FiCEP Study Guide (Final)Latest Update 2024-
2025 Actual Exam 300 Questions and 100%
Verified Correct Answers Guaranteed A+
$1 million or more - CORRECT ANSWER: Umbrella liability coverage is laid on top of
existing homeowner and auto policies to provide additional coverage of ______.
$30,000 - CORRECT ANSWER: Two-thirds of working women earn less than _____ a
year; when compared to men, women are more likely to work in part-time jobs that are
linked to lower wages, a lower rate of promotion, a lower rate of pension, and smaller
retirement benefits.
$5,500 - CORRECT ANSWER: Contributions to both Traditional and Roth IRAs are
limited to a total of ____ per year. Persons age 50+ may make additional catch-up
contributions of $1,000.
100 - CORRECT ANSWER: Financial counselors are saying that retirees may need up
to _____% of their pre-retirement income to be adequately funding into retirement.
100% - CORRECT ANSWER: As American's life spans have lengthened, some advisers
are increasing the required percentage of pre-retirement income to _____.
15 - CORRECT ANSWER: Approximately ____ million United States residents have
their identities used fraudulently each year with financial losses totaling upwards of $50
billion.
18 - CORRECT ANSWER: A person is considered an adult, or reaches the age of
majority, when he/she becomes ___ years old.
18 - CORRECT ANSWER: During the Great Recession, the average American family
lost the equivalent of _____ years of savings and investments.
,2% - CORRECT ANSWER: The upfront cost of reverse mortgages include mortgage
insurance, appraisal, title insurance, legal and recording fees, and a ___ origination fee
that caps at $6,000.
21 - CORRECT ANSWER: Card companies are required to mail billing statements ____
calendar days before the due date.
21 - CORRECT ANSWER: Card issuers can't issue a credit card to anyone under age
___, unless they have a cosigner, who is ____ or over), or can provide proof of a means
to repay.
25-30% - CORRECT ANSWER: It is best to keep the balance on each credit card
maintained between _____.
401(k) plan - CORRECT ANSWER: Saving for retirement can also save taxes by
making contributions to a _____.
403(b) - CORRECT ANSWER: There are a number of ways to save for retirement and
include 401(k), _____, Simplified Employee Pensions, individual retirement accounts,
and Simple IRAs.
403(b) plans - CORRECT ANSWER: _____ are retirement plans for people employed
for organizations that have 501(c)3 status.
45 - CORRECT ANSWER: Card companies now must give cardholders ____ days
notice of interest rate increases.
529 plan - CORRECT ANSWER: A ____ allows parents and grandparents to save for
the future college-education expense of the children named as beneficiaries.
529 Plan & Coverdell ESA - CORRECT ANSWER: Two specialized savings and
investment accounts, the ______, offer tax advantages; parents won't have to pay
income taxes on the earnings or interest earned as their savings grow.
,59 1/2 - CORRECT ANSWER: Penalties will be charged if withdrawals are made from a
traditional IRA before ______.
6 - CORRECT ANSWER: At the time of repayment for a reverse mortgage, the estate
has ____ months to repay the balance of the reverse mortgage or sell the home to pay
off the balance. Any remaining equity goes to the member's estate. (the estate is not
personally liable if the house sells for less that the balance on the reverse mortgage)
62 - CORRECT ANSWER: A member must be over age _____ and have equity in their
home to qualify for a reverse mortgage.
65 - CORRECT ANSWER: Medicare coverage kicks in at age _____.
70 - CORRECT ANSWER: _____% of taxpayers may be eligible for free tax filing
assistance.
70 - CORRECT ANSWER: Full retirement age for Social Security is ____.
70% - CORRECT ANSWER: Over _____ of all U.S. taxpayers meet the income
requirements to use Free File for federal returns.
8% - CORRECT ANSWER: Once eligible to claim Social Security benefits, the
member's benefits will increase by ____ each year until they reach full retirement age.
80% - CORRECT ANSWER: Standard homeowner insurance plans typically require that
policy limits be at least _____ of the cost of replacing the property.
account or credit card numbers - CORRECT ANSWER: Be on guard of scholarship
offers that ask for fees up front, ____, or those that say the student is a finalist and must
pay a fee to get the scholarship.
, addiction - CORRECT ANSWER: ___ can be defined as feeling compelled to continue a
habit or practice that is psychologically or physically habit-forming to the point that
cessation may cause severe trauma.
addictions - CORRECT ANSWER: _____ can include alcohol, drugs, gambling,
overspending, shopping, internet, or pornography.
advance medical directive - CORRECT ANSWER: A durable power for healthcare is
also known as a living will or _____.
anxiety - CORRECT ANSWER: A lifestyle of luxury is not worth the _____ it causes.
anxiety, worry, or despair - CORRECT ANSWER: If a member has a lot of _____, they
may not be financially fit.
appropriateness of name and address - CORRECT ANSWER: Front-line employees
can pay attention to _____ and checks that look suspicious as a way to prevent identity
theft.
attitude - CORRECT ANSWER: ____ refers to the way we think and the positive or
negative feelings we have about something.
attitudes and behaviors - CORRECT ANSWER: Respect member's financial values;
seek to change _____.
auto coverage - CORRECT ANSWER: Liability, personal injury or medical coverage,
uninsured or under-insured coverage, comprehensive, collision, and towing and
roadside assistance, and car rental coverage are the seven types of _____ available to
consumers.
before - CORRECT ANSWER: Secure your financing for a vehicle _____ you shop and
consider how much you are able to spend on the purchase.
