Question

VARUN WORKS AS A MANAGER IN A SUCCESSFUL COMPANY. HE EARNS A GOOD SALARY, BUT SPENDS ALL HIS MONEY ON VARIOUS LUXURIES AND COMFORTS. VARUN HOPES TO START HIS OWN BUSINESS ONE DAY. EXPLAIN HOW SAVING MONEY WILL HELP HIM AS A CONSUMER AND AS AN ENTREPRENEUR.

A) As a consumer:
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B) As an entrepreneur:
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Answer 1

1) Storing and maintaining personal financial records and documents. 2) Creating personal financial statements (balance sheet and cash flow statements of income and outflows). 3) Creating and implementing a plan for spending and saving (budgeting).

Answer 2

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