FiCep Part 1(2024 Latest Update)Correct 100%

What are the housing market conditions that can indicate a real estate "bubble"? - ANSWER Housing values are rising faster than consumer income What five sources influence most consumers' financial practices? - ANSWER Parents, Lenders, learned patterns, creditors, society/peers What is the best tactic for helping members who are in the "earn/spend/earn/spend" cycle? - ANSWER Each paycheck must be divided up for specific categories such as savings and debt What are the six steps of the financial counseling process? - ANSWER 1. Gather personal and financial data 2. Establish clear financial goals and objectives 3.Process and analyze info 4.Develop a comprehensive spending plan 5. Implement the plan 6. Monitor, evaluate, and adjust as needed What are the four steps in the process of change? - ANSWER 1. Recognize the need for change 2. Introduce new ideas and collect information 3. Revise the plan to integrate new information 4. Make changes part of everyday habits What are the "four c's" sometimes used to determine whether a member is a good candidate for credit? - ANSWER Capacity Credit History Character Collateral What are the steps for gaining board support for a financial counseling program? - ANSWER 1. Gather info and prepare a financial statement 2. Identify the objectives of the financial counseling program 3. Analyze current positions and consider alternatives 4. Develop an action plan 5. Solicit support for the program 6. Present the program to the board 7. Revise and resubmit if needed