FICEP Exam Actual Exam Questions And Correct Answers With Rationales | Latest | Graded A+.

FICEP Exam Actual Exam Questions And Correct Answers With Rationales | Latest | 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 Your credit report will NOT include 2 | P a g e a. Identification and employment information b. Income and asset information c. Payment history d. Public record information -correct-answer-Income and asset information Identification and employment information includes all EXCEPT a. Name b. Date of birth c. Spouse's name d. Race/ethnicity information -correct-answer-Race/ethnicity 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 3 | P a g e d. inquiries do not impact credit scores -correct-answer-inquiries do not impact credit scores Individuals with high credit scores have: a. History of closing loans soon after opening them b. High percentage of available revolving credit c. Many credit cards or loans with balances d. Low percentage of available revolving credit -correct-answer-High percentage of available revolving credit Which of the following statements is true? a. A judgement is an arbitrary ruling that settles a lawsuit by defining the obligations of the parties involved. b. A lien is a verbal claim against a specific item owned by a debtor c. There is a federal law that says wages can be garnished for child support payments d. A garnishment foes not require an employer to withhold a specific amount from an employee's wages to repay debt -correct-answer-There is a federal law that says wages can be garnished for child support payments When dealing with creditors/collectors, it is important for members to: 4 | P a g e a. Be proactive b. Avoid them altogether c. Be honest and tell the collector they have no intention of paying d. Extend the time to pay the collections for as long as possible -correct-answerBe proactive Which of the following statements about credit score analysis is FALSE: a. Payment history has the least influence on one's credit score b. to improve one's capacity, a member needs to pay off debt rather than transferring it c. The largest single influence on a credit score is an individuals payment history d. It can be counterproductive to close older, well-established credit lines - correctanswer-Payment history has the least influence on one's credit score Which of the following statements is false?