Worksheets11 Business Studies: Risk Management
Total questions: 17
Worksheet time: 9mins
True or False: Risk management is only about analysing the probability of negative events happening.
True
False
True or False: Strategic planning involves implementing policies.
True
False
True or False: Risk management is implemented to ensure the strategic plan and business operations are aligned.
True
False
True or False: Risk profiling refers to the degree a business is willing to accept risk in pursuit of creating value.
True
False
True or False: Business culture can be described as the vision, mission and value statement of the business.
True
False
True or False: Operational risks include socio-economic factors such as increased levels of unemployment.
True
False
True or False: Environmental risks could include flooding or droughts leading to difficulty in obtaining raw materials.
True
False
True or False: Customer complaints on social media fall under reputational risks.
True
False
True or False: A Decision Tree can be used as a risk estimation tool.
True
False
True or False: Risk estimation can be done internally or externally.
True
False
Risk can be seen as:
A mere uncertainty
A threat
An opportunity
A certainty
The collective attitude in the business towards accepting risk is called:
Strategy
Risk Management
Risk Profile
Risk Culture
Fluctuation in exchange rates, interest rate increases and solvency risks are all --- risks for the business.
Operational
Global
Financial
Strategic
Strategies to deal with risk can include:
Capitalising on strengths
Addressing internal weaknesses
Exploiting competitor weaknesses
Hoping for the best
A risk assessment consists of --- steps.
Two
Three
Four
Five
Risk response consists of:
Risk avoidance
Risk reduction
Risk acceptance
Risk denial
True or False: Benchmarking is a tool used to look at what others are doing in business as 'best practice'
True
False
