Question

1. The easiest way to save for your emergency fund is to use your____.
-existing savings
-discretionary monies
-second job
-parents

2. When computing how many hours you need to work at a second job to meet a savings goal, you should___.
-calculate the realized income at your primary job
-calculate your savings rate
-calculate the amount needed and divide by the hourly rate at the second job
-calculate the amount needed and divide by the realized hourly rate at the second job.

Answer 1

Do you have an idea of which you think is right? We're not supposed to just give you the answers, but I'll help. Just finished this.

Answer 2

i think 1 is A and 2 is B

Answer 3

Both are wrong, so for 1, use the cancelling technique. You know it's not A, you can assume it's not D, so try one more time between B and C. For #2, it relates to your earnings per hour, so guess on that.

Answer 4

C and D?

Answer 5

B and D, close! They should be right, these two -- if not, talk to your teacher. Mine are showing these as correct. c:

Answer 6

Good job.

Answer 7

I also need help with 3 & 4.
3. Your realized income from your primary job is $3,076.45/month. Your fixed expenses are 36% of your realized income. How much must you save for an emergency fund of 6 months?

4. Your realized income from your primary job's realized income. You have a second job that pays $9.50/hr with deductions of FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.75%). If you want to save enough in the next 10 months to have an emergency fund that will cover 5months using only 20% of your discretionary monies from your primary job, how many hours do you need to work at your second job to meet your monthly savings goal?