NOT A TEACHER.
"What is your favorie sport?"
"Can you watch it at the Olympic Games?"
I prefer "Do you know what's the symbol of the Olympic Games?" to your version.
"Yes, five rings are the symbol of the Olympic Games." One would probably have to be a bit more descriptive here.
"My favorite sport is ice hockey. I can't watch ice hockey at the Summer Games."
"The five rings represent the five continents: Africa, the Americas, Australia, Asia and Europe."
- For Teachers