icev risk management
Marshall's business experiences a lot of theft so he has installed security cameras in his store and security devices in his merchandise. Which technique for dealing with risk is Marshall applying to his risk of theft?
Risk reduction
Which of the following is the most common risk management technique?
Risk transfer
Which technique for dealing with risk often involves the purchasing of insurance?
Risk transfer
Which of the following is an example of risk avoidance?
Running a background check on employees
Which category of risk can be predicted and occur when there is a change of either a profit or loss?
Speculative risks
Uncertainty is the possibility of loss, damage or any undesirable event.
False
Which of the following is NOT one of the four types of risk?
Political
Which of the following is NOT one of the four categories of risk?
Practical
Risk identification which breaks down and groups risks into categories based on previous experience and knowledge is known as which of the following?
Taxonomy-based
Which of the following is the risk identification method which groups risks into categories based on previous experience and knowledge?
Taxonomy-based
When are business risks generally greatest for a business?
When a business first begins operation
You should review your risk management techniques every __________.
Year
What percentage of businesses which close because of a natural disaster or incident never re-open?
At least one-fourth
Carol opened a movie rental store a few years ago, and due to new, more convenient movie rental options, her business is failing. This is an example of a business owner failing due to which type of risk?
Economic risk
Which of the following is an example of a risk source?
Employees of a company
How many steps are in the risk management process?
Five
Financial risk is necessary because sometimes greater financial risk equals which of the following?
Greater financial reward
Implementing the plan does NOT include which of the following?
Prioritizing risks
Risk identification involves source analysis and __________ analysis.
Problem
Risks can be assessed by which of the following equations?
Risk = probability x impact
Which of the following is the risk identification method which combines all of the other methods and creates an in-depth look at potential risks?
Risk charting
Which of the following is NOT one of the four risk management techniques?
Risk evasion
Installing security cameras is an example of which risk management technique?
Risk reduction
Which technique for dealing with risk is generally used when the known loss of a risk will be extremely small?
Risk retention
Problem analysis identifies which of the following?
The effect of a risk