FiCEP 75-100
What are referral clues? - ANS Depression, anxiety, marital stress, secretive behavior, sudden
change, severe unexplainable financial difficulties
How do you make successful referrals? - ANS 1. Recognize need to maintain dignity 2.
Confidentiality 3. Be accurate 4. Set expectations especially with public programs 5. Follow up
What situations call for immediate assistance? - ANS 1. Food, shelter, or medical care 2.
Professional help (ex. psych needs) 3. Severe financial crisis
What are the three types of taxes? - ANS Progressive (ex. income tax) 2. Regressive - % of cost
(ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same
What are tax filing status options? - ANS 1. Single 2. Married, filing jointly 3. Married, filing
separately 4. Head of household (single deduction, add with single or married) 5. Qualifying
widow(er) with dependent child(ren)--tax break lost spouse last two years raising children alone
standard deduction
When should you submit a new W-4? - ANS 1. # of dependents change 2. Get married 3.
Divorce 4. Becomes self employed 5. Large tax refund 6. Owe more than one thousand on last
return
What should be remembered when discussing insurance? - ANS 1. Risk pooling (share risk) 2.
Insurable interest (money interest in property) 3. Indemnification (agreement to reimburse)
What should be considered when evaluating risk? - ANS 1. What are risks/assets? 2. Loss
affordable? 3. Best method: assume (pay if broke cheaper than insurance), reduce loss
potential, transfer by getting insurance 4. Able to cope with risk?
What rules to follow when deciding on insurance: - ANS 1. Determine insurance needs 2. Insure
major risks first 3. Select insurance that meets needs 4. Compare prices 5. Verify premiums and
deductibles meet budget 6. Never risk more than afford loss 7. Know odds 8. Report problems
Who should get life insurance? - ANS 1. Wage earners with dependents 2. Non wage earners
with young children 3. People with debt
What needs should be addressed before investing? - ANS 1. Savings plan 2. Emergency fund
3. Insurance 4. Responsible credit 5. Short and long term goals
What are referral clues? - ANS Depression, anxiety, marital stress, secretive behavior, sudden
change, severe unexplainable financial difficulties
How do you make successful referrals? - ANS 1. Recognize need to maintain dignity 2.
Confidentiality 3. Be accurate 4. Set expectations especially with public programs 5. Follow up
What situations call for immediate assistance? - ANS 1. Food, shelter, or medical care 2.
Professional help (ex. psych needs) 3. Severe financial crisis
What are the three types of taxes? - ANS Progressive (ex. income tax) 2. Regressive - % of cost
(ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same
What are tax filing status options? - ANS 1. Single 2. Married, filing jointly 3. Married, filing
separately 4. Head of household (single deduction, add with single or married) 5. Qualifying
widow(er) with dependent child(ren)--tax break lost spouse last two years raising children alone
standard deduction
When should you submit a new W-4? - ANS 1. # of dependents change 2. Get married 3.
Divorce 4. Becomes self employed 5. Large tax refund 6. Owe more than one thousand on last
return
What should be remembered when discussing insurance? - ANS 1. Risk pooling (share risk) 2.
Insurable interest (money interest in property) 3. Indemnification (agreement to reimburse)
What should be considered when evaluating risk? - ANS 1. What are risks/assets? 2. Loss
affordable? 3. Best method: assume (pay if broke cheaper than insurance), reduce loss
potential, transfer by getting insurance 4. Able to cope with risk?
What rules to follow when deciding on insurance: - ANS 1. Determine insurance needs 2. Insure
major risks first 3. Select insurance that meets needs 4. Compare prices 5. Verify premiums and
deductibles meet budget 6. Never risk more than afford loss 7. Know odds 8. Report problems
Who should get life insurance? - ANS 1. Wage earners with dependents 2. Non wage earners
with young children 3. People with debt
What needs should be addressed before investing? - ANS 1. Savings plan 2. Emergency fund
3. Insurance 4. Responsible credit 5. Short and long term goals
