BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Make sure you have two credit cards.
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Apply for a loan from your bank or credit union.
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Have at least 6 months worth of work income saved in a emergency savings account.
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Make sure you live with your parents
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Detailed explanation-1: -Experts advise that at least 3-6 months of expenses should be kept aside as an emergency fund. Some financial advisors suggest that an emergency fund should be able to keep you going for more months, about 8-12 months.
Detailed explanation-2: -Most experts believe you should have enough money in your emergency fund to cover at least 3 to 6 months’ worth of living expenses. Start by estimating your costs for critical expenses, such as: Housing. Food. Health care (including insurance).
Detailed explanation-3: -Across the 15 largest U.S. metro areas, these are the average amounts for six months’ worth of expenses: Single adult with no children, $12, 660. Single adult with one child, $25, 274. Two adults with no children, $18, 554.
Detailed explanation-4: -It means that you will be more prepared for a sudden expense and that you can handle small financial hits more smoothly. Unemployment, illness, and family emergencies can come up with no warning, and having emergency savings can help ease those stressful situations.