FiCEP Exam
1. 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 lendersWebinar 3
2. 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.Webinar 3
3. 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.Webinar 3
4. 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 onlineWebinar 3
5. Which type of savings helps one cope when the unthinkable occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday: c. EmergencyWebinar 3
6. 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.
Webinar 3
7. 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
Webinar 4
8. "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.
Webinar 4
9. 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.
Webinar 4
10. 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.Webinar 4
11. 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 about money.
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.
Webinar 4
12. 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, bothparties 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.
Webinar 4
13. Seasonal employees must:
a. Not be concerned with ebbs and flows in monthly income.
b. Plan for times when income is low.
c. Avoid overuse of outside resources like food share programs.
d. Only worry about current income and not dwell on future shortfalls.: b. Plan
for times when income is low.Webinar 4
14. When you own your own business, accounts payable is the:
a. Amount of money others owe you.
b. Money that you anticipate the government will reimburse you.
c. Amount of money you owe others.
d. Difference between your assets and liabilities: c. Amount of money you oweothers.
Webinar 4
15. Which of the following statements is false?
1. 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 lendersWebinar 3
2. 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.Webinar 3
3. 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.Webinar 3
4. 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 onlineWebinar 3
5. Which type of savings helps one cope when the unthinkable occurs?
a. Set-aside
b. Retirement
c. Emergency
d. Holiday: c. EmergencyWebinar 3
6. 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.
Webinar 3
7. 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
Webinar 4
8. "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.
Webinar 4
9. 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.
Webinar 4
10. 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.Webinar 4
11. 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 about money.
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.
Webinar 4
12. 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, bothparties 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.
Webinar 4
13. Seasonal employees must:
a. Not be concerned with ebbs and flows in monthly income.
b. Plan for times when income is low.
c. Avoid overuse of outside resources like food share programs.
d. Only worry about current income and not dwell on future shortfalls.: b. Plan
for times when income is low.Webinar 4
14. When you own your own business, accounts payable is the:
a. Amount of money others owe you.
b. Money that you anticipate the government will reimburse you.
c. Amount of money you owe others.
d. Difference between your assets and liabilities: c. Amount of money you oweothers.
Webinar 4
15. Which of the following statements is false?
