Private Wealth , Donna Everitt Case Scenario

CFA Level III
#1

Anyone already did this CFAI online topic test?

In one question it’s asked about the amount by which her current liquidity requirements would be exceeded. Every thing fine, but in the calculations for her liquidity requirements the yearly living expenses ($150’000) are not taken into account.

I don’t understand this…

#2

The living expenses are offset by the salary (150k and 150k = net 0)

#3

not really offsetting, for the next question it will consider tax consequences on salaries but not in this one, which is just one of those poor TT item sets