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FICEP Test with Questions and Answers
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FICEP Test with Questions and Answers
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FICEP Test with Questions and AnswersExamining forces for or against a specific action are part of a _____________
______________ _____________________. - ✔✔Force field analysis
The counseling process contains six steps. In sequential order, they are:
1. ____________ member data
2. Establish clear financial _____________ and objectives.
3. _________________ data.
4. _____________ a spending, debt repayment and action plan
5. _______________ plan.
6. Monitor, evaluate, and ______________ as needed. - ✔✔collect
goals
analyze
develop
implement
adjust
a ____________ plan looks at the sources of income and where clients spend
their money. - ✔✔spending
Cash _____ is the term to define money in and out of a client's budget. -
✔✔flow
T or F
,At least 3 recent paycheck stubs should be reviewed when gathering a member's
financial information. - ✔✔True
When analyzing expenses it is important to consider a 12 month cycle to take
____________ ______________ into account which include rising utility costs for
additional air in the summer and heat in winter as well as back to school expenses
every fall. - ✔✔seasonal variations
Options for increasing ______________ include working overtime, getting a
second job, selling something and setting long term goals - ✔✔income
Accelerating debt repayment can be done by paying more on principal, rolling up
payments of the same amount monthly, or paying off ____________
_____________ debts first. - ✔✔high interest
T or F
Since 2010 federal law requires consumers to have a choice to opt-in to overdraft
programs. - ✔✔True
____________ loans are the costliest way to handle cash flow problems. -
✔✔Payday
When planning a trip, choose the vehicle that gives the best ___________ for that
trip. - ✔✔mileage
Secure vehicle financing for a vehicle ____________ you shop and consider how
much you can afford for the vehicle plus insurance and upkeep. - ✔✔before
, _____________ savings helps members cope with unexpected expenses. -
✔✔Emergency
___________ _________________ savings helps members plan for known future
expenses. - ✔✔Set aside
________________ savings have to be more than just a deposit to a 401(k) plan. -
✔✔Retirement
Spending allowances should be broken down into __________ amounts -
✔✔weekly
T or F
It is important that counselors ask a member to sign a contract to reinforce and
stick with the plan they have chosen or it will not work. - ✔✔False
One of the ways members can get started saving is to set aside the net amount of
a ________ in a savings account and continue to live on what their prior pay. -
✔✔raise
_________________ _________ savings is a nest egg to help members through a
period of lost or reduced income. This is also the middle tier of the savings
pyramid. - ✔✔Safety net
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