FiCEP Final : CUNA Review Questions
and answers | Newest 2024/25 Rated A+
A Durable Power of Attorney for Health Care is recommended for any individual over the
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ll How can role-playing support financial changes within a family? - Correct Answers It
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ll prepares family members for situations where they must say "no" or take a different
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ll approach to restrain spending. ll ll ll
ll How can you reduce the cost of owning or renting a place to live? - Correct Answers Get a
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ll roommate or tenant, either on your own or through a HomeShare program. ll ll ll ll ll ll ll ll ll ll ll
ll How can you reduce the likelihood of making an impulse purchase? - Correct Answers
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ll Leave your extra cash and credit and debit cards at home.
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ll How did the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 impact
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ll employee health benefits? - Correct Answers It gave employees the right to retain health
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ll insurance after their job ends by paying the full premium. ll ll ll ll ll ll ll ll ll
ll How do adding more telecommunication lines affect a household's budget? - Correct
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ll Answers As the number of lines increases, the costs will increase.
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ll How do con artists get around requirements to produce IDs or passports to open accounts
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ll or perform transactions? - Correct Answers They can buy IDs and personal information
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ll on the street or Internet, or produce fake IDs themselves.
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ll How do different tax authorities treat items excluded from federal taxable income? -
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ll Correct Answers Exclusions vary from state to state.
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ll How do home equity loans compare with home equity lines of credit (HELOC)? - Correct
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ll Answers A home equity loan is an installment loan with set payments. A HELOC is a
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ll revolving loan with a variable monthly payment. ll ll ll ll ll ll
ll How do investors define risk? - Correct Answers Risk is the chance that you will lose the
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ll original investment. ll
, ll How do most forms of IRAs help people who want to boost retirement savings after
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ll reaching the age of 50? - Correct Answers They allow accountholders to begin making
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ll additional catch-up contributions at that age. ll ll ll ll ll
ll How do retail credit cards typically compare to Visa or MasterCard credit cards offered by
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How many homeowners nationwide routinely decide not to take the tax deduction for
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mortgage interest and property tax because they have minimal expenses, want to file a
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basic return, own their home outright, or fail to qualify for the deduction? - Correct Answers
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About 1/2 of homeowners.
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ll How much can a member in the 25% tax bracket save in federal income taxes by
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ll depositing pre-tax income into tax-deferred retirement accounts, such as traditional IRAs?
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ll - Correct Answers One-fourth of the deposit.
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ll How much of the payment history makes up a member's credit score? - Correct Answers
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ll 35%
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