FICEP EXAM(2024 Latest Update)100% Accurate!!(FULL SOLUTION PACK)EXAM BUNDLE

Select the statement that correctly describes a progressive tax. - ANSWER A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - ANSWER A regressive tax charges the same tax rate regardless of the taxpayer's income. Why are ...

operating costs - ANSWER A tax is defined as a contribution that supports the _____ of a government. progressive - ANSWER A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - ANSWER A _____ tax charges the same pe...

people who have gambled in their lifetimes, in the past year - ANSWER 85%, 66% learning financial attitudes from parents is known as - ANSWER modeling consumers who want it "now vs later" are at the greatest risk of - ANSWER spending more than they can afford if a member thinks of a new o...

Money avoidance is the idea that money is evil or ______________ - ANSWER undeserved The idea that money is the way to solve all a member's problems is money ______________ - ANSWER worship Money ____________ is the member's belief that wealth is tied to self-worth. Money is seen as a member...

What are the housing market conditions that can indicate a real estate "bubble"? - ANSWER Housing values are rising faster than consumer income What five sources influence most consumers' financial practices? - ANSWER Parents, Lenders, learned patterns, creditors, society/peers What is the ...

Lien - ANSWER If a debtor files a _________ on your property you will will unable to sell or dispose of it without arrangements on the debt. Poor financial habits - ANSWER Spending too much, saving too little, carrying too much debt, reliance on othersm and caring to little about finance. Mone...

FiCEP Exam| 100 Questions| Correct 100% Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / save d. Earn / borrow / spend / save - ANSWER a. Earn / spend / earn / spend Webi...

401k - ANSWER Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - ANSWER The person or persons who are designated to receive the a...

when dealing with finances - ANSWER -brainstorm with everyone in the household (buy-in) - do not try to control spouse's financial behavior - focus on goals progressive tax - ANSWER federal and state income tax- if income increases, so does tax regressive tax - ANSWER charge the same % of a...

TRUE or FALSE: Receiving a medical bill affects your credit score - ANSWER False TRUE or FALSE: Divorce has a direct impact on credit score - ANSWER False Student loan refinancing makes sense when the member has: - ANSWER 1. High interest rates on existing loans 2. Steady income 3. Above-ave...

Select the statement that correctly describes a progressive tax. - ANSWER A progressive tax requires people to pay more as they earn more. What is the name of the organization that offers free tax assistance to taxpayers age 60 or older, those with disabilities or special needs, or who qualify fo...

Which spending cycle is the preferred one to be in? - ANSWER Earn/Save/Spend concious mind - ANSWER left hemisphere, center for processing sensory info unconscious mind - ANSWER Right hemisphere, autonomic processing Hard approach - ANSWER left/analytic side, assertive/orderly/straightforwa...

Financial Well-Being - ANSWER Tied to behaviors and attitudes, influenced by environment and experiences Poor Financial Habits - ANSWER Spending too much, saving too little, carrying too much debt, caring too little about financial future, reliance on others Spending Cycles - ANSWER 4 primary ...

Lists to create before passing away - ANSWER 1. Personal Inventory 2. Financial Inventory 3. Debts 4. Memberships Power of Attorney - ANSWER Designation for an individual to act as an agent and manage affairs if one is no longer able to do so. There are 4 types General POA - ANSWER Pr...