FICEP BOOK 6TH ED. STUDY GUIDE CHAPTERS 1-60
UPDATED ACTUAL EXAM QUESTIONS AND CORRECT
ANSWERS
Question 1.
Financial Counseling Is (Chapter 1)
ANSWER
-Unpredictable -Creative -Interactive -Spontaneous -Weighing Options -Suggesting Solutions
Question 2.
Financial Counseling Is Never (Chapter 1)
ANSWER
-A substitute for professional therapy -A formula that fits every member -Solely an information
gathering interview -An opportunity for the counselor to take control -An answer to every problem -A
guaranteed solution
Question 3.
Myth- Counselors can provide instant relief. (Chapter 1)
ANSWER
Reality- It will take time to restore balance to members' finances.
Question 4.
Myth- Budgeting means denying oneself. (Chapter 1)
ANSWER
Reality- Cutting back may be necessary, and not everything needs sacrificed. A budget puts the
member in control.
Question 5.
Myth- Budgeting requires an accounting background. (Chapter 1)
ANSWER
Reality- Budgeting requires an understanding of where money goes and spending to priorities.
Question 6.
Myth- People in financial trouble spend too much. (Chapter 1)
ANSWER
Reality- Natural disasters, chronic medical conditions, divorce and other life events can severely
affect a budget.
1
,Question 7.
Myth- Everyone follows counselors' recommendations (Chapter 1)
ANSWER
Reality- Habits are difficult to change, and members may not accept recommendations.
Question 8.
Myth- The member will be as dedicated to making the plan work as the counselor. (Chapter 1)
ANSWER
Reality- Some members may not be willing to make the same commitment.
Question 9.
Myth- If a plan fails, it is the member's fault. (Chapter 1)
ANSWER
Reality- Lack of cooperation from family members and events beyond the member's control may
make it difficult or event impossible to follow the plan. The counselor may also not clearly understand
the member's real issues or effectively communicate the solutions.
Question 10.
Myth- If a plan fails, it means the member can never succeed. (Chapter 1)
ANSWER
Reality- Early failure may be the foundation for later success. The member set a budget and follow a
spending plan, while figuring out what approaches will work for the family.
Question 11.
Myth- Counselors can help everyone. (Chapter 1)
ANSWER
Reality- Some members may be in such dire financial straits that standard measures are unlikely to
be effective. Others will refuse to follow suggestions or a spending plan.
Question 12.
Myth- Everyone wants to pay off debt. (Chapter 1)
ANSWER
Reality- Some members are perfectly happy with manageable levels of debt.
2
,Question 13.
4 Program Necessities (Chapter 2)
ANSWER
1. Confidentiality
2. Understanding
3. Multiple methods and
subjects
4. Survey employees
Question 14.
To achieve confidentiality (Chapter 2)
ANSWER
-Hold meetings off site or in private locations. -Omit names when reporting appointments as part of
program tracking -Store records in an area that is inaccessible -Ask co workers permiscount records,
credit reports, and other sensitive information. -Do not consult other departments without obtaining
permission -Conduct as much correspondence as possible by email.
Question 15.
To achieve understanding (Chapter 2)
ANSWER
It can be difficult to discuss money issues. Being compassionate, empathetic, and patient during the
meeting will build rapport. Self-worth can be tied to financial wealth.
Question 16.
To achieve multiple methods and subjects (Chapter 2)
ANSWER
They are at different life stages and have different needs, so be flexible. Selfpaced, classroom setting,
online approach, etc. Find ways to mix up the message and the delivery to appeal to different
learning styles.
Question 17.
To achieve survey results (Chapter 2) (Chapter 3)
ANSWER
Guage interest in various topics, formally and informally.
2. Nonjudgmental
3. Control the interview
and other member interactions
3
, Question 18.
Why is being a good listener an essential counselor quality? (Chapter 3)
ANSWER
Good listening skills are required to learn the full extent of a member's situation, understand
behaviors and attitudes toward money, and determine what types of spending plans are workable.
Question 19.
Why is being nonjudgmental an essential counselor quality? (Chapter 3)
ANSWER
If members feel they are being judged, they are unlikely to share information, follow
recommendations, or return for future sessions. Members want objective analysis and sound advice.
A good rule is to help members leave every session with their self-respect intact.
Question 20.
Why is being in control the interview and other member interactions? (Chapter 3)
ANSWER
The financial counselor's job is to help mem- bers achieve their financial goals. When counseling a
couple, avoid petty discus on finances, to achieve results.
4
UPDATED ACTUAL EXAM QUESTIONS AND CORRECT
ANSWERS
Question 1.
Financial Counseling Is (Chapter 1)
ANSWER
-Unpredictable -Creative -Interactive -Spontaneous -Weighing Options -Suggesting Solutions
Question 2.
Financial Counseling Is Never (Chapter 1)
ANSWER
-A substitute for professional therapy -A formula that fits every member -Solely an information
gathering interview -An opportunity for the counselor to take control -An answer to every problem -A
guaranteed solution
Question 3.
Myth- Counselors can provide instant relief. (Chapter 1)
ANSWER
Reality- It will take time to restore balance to members' finances.
Question 4.
Myth- Budgeting means denying oneself. (Chapter 1)
ANSWER
Reality- Cutting back may be necessary, and not everything needs sacrificed. A budget puts the
member in control.
Question 5.
Myth- Budgeting requires an accounting background. (Chapter 1)
ANSWER
Reality- Budgeting requires an understanding of where money goes and spending to priorities.
Question 6.
Myth- People in financial trouble spend too much. (Chapter 1)
ANSWER
Reality- Natural disasters, chronic medical conditions, divorce and other life events can severely
affect a budget.
1
,Question 7.
Myth- Everyone follows counselors' recommendations (Chapter 1)
ANSWER
Reality- Habits are difficult to change, and members may not accept recommendations.
Question 8.
Myth- The member will be as dedicated to making the plan work as the counselor. (Chapter 1)
ANSWER
Reality- Some members may not be willing to make the same commitment.
Question 9.
Myth- If a plan fails, it is the member's fault. (Chapter 1)
ANSWER
Reality- Lack of cooperation from family members and events beyond the member's control may
make it difficult or event impossible to follow the plan. The counselor may also not clearly understand
the member's real issues or effectively communicate the solutions.
Question 10.
Myth- If a plan fails, it means the member can never succeed. (Chapter 1)
ANSWER
Reality- Early failure may be the foundation for later success. The member set a budget and follow a
spending plan, while figuring out what approaches will work for the family.
Question 11.
Myth- Counselors can help everyone. (Chapter 1)
ANSWER
Reality- Some members may be in such dire financial straits that standard measures are unlikely to
be effective. Others will refuse to follow suggestions or a spending plan.
Question 12.
Myth- Everyone wants to pay off debt. (Chapter 1)
ANSWER
Reality- Some members are perfectly happy with manageable levels of debt.
2
,Question 13.
4 Program Necessities (Chapter 2)
ANSWER
1. Confidentiality
2. Understanding
3. Multiple methods and
subjects
4. Survey employees
Question 14.
To achieve confidentiality (Chapter 2)
ANSWER
-Hold meetings off site or in private locations. -Omit names when reporting appointments as part of
program tracking -Store records in an area that is inaccessible -Ask co workers permiscount records,
credit reports, and other sensitive information. -Do not consult other departments without obtaining
permission -Conduct as much correspondence as possible by email.
Question 15.
To achieve understanding (Chapter 2)
ANSWER
It can be difficult to discuss money issues. Being compassionate, empathetic, and patient during the
meeting will build rapport. Self-worth can be tied to financial wealth.
Question 16.
To achieve multiple methods and subjects (Chapter 2)
ANSWER
They are at different life stages and have different needs, so be flexible. Selfpaced, classroom setting,
online approach, etc. Find ways to mix up the message and the delivery to appeal to different
learning styles.
Question 17.
To achieve survey results (Chapter 2) (Chapter 3)
ANSWER
Guage interest in various topics, formally and informally.
2. Nonjudgmental
3. Control the interview
and other member interactions
3
, Question 18.
Why is being a good listener an essential counselor quality? (Chapter 3)
ANSWER
Good listening skills are required to learn the full extent of a member's situation, understand
behaviors and attitudes toward money, and determine what types of spending plans are workable.
Question 19.
Why is being nonjudgmental an essential counselor quality? (Chapter 3)
ANSWER
If members feel they are being judged, they are unlikely to share information, follow
recommendations, or return for future sessions. Members want objective analysis and sound advice.
A good rule is to help members leave every session with their self-respect intact.
Question 20.
Why is being in control the interview and other member interactions? (Chapter 3)
ANSWER
The financial counselor's job is to help mem- bers achieve their financial goals. When counseling a
couple, avoid petty discus on finances, to achieve results.
4
