FICEP EXAM QUESTIONS AND ANSWERS FULLY SOLVED CORRECTLY #12
.In what circumstances should members be advised not to make important financial decisions? - correct answer When emotions are running high.
Which of the following is not an influence that family might have on someone's attitude towards money? - correct answer Number of children in the family.
Identify the most desirable type of money cycle. - correct answer Earn/Save/Spend
Select the best description of members who fall into the category of "spending too much." - correct answer They fail to track spending and don't separate wants from needs
Why is it important for financial counselors to understand selective perception? - correct
answer Because it helps financial counselors assist members to expand their perspective to see the possibilities available to them.
What function does the left hemisphere of the brain primarily handle? - correct answer Logical and analytical thinking.
When using what you know about hemispheric thinking, how should information be presented to members? - correct answer The information should be presented in a variety of ways.
Which roles are typically associated with the conscious and the unconscious minds? - correct answer the conscious usually handles focused activity, while the unconscious solves problems behind the scenes
What is money vigilance? - correct answer The need to be secretive about one's finances.
Select the correct description of the hidden zone in the Johari Window. - correct answer It contains information that is known to self, but unknown to others
When a member feels they are being judged by the financial counselor for their poor financial practices, how does this impact the counseling session? - correct answer it makes the member reluctant to share financial information.
How can a financial counselor effectively use questions as part of a financial counseling
session? - correct answer Questions should be used to help members examine options.
Which statement best describes the role of remedial counseling? - correct answer it is used to help members cope with debt problems and poor money management. What is a force field analysis decision making model? - correct answer It is the method used to view all forces in favor of or against a plan, so that a decision can be made.
Which of the following best describes how the cost-benefit analysis method helps members determine whether or not a proposed solution is beneficial? - correct answer The costs and benefits of alternatives are examined and rated for success or failure.
Which of the following examples illustrates a counselor using the skill of "scaling"? - correct answer "On a scale of 1 to 10, where 10 is high, how would you rate this solution?"
What is the appropriate way for a counselor to use blending, when working with a member? - correct answer The counselor uses communication patterns that match the member's.
Which of the following is not a good way to demonstrate to the member that you are listening to them? - correct answer Take notes while the member is talking.
When a member feels they are being judged by the financial counselor for their poor financial management practices, how does this impact the counseling session? - correct
answer It makes the member reluctant to share financial information or follow recommendations.
When meeting with members, how can a financial counselor keep the focus on finances? - correct answer The counselor should control the interview and interactions with members
1. Effective financial counselors should ensure that their words and actions are: - correct answer Consistent
To be effective, a financial counselor should: - correct answer Consider every member as unique.
Before offering a member some possible solutions to consider, it is important to: - correct answer Get an understanding of the member and their issues.
He first step in the counseling process is: - correct answer Collect member data.
Which of the following is it not necessary for the member to bring to the initial meeting? - correct answer Two pieces of identification.
The five C's of credit refers to: - correct answer Character, capacity, capital, collateral and conditions.
How do you improve cash flow? - correct answer By increasing income and/or decreasing costs. How can viewing a member's pay stubs help a financial counselor analyze the member's cash flow? - correct answer It verifies income and lists deductions.
When a member gets a large tax refund every year, what does that suggest about the amount of taxes withheld from every paycheck? - correct answer the member overpaid taxes every paycheck.
What is the value of capturing information about all of the member's expenditure and income? - correct answer It show the member's cash flow, spending and debt.
What is the difference between the "real" problem and the "presented" problem in financial counseling? - correct answer "Presented" problems are what are on the surface, while "real" problems are the root cause.
How can the financial counselor learn the nature of the member's problem? - correct answer By asking the member many questions about their situation.
A financial counselor begins a counseling session with "small talk" about families and community as a way to: - correct answer Build rapport.
When examining a member's pay stub, which piece of information would not be found on the pay stub? - correct answer Grants and scholarships.
After collecting information about a member's past expenses, what is important to consider when helping the member project future expenses? - correct answer Seasonal variations
Which of the following is not a way for a member to increase their income? - correct answer Pay off all debts.
What is the first step a member should take to reduce the impact of debt on their budget? - correct answer Stop creating more debt.
How does adding more telecommunication lines normally affect a household budget? - correct answer Costs increase.
What normally happens if internet, cable TV and phone services are bundled? - correct answer Costs decrease.
In order to make a cost-effective vehicle purchase, what should you consider before buying? - correct answer The cost to buy, the cost to maintain, the ability to meet your needs and the resale value.
.In what circumstances should members be advised not to make important financial decisions? - correct answer When emotions are running high.
Which of the following is not an influence that family might have on someone's attitude towards money? - correct answer Number of children in the family.
Identify the most desirable type of money cycle. - correct answer Earn/Save/Spend
Select the best description of members who fall into the category of "spending too much." - correct answer They fail to track spending and don't separate wants from needs
Why is it important for financial counselors to understand selective perception? - correct
answer Because it helps financial counselors assist members to expand their perspective to see the possibilities available to them.
What function does the left hemisphere of the brain primarily handle? - correct answer Logical and analytical thinking.
When using what you know about hemispheric thinking, how should information be presented to members? - correct answer The information should be presented in a variety of ways.
Which roles are typically associated with the conscious and the unconscious minds? - correct answer the conscious usually handles focused activity, while the unconscious solves problems behind the scenes
What is money vigilance? - correct answer The need to be secretive about one's finances.
Select the correct description of the hidden zone in the Johari Window. - correct answer It contains information that is known to self, but unknown to others
When a member feels they are being judged by the financial counselor for their poor financial practices, how does this impact the counseling session? - correct answer it makes the member reluctant to share financial information.
How can a financial counselor effectively use questions as part of a financial counseling
session? - correct answer Questions should be used to help members examine options.
Which statement best describes the role of remedial counseling? - correct answer it is used to help members cope with debt problems and poor money management. What is a force field analysis decision making model? - correct answer It is the method used to view all forces in favor of or against a plan, so that a decision can be made.
Which of the following best describes how the cost-benefit analysis method helps members determine whether or not a proposed solution is beneficial? - correct answer The costs and benefits of alternatives are examined and rated for success or failure.
Which of the following examples illustrates a counselor using the skill of "scaling"? - correct answer "On a scale of 1 to 10, where 10 is high, how would you rate this solution?"
What is the appropriate way for a counselor to use blending, when working with a member? - correct answer The counselor uses communication patterns that match the member's.
Which of the following is not a good way to demonstrate to the member that you are listening to them? - correct answer Take notes while the member is talking.
When a member feels they are being judged by the financial counselor for their poor financial management practices, how does this impact the counseling session? - correct
answer It makes the member reluctant to share financial information or follow recommendations.
When meeting with members, how can a financial counselor keep the focus on finances? - correct answer The counselor should control the interview and interactions with members
1. Effective financial counselors should ensure that their words and actions are: - correct answer Consistent
To be effective, a financial counselor should: - correct answer Consider every member as unique.
Before offering a member some possible solutions to consider, it is important to: - correct answer Get an understanding of the member and their issues.
He first step in the counseling process is: - correct answer Collect member data.
Which of the following is it not necessary for the member to bring to the initial meeting? - correct answer Two pieces of identification.
The five C's of credit refers to: - correct answer Character, capacity, capital, collateral and conditions.
How do you improve cash flow? - correct answer By increasing income and/or decreasing costs. How can viewing a member's pay stubs help a financial counselor analyze the member's cash flow? - correct answer It verifies income and lists deductions.
When a member gets a large tax refund every year, what does that suggest about the amount of taxes withheld from every paycheck? - correct answer the member overpaid taxes every paycheck.
What is the value of capturing information about all of the member's expenditure and income? - correct answer It show the member's cash flow, spending and debt.
What is the difference between the "real" problem and the "presented" problem in financial counseling? - correct answer "Presented" problems are what are on the surface, while "real" problems are the root cause.
How can the financial counselor learn the nature of the member's problem? - correct answer By asking the member many questions about their situation.
A financial counselor begins a counseling session with "small talk" about families and community as a way to: - correct answer Build rapport.
When examining a member's pay stub, which piece of information would not be found on the pay stub? - correct answer Grants and scholarships.
After collecting information about a member's past expenses, what is important to consider when helping the member project future expenses? - correct answer Seasonal variations
Which of the following is not a way for a member to increase their income? - correct answer Pay off all debts.
What is the first step a member should take to reduce the impact of debt on their budget? - correct answer Stop creating more debt.
How does adding more telecommunication lines normally affect a household budget? - correct answer Costs increase.
What normally happens if internet, cable TV and phone services are bundled? - correct answer Costs decrease.
In order to make a cost-effective vehicle purchase, what should you consider before buying? - correct answer The cost to buy, the cost to maintain, the ability to meet your needs and the resale value.
