Business Risk Management – Final Exam

Now that you have finished reviewing all course material, it’s time to take the final exam. You must score 70% or higher to pass this exam. You will have an unlimited number of attempts to pass and there is no time limit for each attempt. Once you pass, you will receive a certificate of completion. Good luck!

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Question 1 of 15

1. Question
What risk management step must be performed after the chosen risk management techniques have been implemented?
- Identifying and analyzing exposures to loss
- Examine the feasibility of alternative risk management techniques
- Select the best risk management techniques
- Monitor and improve the risk management program
Question 2 of 15

2. Question
What type of loss results from either a reduction in revenue or an increase in expenses as a result of a risk incident occurring?
- Property losses
- Net income losses
- Liability losses
- Personnel losses
Question 3 of 15

3. Question
Which of the following methods for identifying loss exposure seeks to identify interruptions in business value flow?
- Survey/questionnaires
- Financial statements and accounting records
- Flowcharts of the organization's operations
- Inspections
Question 4 of 15

4. Question
Which of the following methods for identifying loss exposure will review assets, liabilities and cash flow?
- Survey/questionnaires
- Financial statements and accounting records
- Flowcharts of the organization's operations
- Inspections
Question 5 of 15

5. Question
What risk control technique seeks to reduce the frequency or likelihood of a loss occurring?
- Exposure avoidance
- Loss prevention
- Loss reduction
- Segregation of loss exposures
Question 6 of 15

6. Question
What risk control technique seeks to reduce the severity of a particular loss?
- Exposure avoidance
- Loss prevention
- Loss reduction
- Segregation of loss exposures
Question 7 of 15

7. Question
What segregation of loss exposures technique implements backups or additional spares?
- Duplication
- Segregation
- Modification
- Separation
Question 8 of 15

8. Question
What is the least expensive risk financing technique for an organization to administer?
- Borrowing funds to pay for losses
- Using an unfunded loss reserve
- Using a funded loss reserve
- Current expensing of losses
Question 9 of 15

9. Question
How many forecasts should an organization using when choosing risk management techniques?
- 2
- 3
- 4
- 5
Question 10 of 15

10. Question
Monitoring the risk management program includes all of the following steps except:
- A definition of acceptable performance for similar companies in the same industry
- A definition of what constitutes acceptable performance for the organization
- Measure and comparison of actual results with these standards
- Correction of substandard performance or, if necessary, changing unrealistic standards
Question 11 of 15

11. Question
The risk management plan seeks to support the organization’s business goals. Which business goal requires that no loss, no matter how severe, should be able to permanently shut down an organization?
- Long term survival
- Continuity of operations
- Profitability
- Stability of earnings
Question 12 of 15

12. Question
Who in an organization has the primary responsibility for risk management?
- The organization’s CEO (chief executive officer)
- The organization’s management
- The risk management professional
- Every employee in the organization
Question 13 of 15

13. Question
What term is used for recognizing the possibility of loss?
- Severity
- Frequency
- Analyze
- Identify
Question 14 of 15

14. Question
What term is used to describe the reductions in revenues or increases in the expenses of an organization following an accident?
- Net Income loss exposures
- Risk financing exposures
- At risk cash flow exposures
- Intangible loss exposures
Question 15 of 15

15. Question
Which of the following is not a risk financing technique?
- Retention
- Commercial insurance
- Contractual transfer for risk financing
- Accepting the possibility that a loss may occur and being prepared to pay to costs

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