Besides Focusing on Controlling Critical Inflows and Outflows, a Contingency

question 20

Multiple Choice

Besides focusing on controlling critical inflows and outflows, a contingency plan needs to also include identification of specific strategies for cutting costs as well as the possible ________________.

• A) sale of the business
• B) aggressive expansion to counteract the downturn
• C) moving to a new country to avoid liabilities
• D) changing the company name
• E) restructuring of the venture

Determine the appropriate size of an emergency fund based on income stability.

Calculate and understand the significance of a debt ratio.

Know the recommended duration for keeping tax records and supporting data.

Define and apply the SMART criteria to financial goal setting.

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Definitions:

William Glasser

An American psychiatrist who developed the theories of Choice Theory and Reality Therapy.

Fritz Perls

A psychiatrist and psychotherapist known for developing Gestalt therapy, which emphasizes personal responsibility and living in the present moment.

Meaning in Life

The significance and purpose an individual assigns to their existence, often associated with their well-being and psychological resilience.

Existential Therapies

A group of psychotherapies that focus on individual responsibility, and the meaning of life and existence, encouraging clients to confront existential issues and live authentically.