Exam (elaborations)
FiCEP 1-25 (Latest) Quizzes & Ans!!
- Course
- Institution
FiCEP 1-25 (Latest) Quizzes & Ans!!
[Show more]
Content preview
Name: Score:25 Multiple choice questions
Term 1 of 25
What are the six steps for productive money conversations with families or partners?
1. Create a list of all creditors (include ongoing monthly expenses) 2. Obtain all income
information 3. Verify accuracy (income and expenses) 4. Review cash flow 5. Divide budget
into MONTHLY cycles (divide annual and quarterly expenses into monthly and set aside
funds)
1. Stop creating debt 2. Analyze debt (who borrow from, what is cost, where spent,
when/why borrow) 3. Refinance/consolidate debt 4. Use credit wisely 5. Set goals 6.
Develop a plan 7. Implement and monitor plan
1. Each write goals 2. Share goals, no comment 3. Identify common goals and solutions 4.
Agree on action plans, compromise 5. Discuss individual goals and how others can help 6.
Agree on schedule. Check progress.
1. Open - info known to counselor and member 2. Blind - info counselor knows, member
does not 3. Hidden - info member knows and doesn't share 4. Unknown - info unknown to
self and others (The goal is to move to more open zone)
, Term 2 of 25
What four goals does a good action plan achieve?
1. Gives members a specific list of steps to complete 2. States when members will take each
step 3. Makes it possible for members to address and solve specific financial problems 4.
Helps them learn how to solve problems alone in the future (may include looking for
additional income)
1. Predicted cost increases 2. Seasonal variations 3. Home repair allowances (3-4% of
property value) 4. Car repair maintenance 5. Children's clothing 6. School expenses (make
sure budget allows for a 12 month cycle)
1. Stop creating debt 2. Analyze debt (who borrow from, what is cost, where spent,
when/why borrow) 3. Refinance/consolidate debt 4. Use credit wisely 5. Set goals 6.
Develop a plan 7. Implement and monitor plan
(All of this is after rapport is established) 1. Collect member data 2. Establish clear financial
goals and objectives 3. Analyze data (look for missed data) 4. Develop spending, debt
repayment, and action plans 5. Implement plan 6. Monitor, evaluate, and adjust (as needed)
Definition 3 of 25
1. What can I afford to buy and maintain considering purchase, charges, insurance, registration,
and maintenance? 2. How long will I use it? 3. How long do I plan to keep it? 4. How will it suit my
needs? 5. Will it maintain its value?
What are the five key steps to take when creating a spending plan?
What are the three savings types and when should they be used?
What are the three types of counseling and when are they used?
What five questions should be considered before buying a vehicle?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller stuuviaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.89. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now