FICEP Final Exam Study Questions with
100% Correct Answers | Brand New
Version
1. Retailers- Credit Card Features - ANSWER high interest, incentives offer
pts or rebates, willing to work with debt management programs.
retail=Victoria
2. Finance Companies- Credit Card Features - ANSWER High interest or intro
zeo offers that once they expire, raises to very high rate and retro charges
this rate. finance=synch
3. Lien - ANSWER prevents debtor from selling or ridding of the property
unless arrangements are made to settle the debt
4. consent - ANSWER debtor and creditor agree
5. default - ANSWER missed to a creditor when a debtor fails to respond to a
summons
6. summary - ANSWER court agrees a debtor must repay the debt without
requiring a trial, based on statements and evidence
7. Deferment - ANSWER int does not accrue
8. Forbearance - ANSWER int does accrue
,9. loan rehab - ANSWER seniors in default
10.disability discharge - ANSWER seniors who do not improve from disability
11.Retailers (credit card) - ANSWER incentive and rebate willing to work with
debt management
12.Banks (credit card) - ANSWER mass mail. approval based on spending, not
income. may sell to nat banks or companies
13.Finance Companies (credit card) - ANSWER no int for period, then high int
14.Types of debt management options - ANSWER Lifestyle adjustment.
2. Debt consolidation loans.
3. Debt management programs.
4. Debt settlement.
5. Bankruptcy
15.reframing- decision technique - ANSWER looking at something differently
16.using exceptions- decision technique - ANSWER focings on positive
outcome
17.future pacing- decision technique - ANSWER looking into the future to see
how it could be
,18.quotes and stories- decision technique - ANSWER demonstrating that your
member can succeed because others have
19.metaphors- decision technique - ANSWER taking a current situation and
expressing it in terms that represent an alternate reality
20.money avoidance - ANSWER money is undeserved. may give away money
instead of having it in your control
21.money worship - ANSWER money is happiness and success. can include
workaholic or compulsive spending
22.money status - ANSWER money is self worth. elevating status through
money leads to stress
23.money vigilant - ANSWER money secrets. withhold info and avoid
spending on everything.
24.paralanguage - ANSWER words delivery meaning by context, how they are
said and timing. think- if i speak slow maybe emphasizing
25.selective perception - ANSWER people see differently as result of
experience
26.pattern responses - ANSWER so engrained it's automatic
27.remedial counseling - ANSWER help members with poor money
management
, 28.preventative counseling - ANSWER helps members with good habits
manage challenges or changes
29.productive counseling - ANSWER helps members identify ways to use
resources to improve financial status
30.Counseling process - ANSWER collect and analyze data, establish clear
goals, develop spending plans (break the budget into components that reflect
spending cycles) develop debt repayment plan (assign set amount of money
towards repaying), develop action plan (cover short and long term steps),
implement plan, follow up and adjust as needed
31.Steps to Developing a Spending Plan - ANSWER create list of creditors,
income info, accuracy of list and all income and expenses, review cash flow,
divide budget into monthly cycles
32.Debt repayment plan - ANSWER lifestyle adjustment, debt management
program, debt consolidation loan, debt settlement
33.Banks- Credit Card Features - ANSWER high fees, mass mailings, pre
approval based on spending not income. bank =mass mail
34.Debt management programs (debt management option 1-5) - ANSWER
licensed nonprofit preserving or improving members score. Structured to be
paid off in certain number of years
35.Debt settlement (debt management 1-5) - ANSWER When to suggest:
delinquent, partial payment needed, diff between og dbt and settle meay be
taxable income
100% Correct Answers | Brand New
Version
1. Retailers- Credit Card Features - ANSWER high interest, incentives offer
pts or rebates, willing to work with debt management programs.
retail=Victoria
2. Finance Companies- Credit Card Features - ANSWER High interest or intro
zeo offers that once they expire, raises to very high rate and retro charges
this rate. finance=synch
3. Lien - ANSWER prevents debtor from selling or ridding of the property
unless arrangements are made to settle the debt
4. consent - ANSWER debtor and creditor agree
5. default - ANSWER missed to a creditor when a debtor fails to respond to a
summons
6. summary - ANSWER court agrees a debtor must repay the debt without
requiring a trial, based on statements and evidence
7. Deferment - ANSWER int does not accrue
8. Forbearance - ANSWER int does accrue
,9. loan rehab - ANSWER seniors in default
10.disability discharge - ANSWER seniors who do not improve from disability
11.Retailers (credit card) - ANSWER incentive and rebate willing to work with
debt management
12.Banks (credit card) - ANSWER mass mail. approval based on spending, not
income. may sell to nat banks or companies
13.Finance Companies (credit card) - ANSWER no int for period, then high int
14.Types of debt management options - ANSWER Lifestyle adjustment.
2. Debt consolidation loans.
3. Debt management programs.
4. Debt settlement.
5. Bankruptcy
15.reframing- decision technique - ANSWER looking at something differently
16.using exceptions- decision technique - ANSWER focings on positive
outcome
17.future pacing- decision technique - ANSWER looking into the future to see
how it could be
,18.quotes and stories- decision technique - ANSWER demonstrating that your
member can succeed because others have
19.metaphors- decision technique - ANSWER taking a current situation and
expressing it in terms that represent an alternate reality
20.money avoidance - ANSWER money is undeserved. may give away money
instead of having it in your control
21.money worship - ANSWER money is happiness and success. can include
workaholic or compulsive spending
22.money status - ANSWER money is self worth. elevating status through
money leads to stress
23.money vigilant - ANSWER money secrets. withhold info and avoid
spending on everything.
24.paralanguage - ANSWER words delivery meaning by context, how they are
said and timing. think- if i speak slow maybe emphasizing
25.selective perception - ANSWER people see differently as result of
experience
26.pattern responses - ANSWER so engrained it's automatic
27.remedial counseling - ANSWER help members with poor money
management
, 28.preventative counseling - ANSWER helps members with good habits
manage challenges or changes
29.productive counseling - ANSWER helps members identify ways to use
resources to improve financial status
30.Counseling process - ANSWER collect and analyze data, establish clear
goals, develop spending plans (break the budget into components that reflect
spending cycles) develop debt repayment plan (assign set amount of money
towards repaying), develop action plan (cover short and long term steps),
implement plan, follow up and adjust as needed
31.Steps to Developing a Spending Plan - ANSWER create list of creditors,
income info, accuracy of list and all income and expenses, review cash flow,
divide budget into monthly cycles
32.Debt repayment plan - ANSWER lifestyle adjustment, debt management
program, debt consolidation loan, debt settlement
33.Banks- Credit Card Features - ANSWER high fees, mass mailings, pre
approval based on spending not income. bank =mass mail
34.Debt management programs (debt management option 1-5) - ANSWER
licensed nonprofit preserving or improving members score. Structured to be
paid off in certain number of years
35.Debt settlement (debt management 1-5) - ANSWER When to suggest:
delinquent, partial payment needed, diff between og dbt and settle meay be
taxable income
