Exam (elaborations)
FiCEP 75-100 questions with verified /correct answers
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FiCEP 75-100 questions with verified /correct answers
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FiCEP 75-100What are referral clues? - correct answer ✔✔Depression, anxiety, marital stress, secretive behavior, sudden change, severe unexplainable financial difficulties
How do you make successful referrals? - correct answer ✔✔1. Recognize need to maintain dignity 2. Confidentiality 3. Be accurate 4. Set expectations especially with public programs 5. Follow up
What situations call for immediate assistance? - correct answer ✔✔1. Food, shelter, or medical care 2. Professional help (ex. psych needs) 3. Severe financial crisis
What are the three types of taxes? - correct answer ✔✔Progressive (ex. income tax) 2. Regressive - % of cost (ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same
What are tax filing status options? - correct answer ✔✔1. Single 2. Married, filing jointly 3. Married, filing separately 4. Head of household (single deduction, add with single or married) 5. Qualifying widow(er) with dependent child(ren)--tax break lost spouse last two years raising children alone standard deduction
When should you submit a new W-4? - correct answer ✔✔1. # of dependents change 2. Get married 3. Divorce 4. Becomes self employed 5. Large tax refund 6. Owe more than one thousand on last return
What should be remembered when discussing insurance? - correct answer ✔✔1. Risk pooling (share risk) 2. Insurable interest (money interest in property) 3. Indemnification (agreement to reimburse)
What should be considered when evaluating risk? - correct answer ✔✔1. What are risks/assets? 2. Loss affordable? 3. Best method: assume (pay if broke cheaper than insurance), reduce loss potential, transfer
by getting insurance 4. Able to cope with risk?
What rules to follow when deciding on insurance: - correct answer ✔✔1. Determine insurance needs 2. Insure major risks first 3. Select insurance that meets needs 4. Compare prices 5. Verify premiums and deductibles meet budget 6. Never risk more than afford loss 7. Know odds 8. Report problems
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