FICEP TEST BANK COMPLETE QUESTIONS WITH CORRECT DETAILD ANSWERS
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Module
FICEP
Institution
FICEP
FICEP TEST BANK COMPLETE QUESTIONS WITH CORRECT DETAILD ANSWERS
When a repossessed vehicle is sold but a balance remains, a ______________ loan can be negotiated to pay the balance to help minimize negative credit reporting or garnishment. - Answer-workout
An advantage to owning a home is buil...
FICEP TEST BANK COMPLETE
QUESTIONS WITH CORRECT DETAILD
ANSWERS
When a repossessed vehicle is sold but a balance remains, a ______________ loan
can be negotiated to pay the balance to help minimize negative credit reporting or
garnishment. - Answer-workout
An advantage to owning a home is building ___________. - Answer-Equity
Homeowners can earn _____________ with their insurer by having multiple policies
and products, installing home security systems, and having smoke detectors. - Answer-
discounts
To consolidate existing debt a member can borrow on their home's equity through
multiple methods which are home equity _________ or line of credit or even through a
_______________ mortgage for those over age 62. - Answer-loans, reverse
Household goods can be seized if they are used as ____________ in a "purchase
money security interest agreement." - Answer-collateral
A _____________ is an action by a creditor to recover debt that was secured by a real
estate purchase whereas a _____________ is an action a landlord may use to satisfy
unpaid rent. - Answer-foreclosure, eviction
Chapter ___ bankruptcy is called a straight bankruptcy because it discharges all
allowable debts by law but leaves the debtor with no assets. - Answer-7
Chapter ____________ bankruptcy is called wage earner bankruptcy because debts
are repaid over 3-5 years in a court approved repayment plan. - Answer-13
T or F
Chapter 7 bankruptcy remains on a credit record indefinitely. - Answer-False
If a credit union uses ________________________ then all debts at that credit union
are now secured by the collateral listed on any secured agreement, making those goods
subject to seizure in debts at that credit union. - Answer-cross-collateral
Post-bankruptcy strategies should begin with a financial ___________ to determine
what caused the bankruptcy to avoid repeating habits and establishing a realistic
budget. - Answer-assessment
, _______________ loans are designed to help establish credit over time, usually 12-24
months with small loan amounts up to $2500. - Answer-Credit-Builder
______________ ______________ occurs when a criminal obtains personal
information to use without permission. - Answer-Identity Theft
Primary sources of data for identity thieves include _______ _________________
cards, driver's license, tax returns and medical insurance cards. - Answer-social security
Opting out of _____________ credit card offers will help stop identity theft - Answer-pre-
screened
Lack of a lock icon, misspelled words, altered logos and requests for personal
information are all clues a website is _______________. - Answer-fraudulent
___________ __________________ _____________ contain images and
characteristics of each state's authentic driver's license to help credit union staff to
ensure validity of presented documents. - Answer-ID Checking Guides
A _____________ _________________ on a credit report indicates the person was an
identity theft victim and requests creditors contact them prior to accessing the report. A
credit freeze prohibits creditors or anyone from accessing a credit report - Answer-fraud
alert
Withdrawing large sums of __________ and avoiding conversations are warning signs
of scams - Answer-cash
_______________ abuse is any known, intentional or negligent act by a caregiver or
other person that causes harm. - Answer-Elder
T or F
The primary reason elders are an attractive target for financial exploitation is because
they typically have excess disposable income. - Answer-False
Basic principles of __________________ include saving now, living below means,
diversifying investments, thinking long term, and understanding brokerage fees. -
Answer-retirement
T or F
Social Security was designed as a supplement to income to help with basic needs, not
as an income replacement. - Answer-True
a ______ plan builds retirement savings by employees deferring tax on some income
through contribution into this separate account that may also include a match by their
employer. - Answer-401k
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