating the booking process.
For a CRS what does the acronym PNR stand for?
The acronym PNR stands for Passenger Name Record. A Passenger Name Record is a unique identifier used in the airline industry to store and retrieve information about a passenger's travel itinerary. It typically includes details such as the passenger's name, contact information, flight details, seat assignment, and any special requests or preferences. The PNR allows airlines and travel agencies to efficiently manage and track passenger reservations and ensure a smooth travel experience for the passenger.