Ficep stuvia - Study guides, Class notes & Summaries
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FiCEP Study Guide (Final)Questions & Answers(RATED A+)
- Exam (elaborations) • 21 pages • 2024
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operating costs - ANSWERA tax is defined as a contribution that supports the _____ of a government. 
 
progressive - ANSWERA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) 
 
regressive - ANSWERA _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) 
 
fees or surcharges - ANSWERSometimes taxes are called _____. 
 
fee ...
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FiCEP Final : CUNA Review Questions & Answers 100% C0rrect
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Select the statement that correctly describes a progressive tax. - ANSWERA progressive tax requires people to pay more as they earn more. 
 
Pick the statement that best describes a regressive tax. - ANSWERA regressive tax charges the same tax rate regardless of the taxpayer's income. 
 
Why are government fees and surcharges sometimes described as a form of tax? - ANSWERBecause they generate income for the government. 
 
Which taxing authorities are worthy of the member's attention? - ANSWERT...
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FiCep Part 1 Questions & Answers(RATED A+)
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What are the housing market conditions that can indicate a real estate "bubble"? - ANSWERHousing values are rising faster than consumer income 
 
What five sources influence most consumers' financial practices? - ANSWERParents, Lenders, learned patterns, creditors, society/peers 
 
What is the best tactic for helping members who are in the "earn/spend/earn/spend" cycle? - ANSWEREach paycheck must be divided up for specific categories such as savings and debt 
 
What are the six steps of the...
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FICEP Test Question & Answers(RATED A)
- Exam (elaborations) • 12 pages • 2024
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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 
 
The ideal spending cycle a member should striv...
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FICEP Part 2 Correct Questions and Answers(RATED A)
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FICEP Part 2 Correct Questions and Answers(RATED A) 
 
401k - ANSWER 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 - ANSWER The person or persons who are designated to receive the amount of the death benefit if the policyholder dies. 
 
Cafeteria Plan - ANSWER Tax-qualified flexible benefit plans that are offered by particip...
And that's how you make extra money
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FiCEP Exam| 95 Questions| accurate 100%| Verified
- Exam (elaborations) • 6 pages • 2024
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FiCEP Exam| 95 Questions| accurate 100%| Verified 
 
Which cycle describes members who are just surviving and living paycheck to paycheck? - ANSWER Earn/Spend/Earn/Spend 
 
Financial counselors who don't use what they know about hemispheric thinking may fall into the trap of: - ANSWER Presenting information to a member in a manner that might not be the best way to communicate 
 
Using a hard approach, rather than a soft approach, with members: - ANSWER Communicates in an orderly, specific, a...
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FiCEP 23-33 Correct Questions and Answers(RATED A)
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FiCEP 23-33 Correct Questions and Answers(RATED A) 
 
Lists to create before passing away - ANSWER 1. Personal Inventory 
 
2. Financial Inventory 
 
3. Debts 
 
4. Memberships 
 
Power of Attorney - ANSWER Designation for an individual to act as an agent and manage affairs if one is no longer able to do so. There are 4 types 
 
General POA - ANSWER Provides agent with broad power to act on ones behalf. 
 
Durable POA - ANSWER Provides agent with immediate power if one becomes incapacitated 
 
L...
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FICEP Test bundles 2023
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all you need for ficep 2023
exam elaborations questions and answer 
@ STUVATE - STUVIA USA
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FiCEP Module 1 Questions & Answers(RATED A)
- Exam (elaborations) • 4 pages • 2024
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What is the ideal spending cycle? - ANSWEREarn / Save / Spend 
 
Which spending cycle is living "paycheck to paycheck"? - ANSWEREarn / Spend / Earn / Spend 
 
Which spending cycle claims to prioritize saving but rarely has any left? - ANSWEREarn / Spend / Save 
 
Which spending cycle relies on debt to maintain their lifestyle? - ANSWEREarn / Spend / Borrow / Spend 
 
What is money avoidance? - ANSWERMoney is viewed as the root of evil and undeserved. 
 
What is money worship? - ANSWERMoney equ...
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FICEP test 1Questions 100% Correct
- Exam (elaborations) • 4 pages • 2024
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people who have gambled in their lifetimes, in the past year - ANSWER85%, 66% 
 
learning financial attitudes from parents is known as - ANSWERmodeling 
 
consumers who want it "now vs later" are at the greatest risk of - ANSWERspending more than they can afford 
 
if a member thinks of a new obligation as only a few more dollars a month, without considering the total cost of the purchase, this usually indicates that they are - ANSWERfocusing too little on the future 
 
members viewing their 4...
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