RMI 2302 EXAM QUESTIONS WITH
100% CORRECT ANSWERS LATEST
VERSION 2025/2026.
Which of the following is the last step in the risk management process (but often done first)?
Review and Evaluate
Determine Objectives
Identify Risks
Implement the decisions - ANS Review and Evaluate
Risk reduction methods are best applied to?
High frequency losses.
High severity losses.
Both a. and b.
neither a. nor b. - ANS High severity loss
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,When considering organizational risk, businesses have to consider_____________
Those risks that impact large segments of the population (society)
Those risks that impact each individual customer
Those risks that prevent the organization from achieving its goals
Those risks associated with climate change - ANS Those risks that prevent the organization
from achieving its goals
Tom is a college student at FSU. He has the option to buy a parking pass at the beginning of the
year for $250. If Tom doesn't buy the pass, he has to park on the street or pay the valet parking
service $5 per day. If Tom does not buy the parking pass, he expects to have to use the valet
parking services 40 times. However, he may end up using the valet service up to 80 times. Tom
decides that he would rather pay the $250 than risk not being able to find a spot on the street.
Tom could be described as which of the following:
risk averse
risk neutral
risk seeking
risk conscious - ANS risk averse
Which of the following terms describes the immediate cause of loss?
peril
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, hazard
exposure
all of the above - ANS peril
Gary works in a factory where the workers are known to leave oily rags all over the place. Which
of the following best describes the oily rags?
moral/morale hazard
physical hazard
societal hazard
none of the above - ANS physcial hazard
How does the mathematical measure of Standard Deviation help risk mangers?
It measures the difference between what is expected to happen and what actually happens
It can determine the expected value of a business venture
It calculates the exact outcome a project will achieve
Using Standard Deviation calculations is not helpful to risk mangers - ANS it measures the
difference between what is expected to happen and what actually happens
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
100% CORRECT ANSWERS LATEST
VERSION 2025/2026.
Which of the following is the last step in the risk management process (but often done first)?
Review and Evaluate
Determine Objectives
Identify Risks
Implement the decisions - ANS Review and Evaluate
Risk reduction methods are best applied to?
High frequency losses.
High severity losses.
Both a. and b.
neither a. nor b. - ANS High severity loss
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,When considering organizational risk, businesses have to consider_____________
Those risks that impact large segments of the population (society)
Those risks that impact each individual customer
Those risks that prevent the organization from achieving its goals
Those risks associated with climate change - ANS Those risks that prevent the organization
from achieving its goals
Tom is a college student at FSU. He has the option to buy a parking pass at the beginning of the
year for $250. If Tom doesn't buy the pass, he has to park on the street or pay the valet parking
service $5 per day. If Tom does not buy the parking pass, he expects to have to use the valet
parking services 40 times. However, he may end up using the valet service up to 80 times. Tom
decides that he would rather pay the $250 than risk not being able to find a spot on the street.
Tom could be described as which of the following:
risk averse
risk neutral
risk seeking
risk conscious - ANS risk averse
Which of the following terms describes the immediate cause of loss?
peril
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, hazard
exposure
all of the above - ANS peril
Gary works in a factory where the workers are known to leave oily rags all over the place. Which
of the following best describes the oily rags?
moral/morale hazard
physical hazard
societal hazard
none of the above - ANS physcial hazard
How does the mathematical measure of Standard Deviation help risk mangers?
It measures the difference between what is expected to happen and what actually happens
It can determine the expected value of a business venture
It calculates the exact outcome a project will achieve
Using Standard Deviation calculations is not helpful to risk mangers - ANS it measures the
difference between what is expected to happen and what actually happens
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
