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FICEP EXAM QUESTIONS AND CORRECT ANSWERS|ACCURATE ACTUAL EXAM WITH FREQUENTLY TESTED QUESTIONS AND STUDY GUIDE| GUARANTEED PASS|ALREADY GRADED A+|LATEST UPDATE 2024/2025.$24.49
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FICEP EXAM QUESTIONS AND CORRECT ANSWERS|ACCURATE ACTUAL EXAM WITH FREQUENTLY TESTED QUESTIONS AND STUDY GUIDE| GUARANTEED PASS|ALREADY GRADED A+|LATEST UPDATE 2024/2025.
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Course
F1900 FiCEP
Institution
F1900 FiCEP
FICEP EXAM QUESTIONS AND CORRECT
ANSWERS|ACCURATE ACTUAL EXAM WITH FREQUENTLY
TESTED QUESTIONS AND STUDY GUIDE| GUARANTEED
PASS|ALREADY GRADED A+|LATEST UPDATE 2024/2025.
FICEP EXAM QUESTIONS AND CORRECT
ANSWERS|ACCURATE ACTUAL EXAM WITH FREQUENTLY
TESTED QUESTIONS AND STUDY GUIDE| GUARANTEED
PASS|ALREADY GRADED A+|LATEST UPDATE 2024/2025.
Increasing a monthly payment beyond the minimum required by the credit issuer is known as:
a. paying more on the principal.
b. rolling up the payment.
c. paying the high-interest debts first.
d. paying the largest debt first. - CORRECT ANSWER paying more on the principal
One disadvantage of leasing a car is
a. equity builds every month
b. inconsistent monthly payments
c. locked into a contract
d. no factory warranty - CORRECT ANSWER locked into a contract
When determining if a vehicle is affordable, which of the following is NOT important to
consider?
a. Purchase price
b. Maintenance
c. Insurance
d. Ability to pay online - CORRECT ANSWER Ability to pay online
Which type of savings helps one cope when the unthinkable occurs?
a. Set-aside
,b. Retirement
c. Emergency
d. Holiday - CORRECT ANSWER Emergency
A good action pan includes:
a. the counselor completing a budget and giving it to the member
b. a list of steps and timeline for the member to complete
c. a list of family members to contact
d. the counselor making creditor calls - CORRECT ANSWER a list of steps and timeline for the
member to complete
Which of the following is NOT an example of ways members may start saving:
a. After a loan is paid off, deposit the old loan payment amount to savings
b. Increase living standard expenses with each new raise
c. Depositing bonuses or tax refunds to savings
d. Have a portion of each paycheck directly deposited to a savings account - CORRECT
ANSWER Increase living standard expenses with each new raise
"Safety-net savings" is designed to help members:
a. Through a period of reduced or lost income.
b. Pay for occasional or periodic expenses.
c. Reach a long-term goal.
d. Sustain income during retirement. - CORRECT ANSWER Through a period of reduced or
lost income.
One way to overcome a member's objection to financial counseling is to:
a. Simply dismiss any negative comments a member makes
,b. Speak in a loud tone to reinforce authority as a counselor
c. Refer member to another financial counselor
d. Express confidence in member's ability to address problem - CORRECT ANSWER Express
confidence in member's ability to address problem
You can help couples and families who have difficulties talking through money issues by doing
all of the following except:
a. Have each person write down individual goals and then share with each other
b. Discuss individual goals and how members may work together to accomplish them
c. Meet with members separately for financial counseling
d. Agree on a scheduled time to check goal progress and make modifications - CORRECT
ANSWER meet with members separately for financial counseling
Which of the following statements is FALSE regarding the steps that can help families change
habits?
a. Children can be absent from discussions because spending changes will not affect them.
b. Parents must present a united front when talking with children about money
c. Recognizing progress with positive feedback can keep everyone focused on the goals.
d. Once problem areas are identified, develop strategies to save money. - CORRECT ANSWER
Children can be absent from discussions because spending changes will not affect them.
When dealing with credit during a divorce, which of the following is FALSE?
a. A divorce decree may specify which party is responsible for repaying which debts.
b. If one spouse falls behind on payments of a jointly held account, both parties are
responsibilities.
c. Martial status not a factor in credit scoring systems
d. Late payments on jointly held debts will not be reflected on both credit reports. - CORRECT
ANSWER Late payments on jointly held debts will not be reflected on both credit reports.
Seasonal employees must:
, a. Not be concerned with ebbs and flows in monthly income
b. Plan for times when income is low
c. Avoid overuse of outside resources like food share programs
d. Only worry about current income and not dwell on future shortfalls - CORRECT ANSWER
Plan for times when income is low
When you own your own business, accounts payable is the:
a. Amount of money others owe you
b. Money that you anticipate the government will reimburse you
c. Amount of money you owe others
d. Difference between your assets and liabilities - CORRECT ANSWER Amount of money you
owe others
Which of the following statement is false?
a. Using credit only builds a positive credit history if the lender submits information to a CRA.
b. Lenders regularly report on-time and delinquent payments
c. Becoming an authorized user means the user is required to acquire debt
d. Unpaid overdrafts may be reported to CRAs - CORRECT ANSWER Becoming an authorized
user means the user is required to acquire debt
Your credit report will NOT include
a. Identification and employment information
b. Income and asset information
c. Payment history
d. Public record information - CORRECT ANSWER Income and asset information
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