1. In your own words define business risk (2 MARKS) 2. Give three examples of business risks (3 MARKS) 3. Is the following statement True or False? Not all business risks result in risks of material misstatement in the financial reports (1 MARK) 4. Below are two statements that describe business risks. Consider each statement separately. And answer the following questions: Is the business risk described in the statement one that will result in a material misstatement in the current period. (2 MARKS) Statement 1: Company A produces mobile telephones. Its best-selling product is the e-phone. A competitor has recently introduced a new product that performs much better than e-phone and has a lower price. Statement 2: Company B also produces telephones. The majority of its key customer relationships are closely held by one senior executive, Kevin Boyd. A board member of Company B questioned the wisdom of this relationship on the grounds that, if Kevin Boyd resigned and went to work elsewhere in the industry, some of Company B's key customers may follow him to a competitor. Note: to answer this question please write the number of the statement followed by either "Yes" or "No