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FICEP 2024 CONTINUTE (QUESTIONS & ANSWERS) GRADED A+ $7.99   Add to cart

Exam (elaborations)

FICEP 2024 CONTINUTE (QUESTIONS & ANSWERS) GRADED A+

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FICEP 2024 CONTINUTE (QUESTIONS & ANSWERS) GRADED A+

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  • November 7, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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165 Multiple choice questions

Definition 1 of 165
Early termination fee, higher insurance, mileage may be restricted, fees for excessive wear and
tear, lack of equity, higher credit requirements, lease contract

Benefits of purchasing a vehicle with cash


Advantages of leasing a vehicle

Costs associated with vehicle ownership

Disadvantages to leasing rather than buying

Term 2 of 165
Make referrals when needed

Vital Counselor Skill - Make referrals for anything beyond your scope of practice.

Vital Counselor Skill - Observe every aspect of a member's attempts to communicate.

Vital Counselor Skill - Offer hope even if a members situation is dire.

Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.

Definition 3 of 165
True or False - Divorce does not have a direct impact on credit standing.

True


Open

25-30%


False

,Definition 4 of 165
Should contain
- One month's mortgage/Rent
- One month's income
- Keep adding indefinitely

Declarative lead


Seasonal income

rate of return


Emergency savings

Definition 5 of 165
True or False - A divorce decree nullifies contracts with lenders that both spouses previously
signed.

Seasonal income

True

False

MLA

Definition 6 of 165
A _____ designates someone to stand in the place of someone to conduct their businesses.

trustee

legal guardian

power of attorney


executor

,Term 7 of 165
Hidden

Questions to ask before buying a vehicle - depends on location and use.

True or false: Unpaid overdrafts do not report to CRAs.

Information the member knows and chooses not to share.


Information a counselor knows and a member does not.

Definition 8 of 165
The total return on an investment expressed as a percentage of the amount of money saved

risk

yield rate


rate of return

compound interest

Term 9 of 165
Adjust plans as needed

Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.


Vital Counselor Skill - Help member make any needed budget adjustments.

Vital Counselor Skill - Using creativity to persuade members to share all details of their
financial situation.

Vital Counselor Skill - Make referrals for anything beyond your scope of practice.

, Definition 10 of 165
Vital Counselor Skill - Urge members to change their financial situation and acknowledge the
reality of their situations.

Encourage members to ignore their financial reality

Advise members to remain indifferent to their situation

Combine optimism, enthusiasm, and realism

Promote a purely pessimistic view of finances

Definition 11 of 165
Second step in creating a spending plan

Create list of all creditors

Verify accuracy of incomes and expenses

Obtain all income information

Credit union

Definition 12 of 165
Counselors use _____________ to create a feeling of connection with a member by matching physical
characteristics and unconscious movements.

Dismissing

Interrupting

Avoiding

Pacing

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