FICEP CUNA UPDATED SCRIPTED EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔When buying a new car, which financing option will save a member the most?
Rebates, 0% offers, or credit union financing? - ✔✔Take the rebate and use credit
union financing instead of taking the 0% offer.
✔✔Which of the following describes a "closed-end" lease? - ✔✔A lease which typically
allows consumer to make monthly payments to use the car and not owe anything when
the contract ends.
✔✔What is an advantage to a "close-end" contract for leasing a car when compared to
buying a new car? - ✔✔Leasing combines lower monthly payments with lower up-front
costs.
✔✔What are some potential disadvantages of leasing a car? - ✔✔Leases sometimes
allow dealers to charge additional fees for exceeding the contract's mileage or causing
high "wear and tear" on the card.
✔✔How can you reduce the likelihood of making an impulse purchase? - ✔✔Leave your
extra cash and credit and debit cards at home.
✔✔How do adding more telecommunication lines affect a household's budget? - ✔✔As
the number of lines increases, the costs will increase.
✔✔What is the advantage of buying bundled services for cell phones, Internet, and
cable tv? - ✔✔Bundled services can decrease the cost of standard services.
✔✔When comparing cellphone plans with landline phone plans, what should you keep
in mind? - ✔✔Only a cell phone postpaid plan requires a credit check.
✔✔What is a disadvantage of postpaid cellphone plans? - ✔✔Postpaid, no-contract
plans require a credit check.
✔✔What is an advantage of prepaid cellphone plans? - ✔✔Prepaid pay-as-you-go
plans are better for people with low credit ratings.
✔✔Which statement about the relationship between the economy and the number of
self-employed workers is accurate? - ✔✔The number of self-employed workers rises
when times are tough and falls when the economy improves.
✔✔What is the main source of conflict for members who are self-employed or work in
seasonal jobs? - ✔✔Unpredictable income
, ✔✔When are self-employed workers typically required to make estimated income tax
payments? - ✔✔January 14, April 15, June 15, and September 15
✔✔What employment benefits must self-employed workers typically pay for by
themselves or do without? - ✔✔Health insurance, disability insurance, and life
insurance; the employer's share of social security as well as retirement savings;
vacation pay, sick pay, and transportation to and from work.
✔✔How should savings fit into the financial plans of a member establishing self-
employment? - ✔✔Savings are essential to provide protection from income swings.
✔✔In addition to salable skills, what qualities must every self-employed worker have to
be successful? - ✔✔The temperament and discipline to manage the business
financially.
✔✔How does the cycle of work for self-employed, commission-based, and seasonal
workers typically affect family time? - ✔✔When income is high, the available time with
the family is scarce.
✔✔Why is it usually difficult to build tip income into a member's budget? - ✔✔Tips are
paid in small, inconsistent amounts, and often in cash.
✔✔What typically determines the amount of income earned by workers who are paid on
commission? - ✔✔A significant percentage of income is based on sales made, rather
than time worked.
✔✔Select the correct statement regarding seasonal work. - ✔✔Seasonal work varies
with the seasons of the year.
✔✔How should adults in the family handle information about financial problems? -
✔✔All family members should be told if there are financial problems.
✔✔What is the potential effect of ignoring the input of some family members? -
✔✔Those who are ignored are likely to sabotage the plan.
✔✔What is the value of writing a game plan for family finances? - ✔✔It provides a
document for all family members to consult when questions arise.
✔✔What is the value of informing children about financial problems and asking them to
help develop solutions? - ✔✔Children learn how to deal with or avoid similar financial
issues when they are adults.
SOLUTIONS GUARANTEE A+
✔✔When buying a new car, which financing option will save a member the most?
Rebates, 0% offers, or credit union financing? - ✔✔Take the rebate and use credit
union financing instead of taking the 0% offer.
✔✔Which of the following describes a "closed-end" lease? - ✔✔A lease which typically
allows consumer to make monthly payments to use the car and not owe anything when
the contract ends.
✔✔What is an advantage to a "close-end" contract for leasing a car when compared to
buying a new car? - ✔✔Leasing combines lower monthly payments with lower up-front
costs.
✔✔What are some potential disadvantages of leasing a car? - ✔✔Leases sometimes
allow dealers to charge additional fees for exceeding the contract's mileage or causing
high "wear and tear" on the card.
✔✔How can you reduce the likelihood of making an impulse purchase? - ✔✔Leave your
extra cash and credit and debit cards at home.
✔✔How do adding more telecommunication lines affect a household's budget? - ✔✔As
the number of lines increases, the costs will increase.
✔✔What is the advantage of buying bundled services for cell phones, Internet, and
cable tv? - ✔✔Bundled services can decrease the cost of standard services.
✔✔When comparing cellphone plans with landline phone plans, what should you keep
in mind? - ✔✔Only a cell phone postpaid plan requires a credit check.
✔✔What is a disadvantage of postpaid cellphone plans? - ✔✔Postpaid, no-contract
plans require a credit check.
✔✔What is an advantage of prepaid cellphone plans? - ✔✔Prepaid pay-as-you-go
plans are better for people with low credit ratings.
✔✔Which statement about the relationship between the economy and the number of
self-employed workers is accurate? - ✔✔The number of self-employed workers rises
when times are tough and falls when the economy improves.
✔✔What is the main source of conflict for members who are self-employed or work in
seasonal jobs? - ✔✔Unpredictable income
, ✔✔When are self-employed workers typically required to make estimated income tax
payments? - ✔✔January 14, April 15, June 15, and September 15
✔✔What employment benefits must self-employed workers typically pay for by
themselves or do without? - ✔✔Health insurance, disability insurance, and life
insurance; the employer's share of social security as well as retirement savings;
vacation pay, sick pay, and transportation to and from work.
✔✔How should savings fit into the financial plans of a member establishing self-
employment? - ✔✔Savings are essential to provide protection from income swings.
✔✔In addition to salable skills, what qualities must every self-employed worker have to
be successful? - ✔✔The temperament and discipline to manage the business
financially.
✔✔How does the cycle of work for self-employed, commission-based, and seasonal
workers typically affect family time? - ✔✔When income is high, the available time with
the family is scarce.
✔✔Why is it usually difficult to build tip income into a member's budget? - ✔✔Tips are
paid in small, inconsistent amounts, and often in cash.
✔✔What typically determines the amount of income earned by workers who are paid on
commission? - ✔✔A significant percentage of income is based on sales made, rather
than time worked.
✔✔Select the correct statement regarding seasonal work. - ✔✔Seasonal work varies
with the seasons of the year.
✔✔How should adults in the family handle information about financial problems? -
✔✔All family members should be told if there are financial problems.
✔✔What is the potential effect of ignoring the input of some family members? -
✔✔Those who are ignored are likely to sabotage the plan.
✔✔What is the value of writing a game plan for family finances? - ✔✔It provides a
document for all family members to consult when questions arise.
✔✔What is the value of informing children about financial problems and asking them to
help develop solutions? - ✔✔Children learn how to deal with or avoid similar financial
issues when they are adults.
