FiCEP
Exam Combined
Questions With Revised Correct
Answers
| UPDATED |
1) Which of the following is the first step of the counseling
process?
a. Analyze data
b. Develop a spending plan
c. Collect member data
d. Establish goals and objectives - ANSWER
member data
2...
1) Which of the following is the first step of the counseling
process?
a. Analyze data
b. Develop a spending plan
c. Collect member data
d. Establish goals and objectives - ANSWER c. Collect
member data
2) It is best to divide a budget into which cycle?
a. Daily
b. Monthly
c. Quarterly
d. Annually - ANSWER b. Monthly
,3) Which of following provides a credit history including debt
repayment practices for an individual?
a. Cash flow
b. Net worth
c. Debt ratio
d. Credit report - ANSWER d. Credit report
4) When discussing a member's budget analysis, build in
assumptions and adjustments to make sure the process allows
for a...
a. 12-month cycle.
b. 24-month cycle.
c. 36-month cycle.
d. 48-month cycle - ANSWER a. 12-month cycle.
5) Which of the following is NOT a step that will reduce debt?
a. Set goals
b. Stop creating debt
c. Borrow money from payday lenders
,d. Consolidate credit cards - ANSWER c. Borrow money
from payday lenders
6) Increasing a monthly payment beyond the minimum
required by the credit issuer is known as:
a. paying more on the principal.
b. rolling up the payment.
c. paying the high-interest debts first.
d. paying the largest debt first. - ANSWER a. paying more
on the principal.
7) One disadvantage of leasing a car is:
a. equity builds every month.
b. inconsistent monthly payments.
c. locked into a contract.
d. no factory warranty - ANSWER c. locked into a contract.
8) When determining if a vehicle is affordable, which of the
following is NOT important to consider?
a. Purchase price
b. Maintenance
, c. Insurance
d. Ability to pay online - ANSWER d. Ability to pay online
9) Which type of savings helps one cope when the unthinkable
occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday - ANSWER c. Emergency
10) A good action plan includes:
a. the counselor completing a budget and giving it to the
member.
b. a list of steps and timeline for the member to complete.
c. a list of family members to contact.
d. the counselor making creditor calls - ANSWER b. a list of
steps and timeline for the member to complete.
11) Which of the following is not an example of ways members
may start saving?
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