
Risk Management Quiz
Authored by Antonia Driz
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University
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25 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the primary goal of risk management?
To eliminate all risks
To identify, assess, and minimize risks
To transfer risks to others
To avoid decision-making
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following best describes a “risk”?
An event that is guaranteed to happen
An uncertain event that can impact objectives
A problem that has already occurred
A financial transaction
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which step comes first in the risk management process?
Risk treatment
Risk monitoring
Risk identification
Risk evaluation
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What does a risk assessment primarily involve?
Prioritizing risks based on probability and impact
Writing policies
Conducting financial audits
Hiring consultants
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The formula for risk is often expressed as:
Risk = Likelihood × Impact
Risk = Cost ÷ Benefit
Risk = Assets − Liabilities
Risk = Threat + Opportunity
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is an example of risk avoidance?
Buying insurance
Outsourcing risky activities
Not engaging in a risky project at all
Implementing controls
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is “risk mitigation”?
Accepting the consequences of risk
Reducing the likelihood or impact of risk
Transferring risk to another party
Ignoring risk factors
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