AFCPE Exam 2026 Exam
Questions and Correct
Answers | New Update
How does someone choose a bank? - ANSWER ✔✔Make sure the
clients understand the different bank accounts, the terms of the
accounts, etc
What is a Credit Union? - ANSWER ✔✔a non-profit financial
institution...not designed to make profit only
, What is FDIC? - ANSWER ✔✔Federal Deposit Insurance Company -
Designed to protect your money. Insures accounts at FOR-PROFIT
financial institutions
What is NCUA? - ANSWER ✔✔National Credit Union Administration -
Insures accounts at credit unions
True or False: All bank accounts are FDIC insured. - ANSWER
✔✔False
What is the FDIC/NCUA insurance limit per account ownership type? -
ANSWER ✔✔$250,000
What is the purpose of a budget? - ANSWER ✔✔To make a plan for
your money
How should you budget for Variable Expenses? - ANSWER
✔✔Estimate low for income and high for expenses
How long should you track your expenses before creating a budget -
ANSWER ✔✔30 days
True or false: Failure to stick with a budget is always due to lack of self-
control - ANSWER ✔✔False