Yes, you can. After the password reset, you can logon with your new password immediately and continue working.
Yes, before you can use the Forgot / Change My Password functionality of the software, you need to enroll. Only after enrolling can you use it to reset your password.
Yes, but only during enrollment and the answer will be stored using encryption. Therefore, it is not possible to retrieve your original answers.
No, the software only stores the questions and answers.
Yes, it is possible to reset a password that is expired using the software.