FiCEP
Exam Combined
Questions With Revised Correct
Answers
| UPDATED |
1) Which of the following is the first step of the counseling
process?
a. Analyze data
b. Develop a spending plan
c. Collect member data
d. Establish goals and objectives - ANSWER c. Collect
member data
2) It is best to divide a budget into which cycle?
a. Daily
b. Monthly
c. Quarterly
d. Annually - ANSWER b. Monthly
,3) Which of following provides a credit history including debt
repayment practices for an individual?
a. Cash flow
b. Net worth
c. Debt ratio
d. Credit report - ANSWER d. Credit report
4) When discussing a member's budget analysis, build in
assumptions and adjustments to make sure the process allows
for a...
a. 12-month cycle.
b. 24-month cycle.
c. 36-month cycle.
d. 48-month cycle - ANSWER a. 12-month cycle.
5) 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 - ANSWER c. Borrow money
from payday lenders
6) Increasing a monthly payment beyond the minimum
required by the credit issuer 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. - ANSWER a. paying more
on the principal.
7) 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 - ANSWER c. locked into a contract.
8) When determining if a vehicle is affordable, which of the
following is NOT important to consider?
a. Purchase price
b. Maintenance
, c. Insurance
d. Ability to pay online - ANSWER d. Ability to pay online
9) Which type of savings helps one cope when the unthinkable
occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday - ANSWER c. Emergency
10) 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 - ANSWER b. a list of
steps and timeline for the member to complete.
11) Which of the following is not an example of ways members
may start saving?
Exam Combined
Questions With Revised Correct
Answers
| UPDATED |
1) Which of the following is the first step of the counseling
process?
a. Analyze data
b. Develop a spending plan
c. Collect member data
d. Establish goals and objectives - ANSWER c. Collect
member data
2) It is best to divide a budget into which cycle?
a. Daily
b. Monthly
c. Quarterly
d. Annually - ANSWER b. Monthly
,3) Which of following provides a credit history including debt
repayment practices for an individual?
a. Cash flow
b. Net worth
c. Debt ratio
d. Credit report - ANSWER d. Credit report
4) When discussing a member's budget analysis, build in
assumptions and adjustments to make sure the process allows
for a...
a. 12-month cycle.
b. 24-month cycle.
c. 36-month cycle.
d. 48-month cycle - ANSWER a. 12-month cycle.
5) 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 - ANSWER c. Borrow money
from payday lenders
6) Increasing a monthly payment beyond the minimum
required by the credit issuer 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. - ANSWER a. paying more
on the principal.
7) 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 - ANSWER c. locked into a contract.
8) When determining if a vehicle is affordable, which of the
following is NOT important to consider?
a. Purchase price
b. Maintenance
, c. Insurance
d. Ability to pay online - ANSWER d. Ability to pay online
9) Which type of savings helps one cope when the unthinkable
occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday - ANSWER c. Emergency
10) 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 - ANSWER b. a list of
steps and timeline for the member to complete.
11) Which of the following is not an example of ways members
may start saving?
