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1-The statement "There is a 5 percent chance that John will be injured in an automobile accident while driving to work tomorrow." is an example of

Select the correct answer(s).  

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Quantifying risk.

Quantifying loss exposures.

Verifying risk.

Indentifying hazards.

none

1-Which one of the following best describes the categories of risk included in the enterprise risk management model?

Select the correct answer(s).  

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Primary secondary and tertiary

Pure dynamic objective and subjective

Operational strategic financial and hazard

Domestic national international

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1-Risk can be classified as diversifiable or nondiversifiable. Which one of the following statements is true with respect to this type of risk classification?

Select the correct answer(s).  

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Diversifiable risks tend not to be correlated so they can be managed through diversification or spread of risk.

Systemic risks are generally diversifiable.

Private insurance tends to concentrate on nondiversifiable risks; government insurance is often suitable for diversifiable risks.

Inflation unemployment and natural disasters such as hurricanes are examples of diversifiable risk.

none

1-Which one of the following is measurable and quantifies risk?

Select the correct answer(s).  

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Uncertainty

Probability

Possibility

Feasibility

none

1-Risk involves the possibility of a negative outcome. Possibility means

Select the correct answer(s).  

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The likelihood of an event occurring.

That an outcome may or may not occur.

That an outcome is unavoidable.

An identified and predictable outcome.

none

1-A new computer chip that could position a company for explosive growth is an example of

Select the correct answer(s).  

(0/0)

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Strategic planning.

Tactical risk.

Operational risk.

Strategic risk.

none

1-Company G is a manufacturer of high profile golf equipment. The risk management professional for Company G is concerned about loss of business related to product design. Failing to respond to changing customer demand and preferences in the design of golf clubs could cost Company G significant market share. Categorized according to the quadrants of risk, this exposure to loss is classified as

Select the correct answer(s).  

(0/0)

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A strategic risk.

An operational risk.

A hazard risk.

A financial risk.

none

1-One of the elements of risk is uncertainty. Which one of the following best describes the type of uncertainty that risk involves?

Select the correct answer(s).  

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Uncertainty as to the type and timing of the outcome

Uncertainty as to how to manage potential losses

Uncertainty as to whether insurance is available

Uncertainty as to whether a negative outcome is possible

none

1-Jean is the Risk Manager for a Fortune 1000 company. Her CFO has tasked her to analyze vulnerabilities in the firm's supply chain. The adequacy of suppliers to meet an organization's needs would be an example of which one of the following types of risk

Select the correct answer(s).  

(0/0)

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Strategic risk.

Financial risk.

Operational risk.

Operating risk.

none

1-Probabilities are stated as a decimal figure, a percentage, or a

Select the correct answer(s).  

(0/0)

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Fraction.

Stated constant.

Dollar amount.

Credibility factor.

none

1-One enterprise risk management (ERM) approach to categorizing risks involves dividing risks into four risk quadrants. The risks categorized as hazard risks are

Select the correct answer(s).  

(0/0)

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Traditionally managed by risk management professionals.

Traditionally handled by the treasury function.

Fundamental to an organization's existence and business plans.

Speculative risks that fall outside the operational risk category.

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1-Risk is a term that is regularly used and that is generally understood in context. As used in this discussion, which one of the following is one of the two elements within the definition of risk?

Select the correct answer(s).  

(0/0)

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Opportunity for profit

Probability of financial loss

Likelihood of injury or damage to property

Uncertainty of outcome

none

1-Risk can be classified as pure or speculative. Which one of the following is the best example of a speculative risk?

Select the correct answer(s).  

(0/0)

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Purchasing an insurance policy

Buying a new personal vehicle

Acquiring a new television

Investing in shares of stock

none

1-To understand risk, one needs to know the probability of an outcome or event occurring. Which one of the following statements is correct with respect to probability?

Select the correct answer(s).  

(0/0)

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It verifies that risk is present but does not quantify it.

It can be used to decide which activities to undertake.

It identifies what can be lost when a negative outcome occurs.

It is typically expressed verbally rather than numerically.

none

1-In the context of risk, the chance of being injured while driving to and from work, loading a truck at work, moving furniture at home, or falling in an icy parking lot at the mall are all examples of

Select the correct answer(s).  

(0/0)

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Possibilities.

Probabilities.

Uncertainties.

Losses.