justin is married with one child. he works 40 hours each week at a rate of $16 per hour. his wife began…

justin is married with one child. he works 40 hours each week at a rate of $16 per hour. his wife began working part - time after their daughter was born, but still contributes about $350 to the cash inflow each month. their monthly cash outflow is generally about $3,000. they have a balance of $2,000 in their savings account. justin has retirement contributions taken out of his paycheck at work. they have renters, car and life insurance coverage. based on this information, what part of their financial plan should justin and his wife work on? a. managing income b. managing liquidity c. protecting assets d. retirement please select the best answer from the choices provided.

justin is married with one child. he works 40 hours each week at a rate of $16 per hour. his wife began working part - time after their daughter was born, but still contributes about $350 to the cash inflow each month. their monthly cash outflow is generally about $3,000. they have a balance of $2,000 in their savings account. justin has retirement contributions taken out of his paycheck at work. they have renters, car and life insurance coverage. based on this information, what part of their financial plan should justin and his wife work on? a. managing income b. managing liquidity c. protecting assets d. retirement please select the best answer from the choices provided.

Answer

Brief Explanations:

Justin and his wife have a savings account balance and income sources. They also have insurance coverage and retirement contributions. However, having a significant amount in savings indicates they may need to focus on managing liquidity - ensuring they can access funds easily when needed. They are already managing income (both working and contributions), protecting assets (insurance) and have retirement contributions.

Answer:

B. managing liquidity