FICEP final test questions & answers 2024/2025
people who have gambled in their lifetimes, in the past year - ANSWERS85%, 66%
learning financial attitudes from parents is known as - ANSWERSmodeling
consumers who want it "now vs later" are at the greatest risk of - ANSWERSspending more t...
FICEP final test questions & answers 2024/2025 people who have gambled in their lifetimes, in the past year - ANSWERS85%, 66%
learning financial attitudes from parents is known as - ANSWERSmodeling
consumers who want it "now vs later" are at the greatest risk of - ANSWERSspending more than they can
afford
if a member thinks of a new obligation as only a few more dollars a month, without considering the total cost of the purchase, this usually indicates that they are - ANSWERSfocusing too little on the future
members viewing their 401k contributions as their primary savings are probably - ANSWERSsaving too little
earn/spend/earn/spend - ANSWERSliving paycheck to paycheck
earn/save/spend - ANSWERSpay yourself first, primary focus is saving
earn/spend/borrow/spend - ANSWERSneed it now, creates reliance on debt
major advantage of using a credit card - ANSWERSit is convenient
gambling addictions are hard to identify because - ANSWERSthere is no saturation point for gambling behavior
goal of financial counseling - ANSWERShelp members become responsible for their own financial lives goal of credit counseling - ANSWERShelp create financial stability in member's financial lives
financial counselors are NOT - ANSWERStherapists
when budgeting, financial counselors... - ANSWERSmake suggestions, do not do the budget for them
financial counselors make members aware of their financial situation by - ANSWERSshowing the big picture (cash flow, total amount owed, interest rates)
remedial counseling - ANSWERSused when short term crisis intervention is needed
preventative counseling - ANSWERSplanning for something (marriage, children, college)
productive counseling - ANSWERSidentifies the best way to use resources with existing good financial habits
steps to setting up a counseling program - ANSWERS1. determine member needs
2. know community, national stats, employee needs
3. propose to board only after obtaining information, identifying objectives, and developing an action plan
the role of a financial counselor is to - ANSWERSadvise and motivate members to address financial concerns
purpose of a spending plan - ANSWERSbalance spending, bill paying, and saving
common counseling pitfall - ANSWERStalking too much, each member is different
why analyze a member's income, expenses, and debts? - ANSWERSto determine the severity of the problem and find options for improvement
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