Financial Risk Module Quiz Name of organization:* Name of person submitting the quiz:* True or False: The best function of a risk management program is to react to problems as they come. * True False Which of the following is NOT one of the three steps of managing financial risk?* Assess the likelihood that the risk will occur Identify the risk Quantify the risk Mitigate the risk Which of the following would be an example of identifying a financial risk?* Hoping that all of the people who RSVP’d for your event will attend The ice is slippery outside of an event We estimate that the likelihood of a risk occurring is 25% Recognizing that damages to a reserved space may result in extra expenses Which of the following is necessary for an organization to use an image protected under trademark?* Written consent Verbal consent Implied consent No consent is needed True or False: It is usually possible to eliminate all financial risks facing an organization if people are proactive.* True False Which of these items is MOST helpful in planning the necessary finances for an event?* A journal of ideas Feedback from friends Jotting down funds needed as you find out Making a detailed budget ahead of time Which of the following would be LEAST likely to have information about the organization’s bank account?* The president A typical member The advisor The treasurer What is the recommended amount of the budget that organizations should keep in reserve?* 0% 5-10% 10-20% 20-30% Where is the best place to keep your organization’s funds?* The treasurer’s Venmo account A money bag kept by the president A bank account in the organization’s name A bank account in the treasurer’s name Which of these would NOT be a potential recommended strategy to pay for a venue for an organization event?* Raising entry/ticket prices Fundraising to raise funds to sponsor the event Asking local businesses to sponsor your event Having the treasurer personally pay for the venue, and get reimbursed afterwards Do not fill in the following field Google Recaptcha response