Technically yes, but it's never as easy as that in Captivate.
You can create a User Variable to hold the Failure Text and then add a default display field into all Failure Captions of quiz slides that get added to a project by setting the Quiz > Default Labels > Incorrect Message text to $$NameOfVariableHere$$
However, in practice what happens is that the amount of text displayed turns out to be only 15 characters. This is insufficient for the purpose. (And it shows only 15 characters in Cp7 even though the default is supposed to be 50 characters.)
So, this means that you really need to edit each failure caption AFTER the slide is added and Insert the User Variable via the Properties > Format Accordion > Insert Variable icon. I recommend you set the number of characters to 250 to allow you message to be as large as you like.