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FiCEP Exam Certification 2024/2025 |Complete Solution| Graded A+[Multiple Choices] CA$18.76   Add to cart
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FiCEP Exam Certification 2024/2025 |Complete Solution| Graded A+[Multiple Choices]
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FiCEP Exam Certification 2024/2025 |Complete Solution| Graded A+[Multiple Choices] Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / save d. Earn / borrow / spend / save a...

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  • October 8, 2024
  • 44
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ficep exam certification complete solu

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  • Ficep

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FiCEP Exam Certification 2024/2025
|Complete Solution| Graded A+[Multiple
Choices]



Which cycle describes members who are just surviving and living paycheck to paycheck?

a. Earn / spend / earn / spend

b. Earn / spend / borrow / spend

c. Earn / spend / save

d. Earn / borrow / spend / save a. Earn / spend / earn / spend



What is the primary purpose of FiCEP certification?**

A. To educate individuals on financial planning for the wealthy

B. To train credit union employees to provide financial counseling

C. To prepare individuals for investment banking roles

D. To promote corporate tax planning strategies



What is the first step in creating a budget?**

A. Tracking income and expenses

B. Reducing debts

C. Allocating funds for emergency savings

D. Creating a savings plan


1

,Which of the following is considered an asset in a personal financial statement?**

A. Credit card debt

B. Savings account balance

C. Car loan

D. Utility bills



. What is the recommended emergency savings goal?**

A. One month of expenses

B. Two months of expenses

C. Three to six months of expenses

D. One year of expenses



**5. What is the difference between secured and unsecured debt?**

A. Secured debt has no interest, while unsecured debt has interest

B. Secured debt is backed by collateral, while unsecured debt is not

C. Unsecured debt must be paid off first

D. There is no difference



**6. What is a credit score primarily used for?**

A. Determining a person’s annual tax liability

B. Estimating a person’s ability to save

C. Assessing the likelihood of loan repayment

2

,D. Calculating monthly utility bills



**7. How long can negative information stay on a credit report?**

A. 7 years

B. 5 years

C. 10 years

D. 3 years



**8. What is a key benefit of automatic bill payments?**

A. Increased credit score

B. Reduced interest rates

C. Avoiding late fees

D. Higher savings rates



**9. Which of the following is NOT part of a credit report?**

A. Payment history

B. Credit inquiries

C. Salary information

D. Outstanding debts



**10. When counseling a client on debt repayment, which strategy focuses on paying off the

smallest debt first?**

A. Avalanche method


3

, B. Snowball method

C. Balanced budget method

D. Equity payment plan



**11. What type of debt usually has the highest interest rate?**

A. Credit card debt

B. Mortgage

C. Student loans

D. Auto loans



**12. What is the key advantage of consolidating debt?**

A. Lower total debt owed

B. Simplified payments

C. Higher credit score

D. Faster debt repayment



**13. Which of the following is a primary role of a financial counselor?**

A. Selling financial products

B. Providing advice on managing personal finances

C. Preparing tax returns

D. Offering stock market investment advice



**14. What is the main goal of a financial action plan?**

4

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