FICEP CERTIFICATION EXAM QUESTIONS WITH COMPLETE A GRADED SOLUTIONS
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Module
FICEP
Institution
FICEP
FICEP CERTIFICATION EXAM QUESTIONS WITH COMPLETE A GRADED SOLUTIONS
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 - Answer-Ability to pay online
Which type of sav...
FICEP CERTIFICATION EXAM
QUESTIONS WITH COMPLETE A
GRADED SOLUTIONS
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 - 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 - 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 - 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 - 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. - 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 - 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 - 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. - 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. -
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 - 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
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