Contingency Plans Are Alternative Actions That Can Be Taken If

question 22

True/False

Contingency plans are alternative actions that can be taken if the primary course of action is unexpectedly disrupted or rendered inappropriate.

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Definitions:

Budget Shortage

A financial situation in which an entity’s expenditures exceed its revenues over a particular period of time, leading to a deficit that must be addressed by borrowing, spending cuts, or tax increases.

Market Wage

The prevailing rate of pay for work or labor, determined by the supply and demand for labor in the job market.

Transitive Preferences

In decision-making, the condition where if an individual prefers option A to option B and option B to option C, then they also prefer option A to option C.

Majority Rule

A decision-making rule in which the preferences of more than half of the members in a group have authority over decisions.