Question

Which conditions might cause someone to save more than three months' worth of expenses? (Choose all that apply)

1. They could find another source of income quickly if they had to.

2. Their income is unpredictable.

3. They have multiple sources of income.

4. Their expenses are small and discretionary.

5. The job market in their field is very competitive.

6. They have large non-discretionary expenses.

Answer 1

2. Your income is unpredictable.

5. The job market in your field is very competitive.

6. You have large non-discretionary expenses.

Answer 2

The conditions that might cause someone to save more than three months' worth of expenses include their income is unpredictable and the job market in their field is very competitive.

What is an expense?

An expense is an expenditure that is deducted from revenue to obtain net income.  It flows through the income statement.

• Conditions that would make someone save more than expenses are: Unpredictable income, this is when an individual income cannot be ascertained, there could be a huge flow of money that could allow for more saving.

• When the market in their field is very competitive this could cause an increase in income, some markets are not stable and there can be an increase in demand than supply leading to an increase in the price of commodity and in turn increased revenue.

Therefore, The conditions that might cause someone to save more than three months' worth of expenses include their income is unpredictable and the job market in their field is very competitive.

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