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FiCEP Study Guide (Midterm) Questions and answers
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FiCEP Study Guide (Midterm) Questions and answers
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FiCEP Study Guide (Midterm)Questions and answers
Anybody - answer Financial problems are not limited to those that
make mistakes, spend too much, or fail to save. ____ can experience
financial problems.
Wants - answer Many times financial consumers cannot distinguish
between needs (food, shelter, safety) and ____ (things that aren't
necessary for day-to-day living, but fun to have and build their ego).
Divorce - answer Sickness, job loss, death, and ____ can lead to
financial difficulties.
Expenses - answer Helping members find balance between income
and ____ is the role of a financial counselor.
Economic factors - answer Circumstances, behaviors, ____ ____ , real
estate, and credit cards can increase the level of member's financial
problems.
85% - answer ____ % have gambled at some point in their lifetime,
and 66% have gambled in the last year.
Source of Income - answer Credit cards, while convenient, should
never be used as a ____ ____ ____ .
Saving too little - answer ____ ____ ____ is a problem when members
don't recognize future large expenditures they might have to fund.
,Future - answer Not planning for the ____ is a surefire way to build
financial problems down the road.
Time - answer When you postpone savings, you lose a key element
in success, and that is ____ .
Parents - answer We can learn financial attitudes, like spending,
saving, and who controls the money from our ____ .
Illiterate - answer A financial counselor sometimes can help a
member's attitudes if parents were financially ____ .
Have it all now/pay later - answer Society has encourage members
to ____ ____ ____ / ____ ____ and overindulge.
Payment schedules - answer Creditors attitudes of granting easy
____ ____ have lead to pyramiding debt and the possibility of
bankruptcy, garnishments, and financial difficulties.
Financing - answer Longer ____ may add risk for the financial
institution.
Affluenza - answer ____ is the concept of having enough but still
wanting to acquire more.
Decrease - answer Missed payments and pyramiding debt can cause
your credit score to ____ .
More - answer Lower credit scores cause credit to cost members ____
in interest charges.
, Earn - answer Living paycheck to paycheck is characterized by the
earn/spend/ ____ /spend scenario.
Debt - answer Managing ____ is one of the most important skills a
counselor can share with a member.
Understand - answer We should seek to ____ where members are
coming from, even though we may not have had their experiences.
Hope - answer Your counseling efforts should give members ____ that
they can regain control of their finances.
Financial - answer Client meetings can be informal, get to know you
sessions, or the member can gather personal and ____ information in
preparation for the first session.
End of the road - answer If you or a client fail at the first attempt at
financial counseling, this doesn't mean the ____ ____ ____ ____ .
75% - answer ____ % of financial consumers said they would benefit
from getting answers to money management questions.
Board - answer The ____ should formalize a policy about the credit
union's position in providing financial counseling.
Safety - answer The ____ of counselors is a top consideration in a
financial counseling program.
Program Design, Safety, and Support - answer Three areas of
consideration for a financial counseling program are the ____ ____ ,
____ , and ____ .
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