Question

1. Beginning with strategy, which of the following items lists the areas of the business sustainability cycle in the correct order in which they should be performed? (Note: Not all areas are contained in each list.)

a.Performance measurement, risk management, sustainability reporting, stakeholder engagement

b.Stakeholder engagement, risk management, sustainability assurance, performance measurement

c.Stakeholder engagement, risk management, performance measurement, sustainability reporting

d.Sustainability assurance, sustainability reporting, risk management, performance measurement

e.Risk management, stakeholder engagement, sustainability reporting, sustainability assurance

2. A common way to assess the likelihood of an inherent risk is to measure its

a.company reputation.

b.incremental cost.

c.probability.

d.lost revenues.

3. Which of the following items correctly describes an important difference (in most countries and business environments) between traditional financial reporting and corporate sustainability reporting?

a.Corporate sustainability reporting is voluntary, but the contents of any such report are required to be verified by an independent third party, whereas traditional financial reporting is required and its contents must be verified by an independent third party.

b.Corporate sustainability reporting is required, while traditional financial reporting is not required.

c.No published reporting standards exist for organizations to follow when preparing and issuing corporate sustainability reports, whereas published reporting standards do exist for organizations to follow when preparing and issuing traditional financial reports.

d.None of these.

4. Lean manufacturing seeks to achieve all of the following except for

a.zero inventories.

b.waiting.

c.zero defects.

d.maximizing customer value.

Answer 1

Part 1) OPTION C

Stakeholder engagement, Risk Management, performance measurement, Sustainability reporting

Part 2) OPTION C------ probability

Inherent risk is assessed by estimating two types of uncertainties first likelihood of the risk, second the effect of risk on organizations

Likelihood of risk can be measured by estimating probability of occurrence.

Part 3) OPTION A.

Corporate sustainability reporting is voluntary but the contents of any such report are required to be verified by independent third party whereas traditional financial reporting is mandatory and its contents must be verified by independent third party.

Part 4)OPTION B------ Waiting

Infact lean manufacturing seeks to achieve zero waiting time.