Ficep stuvia Study guides, Class notes & Summaries

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 ...

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...

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...

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...

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...

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...

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...

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...

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...