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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).  

(0/0)

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Uncertainty as to the type and timing of the outcome

Uncertainty as to whether a negative outcome is possible

Uncertainty as to how to manage potential losses

Uncertainty as to whether insurance is available

none

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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Probability of financial loss

Uncertainty of outcome

Likelihood of injury or damage to property

Opportunity for profit

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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Operational risk.

Strategic risk.

Financial risk.

Operating risk.

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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Tactical risk.

Operational risk.

Strategic planning.

Strategic risk.

none

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

Select the correct answer(s).  

(0/0)

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That an outcome may or may not occur.

That an outcome is unavoidable.

The likelihood of an event occurring.

An identified and predictable outcome.

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 can be used to decide which activities to undertake.

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

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

It is typically expressed verbally rather than numerically.

none

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).  

(0/0)

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

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

Systemic risks are generally diversifiable.

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

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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Probabilities.

Losses.

Uncertainties.

Possibilities.

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).  

(0/0)

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Primary secondary and tertiary

Operational strategic financial and hazard

Domestic national international

Pure dynamic objective and subjective

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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Fundamental to an organization's existence and business plans.

Speculative risks that fall outside the operational risk category.

Traditionally handled by the treasury function.

Traditionally managed by risk management professionals.

none

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

Select the correct answer(s).  

(0/0)

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Feasibility

Possibility

Uncertainty

Probability

none

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).  

(0/0)

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Indentifying hazards.

Quantifying risk.

Verifying risk.

Quantifying loss exposures.

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 hazard risk.

A financial risk.

An operational risk.

A strategic risk.

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

Acquiring a new television

Investing in shares of stock

Buying a new personal vehicle

none

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

Select the correct answer(s).  

(0/0)

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Dollar amount.

Credibility factor.

Stated constant.

Fraction.