When used as a noun, the word "hazard" is used to describe something that is dangerous. The adjectival form "hazardous" is often used to describe various things that are dangerous—hazardous roads, hazardous traffic, hazardous waste, and so forth. Among the options given here, most of them are somehow related to hazardous things. If something is dangerous, it is likely a terror. Likewise, a toxic thing is hazardous, as is a carcinogenic (i.e. cancer-causing) thing, but a "hazard" is simply a dangerous thing. Thus, the general word "risk" is the best option for this question.

A “cacophony” is a harsh mixture of noise that is not pleasing to hear, also known as a “din” or a “racket.” As for the other answer choices, “asset” means something useful that offers some advantage, "prudence" is the ability to make smart, careful decisions in order to avoid future problems, and "parity" is equality.

"Emollient" and "liniment" both mean a balm or ointment. "Aspersion" means a verbal exhibition of bad tempter. "Antipathy" means strong dislike or distrust. "Effrontery" means nerve or boldness. "Grandiloquence" means bombast or boasting.

A "hovel" is a shanty or a small and run-down cabin, so "shanty" is the correct answer. None of the other answer choices are close in meaning to "hovel": "infection" means disease or the process of being infected with a disease; a "prodigy" is a young person with extraordinary abilities or skills; "prophesy" is a foretelling about what will happen in the future; and "residue" is whatever remains or is left.

A "symposium" is a meeting. Usually it is a business conference, or a meeting to discuss a particular idea. A "trial" is a judicial event specifically designed to assess guilt or innocence, while a symposium has no such goal. While an "agreement" may be reached at a "symposium" the two words are not synonymous.

A "gala" is a festival, a party, a formal occasion with entertainment and socializing. To provide further help, a "vocation" is a job; a "bulletin" is a posted public announcement; an "editorial" is an article in a newspaper in which the author expresses his or her opinion.

An “embellishment” is something added to decorate something else; this is very close in meaning to an “adornment.” As for the other answer choices, a “fragment” is a portion or a part of a greater whole; “perjury” is lying in court under oath; an “outcast” is someone who is rejected by a social group; and “repartee” means witty conversation.

A “malady” is a disease, sickness, or "ailment." As for the other answer choices, “detention” means the act of being punished or imprisoned by being placed in custody or this state of imprisonment; a “catalyst” is something that provides impetus for or helps start a reaction or an event; “inspiration” means motivation or something that causes someone to act willingly; “antecedent” means precursor, forerunner, or a thing that comes before another thing.

“Garb” is another word for garments or "clothing," often referring to a specific set of clothes used for a particular purpose or when one takes on a particular role. As for the other answer choices, “possessions” are things that are owned; “limitations” are restrictions or things that hold people back; “plaudits” are congratulations or praise; “lamentations” are spoken acts of mourning.

"Dross" and "dregs" both mean remains or refuse. "Nonchalance" means apathy or indifference. "Contusion" means a bruise or injury. "Referendum" means a popular vote on an issue. "Sybarite" means a hedonist or someone who loves luxury.