Question 1: What steps are needed in profit planning?
Question 2: What is control? List the steps in an effective control process?
Question 3: What are performance standards? Why are they used? List some examples.
Question 4: What are some of the management decisions owners of small businesses must make?
Question 5: What types of information do they need to make those decisions?
Question 6: What is meant by risk management?
Question 7: Distinguish between pure risk and speculative risk as they apply to small business.
Question 8: Discuss four ways small firm can cope with risk.
Question 9: What is a tort?
Question 10: Describe some of the assistance available to small firms from government agencies.