ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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for emergency funds
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for contingencies
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to buy whatever you want
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None of the above
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Detailed explanation-1: -Saving for contingencies can therefore be seen as a more responsible way to execute something that we will need to do or at the very least be in a position to do. If we’re in a position to do it, it is more responsible to put the plan into place now, do it now, rather than shirk this and worry about it later.
Detailed explanation-2: -Just like an emergency plan, a contingency plan is extremely useful if something goes wrong. By identifying potential problems, you’ll be able to take action to prevent them from happening. A plan will also give clear instructions on what to do if an incident does take place.
Detailed explanation-3: -Saving time and money. When management knows an incident plan ahead of time, they. Saving lives. Some disasters are life-threatening. Quick recovery time. Contingency plans reduce response time, giving your team the. Minimizing damage. Avoiding negative press.