Ficep exam 2 with - Study guides, Class notes & Summaries

FICEP EXAM PART 2 questions with correct answers

FiCEP 75-100 Exam Questions with Correct Answers What are the three types of taxes? - Answer-Progressive (ex. income tax) 2. Regressive - % of cost (ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same What are tax filing status options? - Answer-1. Single 2. Married, filing jointly 3. Married, filing separately 4. Head of household (single deduction, add with single or married) 5. Qualifying widow(er) with dependent child(ren)--tax break lost spouse last tw...

FICEP Part 2 Exam Questions with 100% Correct Answers

FiCEP 75-100 Exam Questions with Correct Answers What situations call for immediate assistance? - Answer-1. Food, shelter, or medical care 2. Professional help (ex. psych needs) 3. Severe financial crisis What are the three types of taxes? - Answer-Progressive (ex. income tax) 2. Regressive - % of cost (ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same What are tax filing status options? - Answer-1. Single 2. Married, filing jointly 3. Married, filing ...

FiCEP 2024/25 Exam Review Questions and answers, rated A+ Undeserved - -Money avoidance is the idea that money is evil or _____. Worship - -The idea that money is the way to solve all a member's problems is money _____. Status - -Money _____ is the member's belief that wealth is tied to self-worth. Money is seen as a member's way to one-up others. Secrecy - -Money vigilance is a member's perceived need for _____ about their financial matters. Earn/Save/Spend - -The ideal spending cy...

Select the statement that correctly describes a progressive tax. - Answer A progressive tax requires people to pay more as they earn more. What is the name of the organization that offers free tax assistance to taxpayers age 60 or older, those with disabilities or special needs, or who qualify for earned income or homestead tax credits? - Answer Tax Counseling for the Elderly (TCE) What percent of tax payers are eligible to use the "Free File Online" service offered as a partnership ...

FICEP Test Exam Questions With Revised Answers Money avoidance is the idea that money is evil or ______________ - answerundeserved The idea that money is the way to solve all a member's problems is money ______________ - answerworship Money ____________ is the member's belief that wealth is tied to self-worth. Money is seen as a member's way to one-up others. - answerStatus Money vigilance is a member's perceived need for ___________ about their financial matters. - answersecrecy Th...

FiCEP Exam| 100 Questions| Correct 100% Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / save d. Earn / borrow / spend / save - ANSWER a. Earn / spend / earn / spend Webinar 1 Financial counselors who don't use what they know about hemispheric thinking, may fall into the trap of: a. Assuming the member will succeed if they work with the counsellor b. Asking too ...

when dealing with finances - Answers--brainstorm with everyone in the household (buy-in) - do not try to control spouse's financial behavior - focus on goals progressive tax - Answers-federal and state income tax- if income increases, so does tax regressive tax - Answers-charge the same % of an item's cost, regardless of income (gas, liquor) flat or level - Answers-everyone pays the same percent of income you have to file tax returns with the IRS unless - Answers-you owe n tax or...

401k - Answers-Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - Answers-The person or persons who are designated to receive the amount of the death benefit if the policyholder dies. Cafeteria Plan - Answers-Tax-qualified flexible benefit plans that are offered by participating employers. It was created by the internal Reve...