HUD housing counselors training
Module 1-2 exam questions &
answers24
the purpose of tracking your money - ANSWERS-to help you achieve your financial goals
documents to use when tracking income - ANSWERS-- paychecks
- direct deposit slips
- if self-employed, income and expenses sheet
- if self-employed, profit and loss statements
- additional income checks or cash
- government benefits letters (SSI, unemployment, etc.)
- child support documents
- any document that proves a source of regular income
documents not to use when tracking income - ANSWERS-- pre-tax payroll deductions
- credit score
- annual bonus (not guaranteed)
- stock dividends (not guaranteed or consistent)
- employer reimbursments
Documents to use when tracking expenses - ANSWERS--Bills
-Bank statements
-Credit cards statements
-Records for estimated amount of expected periodic expense
,- credit report (may be useful to determine if a client has forgotten a credit card or loan
payment)
steps to help clients develop a budget and a Client Action Plan - ANSWERS-1. help the client
identify short and long term goals
2. discuss the importance of budgeting as a tool to achieving goals
3. explain the budget creation process and the necessary components
4. create budget
5. examine content in the budget worksheet
6. ask clinet what s/he has discovered about income and spending habits
7. coach clients on strategies for determining needs over wants
8. walk through strategies for adjusting goals and budget
9. develop a Client Action Plan that includes client and counselor action steps and time frames
strategies for increasing income include - ANSWERS-- find second job
- work overtime
- negotiate higher salary/wage
- sell assets (e.g., car)
- hold a yard/ garage sale
- teach a skill/craft/activity
- sell a craft/craft/activity
- charge rent (if adult dependents in home)
- evaluate tax withholdings
strategies for decreasing expenses and debt include - ANSWERS-- prioritze "needs" over "wants"
- reduce or eliminate "wants" (e.g., clothes, gym)
- cancel or downgrade services (e.g., cable, telephone)
, - limit miscellaneous spending
- stick to a shopping list
- reduce debt (pay off a loan or credit card)
- move to more affordable housing
- change insurance coverage for lower premiums, but don't cancel
if you find extra money in the budget after adjusting, plan to use it towards... - ANSWERS-a goal
a client's housing goal and the counselor's action steps are included in... - ANSWERS-The Client
Action Plan
a credit report contains information... - ANSWERS-that each credit bureau has on a consumer
different sections of a credit report - ANSWERS-- personal information
- account/trade line information
- public records
- inquiries
- consumer rights
personal information in credit report - ANSWERS-consumer identification information:
- name
- social security number
- addresses
- phone numbers
- employers
Module 1-2 exam questions &
answers24
the purpose of tracking your money - ANSWERS-to help you achieve your financial goals
documents to use when tracking income - ANSWERS-- paychecks
- direct deposit slips
- if self-employed, income and expenses sheet
- if self-employed, profit and loss statements
- additional income checks or cash
- government benefits letters (SSI, unemployment, etc.)
- child support documents
- any document that proves a source of regular income
documents not to use when tracking income - ANSWERS-- pre-tax payroll deductions
- credit score
- annual bonus (not guaranteed)
- stock dividends (not guaranteed or consistent)
- employer reimbursments
Documents to use when tracking expenses - ANSWERS--Bills
-Bank statements
-Credit cards statements
-Records for estimated amount of expected periodic expense
,- credit report (may be useful to determine if a client has forgotten a credit card or loan
payment)
steps to help clients develop a budget and a Client Action Plan - ANSWERS-1. help the client
identify short and long term goals
2. discuss the importance of budgeting as a tool to achieving goals
3. explain the budget creation process and the necessary components
4. create budget
5. examine content in the budget worksheet
6. ask clinet what s/he has discovered about income and spending habits
7. coach clients on strategies for determining needs over wants
8. walk through strategies for adjusting goals and budget
9. develop a Client Action Plan that includes client and counselor action steps and time frames
strategies for increasing income include - ANSWERS-- find second job
- work overtime
- negotiate higher salary/wage
- sell assets (e.g., car)
- hold a yard/ garage sale
- teach a skill/craft/activity
- sell a craft/craft/activity
- charge rent (if adult dependents in home)
- evaluate tax withholdings
strategies for decreasing expenses and debt include - ANSWERS-- prioritze "needs" over "wants"
- reduce or eliminate "wants" (e.g., clothes, gym)
- cancel or downgrade services (e.g., cable, telephone)
, - limit miscellaneous spending
- stick to a shopping list
- reduce debt (pay off a loan or credit card)
- move to more affordable housing
- change insurance coverage for lower premiums, but don't cancel
if you find extra money in the budget after adjusting, plan to use it towards... - ANSWERS-a goal
a client's housing goal and the counselor's action steps are included in... - ANSWERS-The Client
Action Plan
a credit report contains information... - ANSWERS-that each credit bureau has on a consumer
different sections of a credit report - ANSWERS-- personal information
- account/trade line information
- public records
- inquiries
- consumer rights
personal information in credit report - ANSWERS-consumer identification information:
- name
- social security number
- addresses
- phone numbers
- employers
