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FICEP FINAL EXAM 2024 ACTUAL
EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY
GRADED A+
Which of the following is not a secondary product that can
be added to a vehicle loan to help in case an emergency
occurs?
a. GAP insurance
b. Full coverage automobile insurance
c. Credit life & disability insurance
d. Extended warranty - ....ANSWER...b. Full coverage
automobile insurance
Which of following is not a way in which repossessions
can occur?
a. Self-help (creditor retrieves vehicle & may do so
without debtor's knowledge)
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b. Judicial (creditor obtains a court order to work with
legal authorities)
c. Voluntary surrender
d. Cure default - ....ANSWER...d. cure default
What is the first immediate step someone needs to take
after a death?
a. Send death certificates to creditors.
b. Contact deceased's employer to obtain benefits.
c. Determine if the deceased had a prepaid funeral plan.
d. Pay all final expenses and debts. - ....ANSWER...C.
determine if the deceased had a prepaid funeral plan.
Which of the following statements is true?
a. Owning generally builds property equity.
b. Owning a home is always the best investment.
c. Renting is best if one is likely to remain in one place for
many years.
d. Owning is generally less expensive. - ....ANSWER...a.
Owning generally builds property equity.
Which of the following statement is false?
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a. Two types of home equity borrowing are available:
home equity loans & HELOCs.
b. A HELOC is usually structured as a revolving loan with
a variable monthly payment.
c. Members who are refinancing debt should be
encouraged to use a HELOC.
d. A home equity loan offers set terms that may help keep
members on track. - ....ANSWER...c. Members who are
refinancing debt should be encouraged to use a HELOC
When a member is experiencing severe financial problems
it's important to:
a. Treat all debts equally.
b. Help the member maintain the same lifestyle.
c. Determine if member is judgment-proof.
d. Ignore collection letters until member is ready to pay. -
....ANSWER...c. determine if member is judgment-proof
Which of the following statements is false?
a. A HUD approved housing counselor will contact the
mortgage company before foreclosure proceedings begin.
b. Financial counselors can help members figure out how
much they can pay as part of a workout plan.
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c. Find a plan that is feasible for the member and
acceptable to the lender.
d. Lenders are more willing to work with members in the
late stages of foreclosure rather than early in the process. -
....ANSWER...d. Lenders are more willing to work with
members in the late stages of foreclosure rather than early
in the process.
Which of following statements is false?
a. Nontax governmental penalties are not discharged in ch.
7 bankruptcies.
b. Nontax governmental penalties may be discharged in ch.
13 bankruptcies.
c. Alimony is always a nondischargeable debt in ch. 7 &
13 bankruptcies no exceptions.
d. Generally alimony is not discharged in ch. 7 & 13
bankruptcies however courts may make an exception. -
....ANSWER...c. Alimony is always a nondischargeable
debt in ch7 &13 bankruptcies no exceptions.
Credit unions can _______________ to help reduce loss
associated with a bankruptcy.
a. Offer incentives to reaffirm on a debt (ex. Allow
member to retain an active credit card)
b. Tell members they cannot file bankruptcy
FICEP FINAL EXAM 2024 ACTUAL
EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY
GRADED A+
Which of the following is not a secondary product that can
be added to a vehicle loan to help in case an emergency
occurs?
a. GAP insurance
b. Full coverage automobile insurance
c. Credit life & disability insurance
d. Extended warranty - ....ANSWER...b. Full coverage
automobile insurance
Which of following is not a way in which repossessions
can occur?
a. Self-help (creditor retrieves vehicle & may do so
without debtor's knowledge)
,2|Page
b. Judicial (creditor obtains a court order to work with
legal authorities)
c. Voluntary surrender
d. Cure default - ....ANSWER...d. cure default
What is the first immediate step someone needs to take
after a death?
a. Send death certificates to creditors.
b. Contact deceased's employer to obtain benefits.
c. Determine if the deceased had a prepaid funeral plan.
d. Pay all final expenses and debts. - ....ANSWER...C.
determine if the deceased had a prepaid funeral plan.
Which of the following statements is true?
a. Owning generally builds property equity.
b. Owning a home is always the best investment.
c. Renting is best if one is likely to remain in one place for
many years.
d. Owning is generally less expensive. - ....ANSWER...a.
Owning generally builds property equity.
Which of the following statement is false?
,3|Page
a. Two types of home equity borrowing are available:
home equity loans & HELOCs.
b. A HELOC is usually structured as a revolving loan with
a variable monthly payment.
c. Members who are refinancing debt should be
encouraged to use a HELOC.
d. A home equity loan offers set terms that may help keep
members on track. - ....ANSWER...c. Members who are
refinancing debt should be encouraged to use a HELOC
When a member is experiencing severe financial problems
it's important to:
a. Treat all debts equally.
b. Help the member maintain the same lifestyle.
c. Determine if member is judgment-proof.
d. Ignore collection letters until member is ready to pay. -
....ANSWER...c. determine if member is judgment-proof
Which of the following statements is false?
a. A HUD approved housing counselor will contact the
mortgage company before foreclosure proceedings begin.
b. Financial counselors can help members figure out how
much they can pay as part of a workout plan.
, 4|Page
c. Find a plan that is feasible for the member and
acceptable to the lender.
d. Lenders are more willing to work with members in the
late stages of foreclosure rather than early in the process. -
....ANSWER...d. Lenders are more willing to work with
members in the late stages of foreclosure rather than early
in the process.
Which of following statements is false?
a. Nontax governmental penalties are not discharged in ch.
7 bankruptcies.
b. Nontax governmental penalties may be discharged in ch.
13 bankruptcies.
c. Alimony is always a nondischargeable debt in ch. 7 &
13 bankruptcies no exceptions.
d. Generally alimony is not discharged in ch. 7 & 13
bankruptcies however courts may make an exception. -
....ANSWER...c. Alimony is always a nondischargeable
debt in ch7 &13 bankruptcies no exceptions.
Credit unions can _______________ to help reduce loss
associated with a bankruptcy.
a. Offer incentives to reaffirm on a debt (ex. Allow
member to retain an active credit card)
b. Tell members they cannot file bankruptcy
