Ficep module - Study guides, Class notes & Summaries

FiCEP Module 2: Questions and answers, rated A+ What are ways to reduce debt? (7) - -(1) Stop creating debt (2) Analyze debt (WWWWWH) (3) Refinance/consolidate debt (4) Use credit wisely (5) Set goals (6) Develop a plan (7) Implement and monitor plan What are options for debt repayment? (4) - -(1) Satisfy minimum payments (2) Pay more on principal (3) Roll up payments (4) Restructure debt What does it mean to "pay more on principal"? - -To increase your payments past the minimum ...

FiCEP Module 1 Exam Questions with Complete Solutions What is money avoidance? - Answer-Money is viewed as the root of evil and undeserved. What is money worship? - Answer-Money equals happiness and is the solution for all problems. What is money status? - Answer-Money defines self-worth and status. What is money vigilance? - Answer-Secretive and overly private about finances. What are the 5 levels of Maslow's hierarchy of needs, starting from the base? - Answer-Physiological, Sa...

FiCEP Module 5 Exam Questions with Correct Answers

What is the ideal spending cycle? Earn / Save / Spend Which spending cycle is living "paycheck to paycheck"? Earn / Spend / Earn / Spend Which spending cycle claims to prioritize saving but rarely has any left? Earn / Spend / Save Which spending cycle relies on debt to maintain their lifestyle? Earn / Spend / Borrow / Spend What is money avoidance? Money is viewed as the root of evil and undeserved. What is money worship? Money equals happiness and is the solution for all problems. What...

needs - Answers-Before implementing a formal counseling program, first determine the member's ______________. true - Answers-(True or False) Knowing the formal and informal attitudes of board and management towards financial counseling must be determined before moving forward with the program. _________ lending - Answers-When determining which department to house the counseling program, most credit unions find that the _____________________ department makes the most sense. privacy - An...

FICEP MODULE 5 PRACTICE TEST QUESTIONS AND ANSWERS What immediate steps should be taken upon discovering identity theft? (2) - answer (1) Close all existing accounts and open new accounts (2) Complete identity theft affidavit/report What is a fraud alert? - answer An alert put on the credit report indicating the borrower may have had their identity stolen or credit card or bank accounts compromised What is a credit freeze? - answer A consumer request that requires the credit bureaus to...

FiCEP Module 3 with complete solution

FICEP MODULE 3 EXAM QUESTIONS AND ANSWERS What does accounts receivable mean? - answer Money that is owed to a business What does accounts payable mean? - answer Money that a business owes to others What are considerations for cash flow when running a business? (7) - answer (1) Accounts receivable (2) Accounts payable (3) Cyclical or seasonal income (4) Inventory management (5) Taxes (6) Insurance (7) Retirement benefits

FiCep Module 8 Exam 2024/2025 Questions With Completed & verified Solutions.

What is the ideal spending cycle? Earn / Save / Spend Which spending cycle is living "paycheck to paycheck"? Earn / Spend / Earn / Spend Which spending cycle claims to prioritize saving but rarely has any left? Earn / Spend / Save Which spending cycle relies on debt to maintain their lifestyle? Earn / Spend / Borrow / Spend What is money avoidance? Money is viewed as the root of evil and undeserved. What is money worship? Money equals happiness and is the solution for all problems. What...