1|Page
FICEP Exam Actual Exam Questions And Correct
Answers With Rationales | Latest 2026-2027 | Graded
A+.
When you own your own business, accounts payable is the:
a. Amount of money others owe you
b. Money that you anticipate the government will reimburse you
c. Amount of money you owe others
d. Difference between your assets and liabilities -correct-answer-Amount of
money you owe others
Which of the following statement is false?
a. Using credit only builds a positive credit history if the lender submits
information to a CRA.
b. Lenders regularly report on-time and delinquent payments
c. Becoming an authorized user means the user is required to acquire debt
d. Unpaid overdrafts may be reported to CRAs -correct-answer-Becoming an
authorized user means the user is required to acquire debt
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Your credit report will NOT include
a. Identification and employment information
b. Income and asset information
c. Payment history
d. Public record information -correct-answer-Income and asset information
Which of the following statements about actions that lower credit scores is false?
a. The 3 ways late payments can hurt credit scores are frequency, recent, and
severity
b. Maxed-out credit cards may reduce credit scores by as much as 100 points
c. Closed accounts in good standing are usually removed from the credit report
within ten years
d. inquiries do not impact credit scores -correct-answer-inquiries do not impact
credit scores
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in exams. Our other Services include but
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University & College assignments writing,
essay writing, Online Classes, and
research projects. Our services are
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Individuals with high credit scores have:
FICEP Exam Actual Exam Questions And Correct
Answers With Rationales | Latest 2026-2027 | Graded
A+.
When you own your own business, accounts payable is the:
a. Amount of money others owe you
b. Money that you anticipate the government will reimburse you
c. Amount of money you owe others
d. Difference between your assets and liabilities -correct-answer-Amount of
money you owe others
Which of the following statement is false?
a. Using credit only builds a positive credit history if the lender submits
information to a CRA.
b. Lenders regularly report on-time and delinquent payments
c. Becoming an authorized user means the user is required to acquire debt
d. Unpaid overdrafts may be reported to CRAs -correct-answer-Becoming an
authorized user means the user is required to acquire debt
,2|Page
Your credit report will NOT include
a. Identification and employment information
b. Income and asset information
c. Payment history
d. Public record information -correct-answer-Income and asset information
Which of the following statements about actions that lower credit scores is false?
a. The 3 ways late payments can hurt credit scores are frequency, recent, and
severity
b. Maxed-out credit cards may reduce credit scores by as much as 100 points
c. Closed accounts in good standing are usually removed from the credit report
within ten years
d. inquiries do not impact credit scores -correct-answer-inquiries do not impact
credit scores
, 3|Page
Thank you for Purchasing this exam
Study Guide. We provide high-quality
academic materials to help students excel
in exams. Our other Services include but
not limited to: academic research,
University & College assignments writing,
essay writing, Online Classes, and
research projects. Our services are
reliable, affordable, and plagiarism-free.
All the Best in your Exam. For more
information; Contact us at:
or
0R +254
741484450
Individuals with high credit scores have:
