What Do You Know About Risk Justification? Trivia Quiz

10 Questions | Total Attempts: 71

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What Do You Know About Risk Justification? Trivia Quiz - Quiz

Sometimes people are allowed to take up risks, and at other times they are prevented from putting themselves at risk. It is said that a threat is only justified if the people consent to be exposed to those risks. What do you know about risk justification? Take up the short quiz below and get to find out. All the best!


Questions and Answers
  • 1. 
    What is the broad consideration in WV’s risk classification?
    • A. 

      A) Likelihood

    • B. 

      B) Impact

    • C. 

      C) Reputation

    • D. 

      D) a and b above

  • 2. 
    What are the major risk types WV has identified?
    • A. 

      A) Critical Risk

    • B. 

      B) Minor Risk

    • C. 

      C) Important Risk

    • D. 

      D) All of the above

  • 3. 
    If an issue is classified as Critical, what is the respective impact level to the organization?
    • A. 

      A) Minimal

    • B. 

      B) Considerable

    • C. 

      C) Negative

    • D. 

      D d) Nothing

  • 4. 
    What is the level of priority for an Important Issue?
    • A. 

      A) Medium

    • B. 

      B) Low

    • C. 

      C) High

    • D. 

      D) Can not be decided

  • 5. 
    If no present controls are in place to mitigate the risk, what is the most possible risk classification?
    • A. 

      A) Critical

    • B. 

      B) Important

    • C. 

      C) Minor

    • D. 

      D) None of the above

  • 6. 
    What factors do mainly connected to the impact?
    • A. 

      A) Reputation, Cash flows and Staff Welfare

    • B. 

      B) Management Tone, Assets Safeguard

    • C. 

      C) Control Environment, Christian Commitment

    • D. 

      D) All of the above

  • 7. 
    If Voluntary staff is involved in criminal activities, what is the most relevant class of impact to the organization?
    • A. 

      A) Reputation

    • B. 

      B) Control Environment

    • C. 

      C) Staff Welfare

    • D. 

      D) Achievement of the Entity

  • 8. 
    If you find a segregation of duties audit finding at the field, to which impact level does it directly affect?
    • A. 

      A) Reputation

    • B. 

      B) Control Environment

    • C. 

      C) Integrity of Financial Information

    • D. 

      D) None of the above

  • 9. 
    The Likelihood is determined of what?
    • A. 

      A) Consequence mentioned in the audit finding

    • B. 

      B) Condition in the audit finding

    • C. 

      C) Previous experiences in the organization

    • D. 

      D) a and b above

  • 10. 
    What is the risk stratification if the Impact Level is Major and Likelihood is Unlikely?
    • A. 

      A) Important

    • B. 

      B) Critical

    • C. 

      C) Minor

    • D. 

      D) Can not be decided

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