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What is the significance of a contingency fund in disaster management?
Practice Questions
Q1
What is the significance of a contingency fund in disaster management?
To reduce government debt
To provide immediate financial resources for emergencies
To stabilize currency value
To fund long-term development projects
Questions & Step-by-Step Solutions
What is the significance of a contingency fund in disaster management?
Steps
Concepts
Step 1: Understand what a contingency fund is. It is money set aside for unexpected events.
Step 2: Recognize that disasters can happen suddenly, like floods or earthquakes.
Step 3: Know that when a disaster occurs, immediate help is needed for affected people.
Step 4: Realize that a contingency fund allows organizations to access money quickly.
Step 5: Understand that having this fund helps in providing food, shelter, and medical care right away.
Step 6: Acknowledge that quick response can save lives and reduce suffering.
Step 7: Conclude that a contingency fund is crucial for effective disaster management.
No concepts available.
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