FICEP CERTIFICATION EXAM
PRACTICE TEST 100 QUESTIONS AND
DETAILED CORRECT ANSWERS |
LATEST VERSION 2024- 2025
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 b. 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 a.
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 d. 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 & then
share with each other.
b. Discuss individual goals & 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 c. Meet with
members separately for financial counseling.
Which of the following statements is false regarding the
ten 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 a. 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 responsible.
c. Marital status is not a factor in credit scoring systems.
d. Late payments on jointly held debts will not be reflected
on both credit reports. Correct Answer d. 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 b. 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 c. Amount of money you owe others.
Which of the following statements 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 c. 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 b. Income
and asset information.
Identification and employment information includes all
except:
a. Name.
b. Date of birth.
c. Spouse's name.
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