Multiple Choice Questions - Assignment Example

I have highlighted the correct answers for you in this document. Identified risks should be documented in accordance with a. Senior management’s whim b. The immediate managers c. Relevant policies, procedures and legislation d. Convenience in completing documentation Benefits of completing a stakeholder analysis are as follows a. Gain their opinions to improve quality b. Get invited to more social functions c. Helps to develop action plans d. Meets a risk audit requirement e. b and c f. a and c Which of the following would be an example of a risk identification tool? a. Client feedback forms b. Client feedback forms and business plan only c. Client feedback forms, business plan and minutes of business meetings d. Minutes of business meetings e. Business plan Risks located in quadrant III in a risk map have less impact but higher probability of occurring a. True b. False A technique that may be of assistance when determining which risk control measures you should implement includes a. Cost-benefit analysis b. Black-Scholes pricing model c. Law of reciprocity d. Pareto principle e. None of the above Four broad categories of risk which are commonly encountered in business are? a. Business, legal, audit and compliance b. Legal, financial, physical and emotional c. Financial, business, physical and legal d. Physical, social, accounting and financial Who would not be a relevant stakeholder to consult when analysing the internal risks for a business? a. Staff b. Clients c. Owners d. Suppliers e. Competitors Which type of criteria might not be a basis for risk for risk evaluation? a. Social b. Humanitarian c. Methodical  d. Environmental e. Financial What could be some of the ways you could communicate with stakeholders and ask them relevant questions a. Surveys b. Team meetings c. Focus groups d. Send a memo e. A, B and C f. B, C and D If the likelihood of a risk is likely and the consequences major then the risk would be rated under a risk matrix as a. Low risk b. High risk c. Extreme risk d. Moderate risk e. Trivial risk An example of risk retention or self insuring is which one of the following a. Taking out insurance for your house b. Deciding not to take out insurance for your car and putting money into your mortgage c. Not taking on clients just in case you get a complaint d. Not using your credit for purchases What could you do to assist with a risk audit in your own area of operation? a. Be careful to avoid mentioning issues you have been b. Be out of the office during the audit c. Encourage staff mates to complain d. Maintain comprehensive documentation When selecting the risk control method it is not important to consider the risk in conjunction with the long-term goals and strategies of the business a. True b. False If a risk is identified and falls outside your area of responsibility it is important to a. Document the risk and bring it up at a team meeting b. Take on the risk and try and implement a control c. Refer to an appropriate party or another professional who can deal with it d. Keep it to yourself and hope that nothing happens Which of the following is not a progress payment stage of a construction loan? a. Lock up b. Windows c. Slab d. Frame e. Roof Which of the following would not be a key component of a company's strategic plan a. Company's asset register b. Company's vision c. Company's mission d. Company's core beliefs e. None of the above List 2 areas where you may need to update information on changes to products and services a. Product disclosure documents b. Marketing brochures and flyers c. Product fact sheets d. All of the above e. None of the above Loan portability allows for a loan to stay in force, but for a property to be sold and replaced by another property, or even temporarily by a term deposit with some lenders. a. True b. False It is not important when considering your client's investment strategy to look at their current position and then consider the short, medium and long term strategies. a. True b. False Which of the following is not a characteristic of a pre-approval? a. Generally valid for 2-3 months b. Often sought when searching for a property to purchase c. Provides unconditional confirmation of finance d. A fee is usually not charged e. None of the above The Preliminary Assessment can take the form of a preliminary or final written assessment that a credit contract or consumer lease is 'not unsuitable' for the consumer. a. True b. false Small changes in interest rates and the market are not going to affect which type of client? a. Risk capable b. Risk avoiding c. Risk averse d. Risk tolerant e. None of the above Which of the following documents could assist with detailing your service proposition to clients? a. Broker profile b. Customer charter c. Fact sheet d. All of the above e. None of the above Doing a budget can help to achieve savings goals by (select all that apply) a. Allowing you to buy any consumer good you want b. Removing the need to manage your money c. Identifying and directing surplus income d. Identifying excessive expenses e. Encouraging greater financial discipline Periodically reviewing their budget allows a client to a. Avoid having to manage their money b. Buy whatever consumer goods and services they want c. Maintain a clear picture of their current situation d. Claim the time spent on doing this as a tax deduction e. Avoid having to set funds aside for retirement Financial goals should be (select all that apply) a. Idealistic and environmentally friendly b. Specific, realistic and achievable c. Categorised into short, medium and long term d. A stretch in order to motivate the client e. Excessive and materialistic Which is the LEAST accurate way of identifying ALL of the income and expenses a client may have? a. Use a detailed budget template b. Review credit card statements c. Use a typical week as an example d. Review bank account and loan statements e. Maintain an expense log for a period of time In order to help clients develop the ability to manage their own money in the long term you should a. Explain the basics only b. Do everything for them c. Educate them on managing their own funds d. Find a good accountant for them Which of the following is not a form of basic communication? a. Words b. Body Language c. Tone of Voice d. Eye Contact e. None of the Above Which Act specifically deals with confidentiality and the protection of information a. Anti-discrimination b. NCC c. AML/CTF d. Privacy When speaking to a referral prospect on the phone for the first time your primary objective should be to a. Get a referral from them b. Explain how awesome you are c. Send them a referral d. Negotiate a referral fee e. Make an appointment to meet Which one is not a phase of building a business network? a. Consistency b. Credibility c. Connection d. Conciliation BNI is an example of a a. School social committee b. Business Referral organization c. Playgroup for children d. Meeting group for single people Read More