FICEP PART 2 EXAM REVIEW QUESTIONS WITH ALL CORRECT ANSWERS (100% CORRECT ANSWERS)
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Module
FICEP
Institution
FICEP
FICEP PART 2 EXAM REVIEW QUESTIONS WITH ALL CORRECT ANSWERS (100% CORRECT ANSWERS)
Compulsive buying/spending - Answer-Excessive, repetitive purchasing that may be difficult to control and result in serious financial problems; at its extreme, this behavior is described as a shopping addiction
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FICEP PART 2 EXAM REVIEW
QUESTIONS WITH ALL CORRECT
ANSWERS (100% CORRECT ANSWERS)
Compulsive buying/spending - Answer-Excessive, repetitive purchasing that may be
difficult to control and result in serious financial problems; at its extreme, this behavior is
described as a shopping addiction
Coverdell Educational Savings Accounts (ESAs) - Answer-Specialized accounts that
permit parents to dave up to $2000 per year for future education cost for K-12
schooling, college, and education for people with special needs.
Equitable Distribution - Answer-System of dividing property in divorce, observed in 39
states, in which the judge is charged with dividing marital property fairly and equitably,
but not necessarily 50-50
Expected Family Contribution (EFC) - Answer-Calculation by the office of Federal
student aid of the dollar amount students and their families are expected to pay for a
college education based on the information submitted in their free applications for
Federal Student Aid.
Free Application for Federal Student Aid (FAFSA) - Answer-Application that must be
completed by students and their parents to determine whether they qualify for federal
grants, loans, and work-study programs; most colleges and universities use the
information on these forms to make their financial aid decisions as well.
Federal Student Loans - Answer-Loans underwritten by the federal government at a
lower-than-market interest rate and rewarded based on financial need, typically without
a credit review or cosigner; the government pays the interest on the principal on direct
subsidized loans as long as students are enrolled at least half time. Direct Unsubsidized
loans available to undergraduate and graduate students without the requirement to
demonstrate financial need; interest on these loans accrues while students are in
school.
Financial denial - Answer-A behavior in which people choose not to open their account
statements and credit card bills to avoid thinking about their money troubles
Financial infidelity - Answer-lying about or attempting to hide the true state of the
family's finances from one's spouse or partner
, Great Recession - Answer-The steep decline in economic activity in the united states
from 2007 through 2009, generally considered the largest downturn since the Great
Depression of the 1930s.
Heuristics - Answer-Mental shortcuts relying simple rules of thumb to aid in decision
making; in financial decisions, however, _____ may not be reliable in leading members
to the wisest choices
Hoarding - Answer-Excessive acquisition of material goods and inability to dispose of
those goods
Individual development accounts (IDAs) - Answer-savings accounts for low income
individuals in which participants' savings are matched by federal, state, or local
government sources with the aim of supporting greater financial security; participants
save for specific goals, such as buying a home, starting a business, and receive
financial education as a part of the program
Lifetime Learning Credit - Answer-Federal Income tax credit up to $2000 for qualified
education expenses; since many undergraduate students and their parents claim the
American Opportunity Credit for their first four years of college, the Lifetime Learning
Credit is more often claimed by graduate and part-time students
Money avoidance - Answer-Dysfunctional response to personal finances based on the
view that money is evil or underserved; "avoiders" see money as a source of fear or
disgust and avoid earning, saving, or spending it
Money status - Answer-Association of wealth with self-worth, a dysfunctional view of
mown that emphasizes materialism
Money Vigilance - Answer-Perceived need for secrecy about the state of one's financial
affairs, which may lead to problems with personal relationships as well as deepening
financial troubles
Money Worship - Answer-Belief that money is synonymous with happiness and
success; dysfunctional responses of money worshippers may include workaholism and
compulsive hoarding, gambling, or spending.
Plus loans - Answer-Student loans available to graduate or professional degree
students and parents of dependent undergraduate students through colleges
participating in the federal Direct Loan Program
Private student loans - Answer-Education loans available to students and their parents
from credit unions, banks, and other lenders affiliated with their colleges; unlike federal
student loans, private loans are subject to credit reviews and are typically offered at
higher rates
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