FICEP CUNA UPDATED EVALUATION TEST QUESTIONS
AND SOLUTIONS GUARANTEE A+
✔✔What is the likely outcome of making only the minimum payment on credit cards and
other forms of debt? - ✔✔It traps the borrower in an endless cycle of debt.
✔✔How can members be successful with their long-term financial health? - ✔✔They
can give up big spending and instead spend wisely.
✔✔Which statement demonstrates a healthy attitude about money? - ✔✔Money
provides the means of achieving some of my life goals.
✔✔What is money vigilance? - ✔✔The need to be secretive about one's finances.
✔✔What is the most common attitude about discussing money? - ✔✔Discussions about
money are taboo.
✔✔What is financial infidelity? - ✔✔Lying about or hiding the true state of the family's
finances from one's spouse or partner.
✔✔What response best answers how most members can resolve their debt problems
and stop overspending? - ✔✔They should obtain financial education and learn to
examine their attitudes and beliefs about money.
✔✔What is the focus of behavioral economics? - ✔✔Studying the effects of social,
cognitive, and emotional factors on people's financial decisions.
✔✔What do experiments in neuroscience tell us about how to make good financial
decisions? - ✔✔Slow down and give the analytical part of your brain time to consider
your options.
✔✔What are 3 key factors guiding our emotional responses to and understanding of
personal finances? - ✔✔Family and cultural background, societal messages, and
generational norms.
✔✔According tot he 2013 consumer Literacy survey, what impact did the Great
Recession have on American's confidence in their money management skills? - ✔✔40%
of respondents gave themselves a C, D, or F on their money management skills.
✔✔What's the best thing parents can do to help their children's long-term financial
success? - ✔✔Teach them financial management skills.
, ✔✔Effective marketers understand that consumers' buying decisions are generally
driven by... - ✔✔their values.
✔✔Which generation has been forced to deal with higher student loan debt and
unemployment and less personal income than the previous two generations? -
✔✔Millennials
✔✔What is the word which means people's deeply held principles on standards of
behavior? - ✔✔Values
✔✔Identify all the symptoms of money disorders. - ✔✔Frequent anxiety about one's
financial situation; excessive debt; lack of savings; conflicts with family and friends
about money.
✔✔What effect did the Great Recession have on Americans' savings habits? - ✔✔On
average, they are now saving three percent of the annual income pared to fourteen
percent in the 1970s.
✔✔What do psychological studies tell us about the impact of scarcity on money
management skills? - ✔✔The stress of trying to manage scarce resources lowers the
person''s IQ.
✔✔What are the three levels of the savings pyramid? - ✔✔Periodic savings, safety-net
accounts, and retirement or other long-term savings.
✔✔What are 3 examples of savings goals for individuals development accounts? -
✔✔To buy a house, start a business, or pay for education.
✔✔What is compounding? - ✔✔Earning interest on the interest you've earned
previously and left in savings.
✔✔What do saving, investing, and paying off debt early have in common? - ✔✔They all
require planning, discipline, and an understanding of compound interest.
✔✔Which the these three Cs can help members move from being spenders to savers? -
✔✔Commitment, Control, and Confidence
✔✔What are four savings strategies shared in this chapter? - ✔✔Pay yourself first; set
up regular transfer from checking to savings; comparison shop; budget for fun
✔✔What is the best advice for parents saving for their children's education? - ✔✔Start
saving as early as they can.
AND SOLUTIONS GUARANTEE A+
✔✔What is the likely outcome of making only the minimum payment on credit cards and
other forms of debt? - ✔✔It traps the borrower in an endless cycle of debt.
✔✔How can members be successful with their long-term financial health? - ✔✔They
can give up big spending and instead spend wisely.
✔✔Which statement demonstrates a healthy attitude about money? - ✔✔Money
provides the means of achieving some of my life goals.
✔✔What is money vigilance? - ✔✔The need to be secretive about one's finances.
✔✔What is the most common attitude about discussing money? - ✔✔Discussions about
money are taboo.
✔✔What is financial infidelity? - ✔✔Lying about or hiding the true state of the family's
finances from one's spouse or partner.
✔✔What response best answers how most members can resolve their debt problems
and stop overspending? - ✔✔They should obtain financial education and learn to
examine their attitudes and beliefs about money.
✔✔What is the focus of behavioral economics? - ✔✔Studying the effects of social,
cognitive, and emotional factors on people's financial decisions.
✔✔What do experiments in neuroscience tell us about how to make good financial
decisions? - ✔✔Slow down and give the analytical part of your brain time to consider
your options.
✔✔What are 3 key factors guiding our emotional responses to and understanding of
personal finances? - ✔✔Family and cultural background, societal messages, and
generational norms.
✔✔According tot he 2013 consumer Literacy survey, what impact did the Great
Recession have on American's confidence in their money management skills? - ✔✔40%
of respondents gave themselves a C, D, or F on their money management skills.
✔✔What's the best thing parents can do to help their children's long-term financial
success? - ✔✔Teach them financial management skills.
, ✔✔Effective marketers understand that consumers' buying decisions are generally
driven by... - ✔✔their values.
✔✔Which generation has been forced to deal with higher student loan debt and
unemployment and less personal income than the previous two generations? -
✔✔Millennials
✔✔What is the word which means people's deeply held principles on standards of
behavior? - ✔✔Values
✔✔Identify all the symptoms of money disorders. - ✔✔Frequent anxiety about one's
financial situation; excessive debt; lack of savings; conflicts with family and friends
about money.
✔✔What effect did the Great Recession have on Americans' savings habits? - ✔✔On
average, they are now saving three percent of the annual income pared to fourteen
percent in the 1970s.
✔✔What do psychological studies tell us about the impact of scarcity on money
management skills? - ✔✔The stress of trying to manage scarce resources lowers the
person''s IQ.
✔✔What are the three levels of the savings pyramid? - ✔✔Periodic savings, safety-net
accounts, and retirement or other long-term savings.
✔✔What are 3 examples of savings goals for individuals development accounts? -
✔✔To buy a house, start a business, or pay for education.
✔✔What is compounding? - ✔✔Earning interest on the interest you've earned
previously and left in savings.
✔✔What do saving, investing, and paying off debt early have in common? - ✔✔They all
require planning, discipline, and an understanding of compound interest.
✔✔Which the these three Cs can help members move from being spenders to savers? -
✔✔Commitment, Control, and Confidence
✔✔What are four savings strategies shared in this chapter? - ✔✔Pay yourself first; set
up regular transfer from checking to savings; comparison shop; budget for fun
✔✔What is the best advice for parents saving for their children's education? - ✔✔Start
saving as early as they can.
