Chuckrox

1 - Apparently the savings of 3 months salary or so is not subtracted from the investable assets. Only the PV of a future cash outflow (like a college pmt of 40,000 in one year from now) is subtracted from the investable assets.

2 - If the CFAI wants you to come up with a number, it will ask "Show your calculations" on the question or "No calculations necessary" if they just want a qualitative answer.

3 - I don't have the book with me. But this is why the morning section scares me. So many question marks and the CFAI textbook seems contradictory at times.