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Managing Business risk Flashcards | StudBud
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Managing Business risk
Managing Business risk
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Questions
14
Answers
1
What is the purpose of a risk matrix?
To track employee performance
To assess and prioritize risks based on likelihood and impact
To predict future profits
To eliminate all risks
2
Only financial risks are important for businesses.
True
False
3
Cybersecurity risks only affect large corporations.
False
True
4
matrix is used to assess risks based on their likelihood and impact
False
True
5
What is the first step in risk management?
Identifying and assessing risks
Buying insurance
Developing a risk response planning
Monitoring and reviewing risks
6
Risk management helps businesses eliminate all risks.
False
True
7
Internal audits can help identify compliance risks.
False
True
8
How can a business mitigate cybersecurity risks?
Relying on a single supplier
Storing excess inventory indefinitely
Ignoring external market conditions
Diversifying suppliers and monitoring logistics
9
Having a single supplier reduces supply chain risks.
False
True
10
Business continuity planning ensures that operations can continue during a crisis.
True
False
11
What is the main goal of risk management?
To eliminate uncertainty completely
To identify, assess, and reduce potential threats
To increase business expenses
To focus only on financial risks
12
Employee training can help reduce operational risks.
True
False
13
Why is business continuity planning important?
It increases employee salaries
It ensures operations continue during disruptions
It replaces the need for risk management
It eliminates all risks
14
Which of the following is an example of a financial risk?
Employee turnover
Cybersecurity breach
Supply chain disruption
Economic downturn
