Exam (elaborations)
FICEP PART 1
- Course
- Institution
Exam of 13 pages for the course Ficep at Ficep (FICEP PART 1)
[Show more]
Content preview
FICEP PART 1What6are6the6housing6market6conditions6that6can6indicate6a6real6estate6"bubble"?6-6ans--
Housing6values6are6rising6faster6than6consumer6income
What6five6sources6influence6most6consumers'6financial6practices?6-6ans--
Parents,6Lenders,6learned6patterns,6creditors,6society/peers
What6is6the6best6tactic6for6helping6members6who6are6in6the6"earn/spend/earn/
spend"6cycle?6-6ans--
Each6paycheck6must6be6divided6up6for6specific6categories6such6as6savings6and6debt
What6are6the6six6steps6of6the6financial6counseling6process?6-6ans--
1.6Gather6personal6and6financial6data
2.6Establish6clear6financial6goals6and6objectives
3.Process6and6analyze6info
4.Develop6a6comprehensive6spending6plan
5.6Implement6the6plan
6.6Monitor,6evaluate,6and6adjust6as6needed
What6are6the6four6steps6in6the6process6of6change?6-6ans--
1.6Recognize6the6need6for6change
2.6Introduce6new6ideas6and6collect6information
3.6Revise6the6plan6to6integrate6new6information
4.6Make6changes6part6of6everyday6habits
What6are6the6"four6c's"6sometimes6used6to6determine6whether6a6member6is6a6good6candi
date6for6credit?6-6ans--Capacity
Credit6History
Character
Collateral
What6are6the6steps6for6gaining6board6support6for6a6financial6counseling6program?6-6ans--
1.6Gather6info6and6prepare6a6financial6statement
2.6Identify6the6objectives6of6the6financial6counseling6program
3.6Analyze6current6positions6and6consider6alternatives
4.6Develop6an6action6plan
5.6Solicit6support6for6the6program
6.6Present6the6program6to6the6board
7.6Revise6and6resubmit6if6needed
, What6are6the6ten6vital6skills6for6consumers?6-6ans--
1.6Plan6(including6setting6goals,6determining6action6steps,6and6creating6measurable6obje
ctives)
2.6Find6reliable6consumer6info
3.6Budget
4.6Save
5.6Prepare6for6retirement
6.6Create6a6spending6plan
7.6Use6credit6carefully
8.6Use6insurance6to6manage6risks
9.6Invest
10.6Avoid6consumer6fraud
What6are6the6three6types6of6counseling?6-6ans--1.6Remedial6counseling
2.6Preventive6counseling
3.6Productive6counseling
What6is6remedial6counseling?6-6ans--
For6members6who6already6have6poor6credit,6debt,6poor6money6management,6etc
What6is6preventive6counseling?6-6ans--
Helps6members6with6good6financial6habits6deal6with6challenges6due6to6life6changes
What6is6productive6counseling?6-6ans--
Helps6members6identify6the6best6way6to6use6their6resources6to6improve6their6financial6sta
tus
What6are6the646counseling6concepts?6-6ans--1.6People6are6resourceful-
they6just6need6to6be6taught6what6their6resources6are
2.6Every6life6event6is6an6opportunity6for6growth6and6learning
3.6No6one6way6is6always6best
4.6Change6is6constant
What6are6the6four6essential6skills6of6counseling?6-6ans--1.6Communication
2.6Counseling-offer6advice6and6guidance6that6can6be6applied6to6their6situation
3.6Teaching6skills
4.6Confidentiality
What6are6six6counseling6pitfalls?6-6ans--
1.6Assuming6that6people6share6your6beliefs6and6values
2.6Assuming6we6understand6what6the6speaker6is6about6to6say
3.6Practicing6wishful6hearing
4.6Using6business6slang/jargon
5.6Talking6too6much
6.6Failing6to6share6the6members6perspective
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AGRADEPROMASTER. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now