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Corporate Governance

Quiz by Nicky Trajano

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45 questions
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  • Q1
    Which risk response reflects a change from acceptance to sharing?
    An insurance policy on a manufacturing plant was not renewed.
    Management sold a manufacturing plant.
    After employees stole numerous inventory items, management implemented mandatory background checks on all employees.
    Management purchased insurance on previously uninsured property.
  • Q2
    Which of the following is not a principle related to the information, communication, and reporting component of the COSO ERM framework?
    The organization leverages its information systems to support ERM.
    The organization identifies risks that disrupt operations of the ERM.
    The organization uses communication channels to support ERM.
    The organization reports on risk, culture, and performance at multiple levels and across the entity.
  • Q3
    Banks provide reconciliation statements to their clients. From the clients’ perspective, this practice is a form of which method of managing risks associated with cash?
  • Q4
    Inherent risk is
    A potential event that may affect the achievement of strategy and business objectives.
    A risk response.
    The risk after management takes action to alter its severity.
    The risk when management has not taken action to reduce the impact or likelihood of an adverse event.
  • Q5
    The underlying premise of the COSO ERM framework is that every organization exists to
    Maximize profits.
    Provide value for its stakeholders.
    Identify and manage risks.
    Achieve strategy and business objectives.
  • Q6
    Which of the following is not a category of risk response strategies?
  • Q7
    According to COSO, which of the following is a compliance objective?
    To maintain a safe level of carbon dioxide emissions during production.
    To maintain material price variances within published guidelines.
    To maintain accounting principles that conform to GAAP.
    To maintain adequate staffing to keep overtime expense within budget.
  • Q8
    Which of the following are included in the control environment described in the COSO internal control framework?
    Competence of personnel, backup facilities, laws, and regulations.
    Risk assessment, assignment of responsibility, and human resource practices.
    Organizational structure, management philosophy, and planning.
    Integrity and ethical values, assignment of authority, and human resource policies.
  • Q9
    According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?
    Demonstrating appropriate behavior by example.
    Specifying the competence levels for every job in an organization and translating those levels to requisite knowledge and skills.
    Removing pressures to meet unrealistic targets, particularly for short-term results.
    Strengthening internal audit’s ability to deter and report improper behavior.
  • Q10
    Within the COSO Internal Control – Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?
    Information and communication.
    Control environment.
    Risk assessment.
  • Q11
    Which of the following is a false statement about risk responses?
    Each organization must assess the relationship between the likelihood and significance of risks.
    Identified risks cannot simply be accepted.
    There is no direct correlation between the severity of a risk and the cost of the response to that risk.
    Some risks require the creation of elaborate control structures.
  • Q12
    Management considers risk appetite for all of the following reasons except
    Aligning with business objectives.
    Setting risk capacity.
    Aligning with development of strategy.
    Implementing risk responses.
  • Q13
    Which of the following are common process components of the COSO ERM framework?
    Governance and culture; performance.
    Review and revision; governance and culture.
    Performance; review and revision.
    Information, communication, and reporting; strategy and objective-setting.
  • Q14
    According to COSO, which of the following provides oversight of an entity’s enterprise risk management (ERM)?
    Financial executives.
    The risk officer.
    The board of directors.
  • Q15
    The performance component of the COSO ERM framework addresses an entity’s
    Risk identification, assessment, and prioritization methods.
    Ability to leverage technology.
    Performance results and consideration of risks.
    Performance targets and tolerances.

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