FICEP Exam Practice Questions and 100%
Verified Answers Graded A+
1. Ownership Prerequisites: Credit, Income, Employment, & Adequate Savings
2. What are the five C's of credit?: Capital, Colterol, Character, Capacity, Conditions
3. Essential Counselor Qualities: Listen well, do not judge, and control conversations
4. Money Worship: The idea more income will automatically solve all of their problems
5. Money Avoidance: Is based on the view that money is evil or undeserved
6. Credit- Score Analysis: 10% is new credit and types of credit
15% is credit history 30%
capacity
35% payment history
7. Force Field Analysis: is a method used to view all the forces in favor of or against a plan, so a decision can be made.
8. Cost Benefit Analysis: Weighing the costs and benefits of two possible solutions can help members determine if
solutions are worḱable and beneficial.
9. Types of Counseling: Remedial counseling: Poor money management sḱills Preventative
Counseling: Healthy habits but preparing for changes.
Productive Counseling: Manage resources or reaching out to professionals for assistance.
10. Counseling Process: 1. Collect & analyze member data
2. Establish Clear financial goals & Objectives
3. Develop a Spending Plan
4. Develop a Debt Repayment Plan
5. Develop an Action Plan
6. Implement the Plan, follow up and adjust as needed.
11. Seasoned Money: usually is required for the down payment and closing costs
12. Three ways repossessions occur:: 1. Self Help
2. Judicial "replevin"
3. Voluntary Surrender
1/5
, 13. Credit Card Resources: 1.Retailers
2. Finance Companies
3. Banḱs
4. Credit Unions
14. Addressing Medical Debt: 1. Private Insurance
2. Public Programs
2/5
Verified Answers Graded A+
1. Ownership Prerequisites: Credit, Income, Employment, & Adequate Savings
2. What are the five C's of credit?: Capital, Colterol, Character, Capacity, Conditions
3. Essential Counselor Qualities: Listen well, do not judge, and control conversations
4. Money Worship: The idea more income will automatically solve all of their problems
5. Money Avoidance: Is based on the view that money is evil or undeserved
6. Credit- Score Analysis: 10% is new credit and types of credit
15% is credit history 30%
capacity
35% payment history
7. Force Field Analysis: is a method used to view all the forces in favor of or against a plan, so a decision can be made.
8. Cost Benefit Analysis: Weighing the costs and benefits of two possible solutions can help members determine if
solutions are worḱable and beneficial.
9. Types of Counseling: Remedial counseling: Poor money management sḱills Preventative
Counseling: Healthy habits but preparing for changes.
Productive Counseling: Manage resources or reaching out to professionals for assistance.
10. Counseling Process: 1. Collect & analyze member data
2. Establish Clear financial goals & Objectives
3. Develop a Spending Plan
4. Develop a Debt Repayment Plan
5. Develop an Action Plan
6. Implement the Plan, follow up and adjust as needed.
11. Seasoned Money: usually is required for the down payment and closing costs
12. Three ways repossessions occur:: 1. Self Help
2. Judicial "replevin"
3. Voluntary Surrender
1/5
, 13. Credit Card Resources: 1.Retailers
2. Finance Companies
3. Banḱs
4. Credit Unions
14. Addressing Medical Debt: 1. Private Insurance
2. Public Programs
2/5
