FICEP Quiz Questions
1. Which of following provides a credit history including debt repaymentpractices for an
individual?
a. Cash flow
b. Net worth
c. Debt ratio
d. Credit report: d. credit report
2. When discussing a member's budget analysis build in assumptions andadjustments to
make sure the process allows for a...
a. 12-month cycle.
b. 24-month cycle.
c. 36-month cycle.
d. 48-month cycle.: a. 12 month cycle
3. Which of the following is NOT a step that will reduce debt?
a. Set goals
b. Stop creating debt
c. Borrow money from payday lenders
d. Consolidate credit cards: c. Borrow money from payday lenders
4. Increasing a monthly payment beyond the minimum required by the creditissuer is known
as:
a. paying more on the principal.
b. rolling up the payment.
c. paying the high-interest debts first.
d. paying the largest debt first.: A. paying more on the principal
5. One disadvantage of leasing a car is:
a. equity builds every month.
b. inconsistent monthly payments.
c. locked into a contract.
d. no factory warranty.: c. locked into a contract
6. When determining if a vehicle is affordable which of the following is NOTimportant to
consider?
,a. Purchase price
b. Maintenance
c. Insurance
d. Ability to pay online: d. ability to pay online
7. Which type of savings helps one cope when the unthinkable occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday: C. Emergency
8. A good action plan includes:
a. the counselor completing a budget and giving it to the member.
b. a list of steps and timeline for the member to complete.
c. a list of family members to contact.
d. the counselor making creditor calls.: b. A list of steps and timeline for themember to
complete
9. Which of the following is not an example of ways members may startsaving?
a. After a loan is paid off deposit the old loan payment amount to savings
b. Increase living standard expenses with each new raise
c. Depositing bonuses or tax refunds to savings
d. Have a portion of each paycheck directly deposited to a savings account: b.Increase living
standard expenses with each new raise
10. "Safety-net savings" is designed to help members:
a. Through a period of reduced or lost income.
b. Pay for occasional or periodic expenses.
c. Reach a long-term goal.
d. Sustain income during retirement.: a.Through a period of reduced or lostincome.
11. One way to overcome a member's objection to financial counseling is to:
a. Simply dismiss any negative comments a member makes.
b. Speak in a loud tone to reinforce authority as a counselor.
c. Refer member to another financial counselor.
, d. Express confidence in member's ability to address problem.: d. Expressconfidence in
member's ability to address problem.
12. You can help couples and families who have difficulties talking throughmoney issues by
doing all of the following except:
a. Have each person write down individual goals & then share with each other.
b. Discuss individual goals & how members may work together to accomplishthem.
c. Meet with members separately for financial counseling.
d. Agree on a scheduled time to check goal progress and make modifications.-
: c. Meet with members separately for financial counseling.
13. Which of the following statements is false regarding the ten steps that canhelp families
change habits?
a. Children can be absent from discussions because spending changes willnot affect them.
b. Parents must present a united front when talking with children aboutmoney.
c. Recognizing progress with positive feedback can keep everyone focusedon the goals.
d. Once problem areas are identified develop strategies to save money.: a. Children can be
absent from discussions because spending changes will not affectthem
14. When dealing with credit during a divorce which of the following is false?
a. A divorce decree may specify which party is responsible for repaying whichdebts.
b. If one spouse falls behind on payments of a jointly held account both parties
are responsible.
c. Marital status is not a factor in credit scoring systems.
d. Late payments on jointly held debts will not be reflected on both credit reports.: d. Late
payments on jointly held debts will not be reflected on both creditreports.
15. Which cycle describes members who are just surviving and living paycheckto paycheck?
a. Earn / spend / earn / spend
b. Earn / spend / borrow / spend
c. Earn / spend / save d. Earn / borrow / spend / save: A. Earn/ spend/ earn/ spend
16. Financial counselors who don't use what they know about hemisphericthinking may fall
into the trap of:
a. Assuming the member will succeed if they work with the counsellor
b. Asking too many questions
1. Which of following provides a credit history including debt repaymentpractices for an
individual?
a. Cash flow
b. Net worth
c. Debt ratio
d. Credit report: d. credit report
2. When discussing a member's budget analysis build in assumptions andadjustments to
make sure the process allows for a...
a. 12-month cycle.
b. 24-month cycle.
c. 36-month cycle.
d. 48-month cycle.: a. 12 month cycle
3. Which of the following is NOT a step that will reduce debt?
a. Set goals
b. Stop creating debt
c. Borrow money from payday lenders
d. Consolidate credit cards: c. Borrow money from payday lenders
4. Increasing a monthly payment beyond the minimum required by the creditissuer is known
as:
a. paying more on the principal.
b. rolling up the payment.
c. paying the high-interest debts first.
d. paying the largest debt first.: A. paying more on the principal
5. One disadvantage of leasing a car is:
a. equity builds every month.
b. inconsistent monthly payments.
c. locked into a contract.
d. no factory warranty.: c. locked into a contract
6. When determining if a vehicle is affordable which of the following is NOTimportant to
consider?
,a. Purchase price
b. Maintenance
c. Insurance
d. Ability to pay online: d. ability to pay online
7. Which type of savings helps one cope when the unthinkable occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday: C. Emergency
8. A good action plan includes:
a. the counselor completing a budget and giving it to the member.
b. a list of steps and timeline for the member to complete.
c. a list of family members to contact.
d. the counselor making creditor calls.: b. A list of steps and timeline for themember to
complete
9. Which of the following is not an example of ways members may startsaving?
a. After a loan is paid off deposit the old loan payment amount to savings
b. Increase living standard expenses with each new raise
c. Depositing bonuses or tax refunds to savings
d. Have a portion of each paycheck directly deposited to a savings account: b.Increase living
standard expenses with each new raise
10. "Safety-net savings" is designed to help members:
a. Through a period of reduced or lost income.
b. Pay for occasional or periodic expenses.
c. Reach a long-term goal.
d. Sustain income during retirement.: a.Through a period of reduced or lostincome.
11. One way to overcome a member's objection to financial counseling is to:
a. Simply dismiss any negative comments a member makes.
b. Speak in a loud tone to reinforce authority as a counselor.
c. Refer member to another financial counselor.
, d. Express confidence in member's ability to address problem.: d. Expressconfidence in
member's ability to address problem.
12. You can help couples and families who have difficulties talking throughmoney issues by
doing all of the following except:
a. Have each person write down individual goals & then share with each other.
b. Discuss individual goals & how members may work together to accomplishthem.
c. Meet with members separately for financial counseling.
d. Agree on a scheduled time to check goal progress and make modifications.-
: c. Meet with members separately for financial counseling.
13. Which of the following statements is false regarding the ten steps that canhelp families
change habits?
a. Children can be absent from discussions because spending changes willnot affect them.
b. Parents must present a united front when talking with children aboutmoney.
c. Recognizing progress with positive feedback can keep everyone focusedon the goals.
d. Once problem areas are identified develop strategies to save money.: a. Children can be
absent from discussions because spending changes will not affectthem
14. When dealing with credit during a divorce which of the following is false?
a. A divorce decree may specify which party is responsible for repaying whichdebts.
b. If one spouse falls behind on payments of a jointly held account both parties
are responsible.
c. Marital status is not a factor in credit scoring systems.
d. Late payments on jointly held debts will not be reflected on both credit reports.: d. Late
payments on jointly held debts will not be reflected on both creditreports.
15. Which cycle describes members who are just surviving and living paycheckto paycheck?
a. Earn / spend / earn / spend
b. Earn / spend / borrow / spend
c. Earn / spend / save d. Earn / borrow / spend / save: A. Earn/ spend/ earn/ spend
16. Financial counselors who don't use what they know about hemisphericthinking may fall
into the trap of:
a. Assuming the member will succeed if they work with the counsellor
b. Asking too many questions
