FICEP (Financial Counseling Certification
Program) Exam 1 Study Guide Complete
Questions With Complete Solutions 100%
Accurate Already Graded A+ -- Just
Released.
1. 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 - ANSWER ✓ Express
confidence in member's ability to address
problem
2. You can help couples and families who have difficulties
talking through money issues by doing all of the
following except:
, a. Have each person write down individual goals
and then share with each other
b. Discuss individual goals and how members may
work together to accomplish them
c. Meet with members separately for financial
counseling
d. Agree on a scheduled time to check goal
progress and make modifications - ANSWER ✓
meet with members separately for financial
counseling
3. Which of the following statements is FALSE regarding
the steps that can help families change habits?
a. Children can be absent from discussions because
spending changes will not affect them.
b. Parents must present a united front when talking
with children about money
c. Recognizing progress with positive feedback can
keep everyone focused on the goals.
d. Once problem areas are identified, develop
strategies to save money. - ANSWER ✓ Children
, can be absent from discussions because spending
changes will not affect them.
4. 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 which debts.
b. If one spouse falls behind on payments of a
jointly held account, both parties are
responsibilities.
c. Martial status not a factor in credit scoring
systems
d. Late payments on jointly held debts will not be
reflected on both credit reports. - ANSWER ✓
Late payments on jointly held debts will not be
reflected on both credit reports.
5. 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 - ANSWER ✓ Plan for times
when income is low
6. 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 -
ANSWER ✓ Amount of money you owe others
7. Which of the following statement is false?
a. Using credit only builds a positive credit history
if the lender submits information to a CRA.
b. Lenders regularly report on-time and delinquent
payments
Program) Exam 1 Study Guide Complete
Questions With Complete Solutions 100%
Accurate Already Graded A+ -- Just
Released.
1. 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 - ANSWER ✓ Express
confidence in member's ability to address
problem
2. You can help couples and families who have difficulties
talking through money issues by doing all of the
following except:
, a. Have each person write down individual goals
and then share with each other
b. Discuss individual goals and how members may
work together to accomplish them
c. Meet with members separately for financial
counseling
d. Agree on a scheduled time to check goal
progress and make modifications - ANSWER ✓
meet with members separately for financial
counseling
3. Which of the following statements is FALSE regarding
the steps that can help families change habits?
a. Children can be absent from discussions because
spending changes will not affect them.
b. Parents must present a united front when talking
with children about money
c. Recognizing progress with positive feedback can
keep everyone focused on the goals.
d. Once problem areas are identified, develop
strategies to save money. - ANSWER ✓ Children
, can be absent from discussions because spending
changes will not affect them.
4. 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 which debts.
b. If one spouse falls behind on payments of a
jointly held account, both parties are
responsibilities.
c. Martial status not a factor in credit scoring
systems
d. Late payments on jointly held debts will not be
reflected on both credit reports. - ANSWER ✓
Late payments on jointly held debts will not be
reflected on both credit reports.
5. 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 - ANSWER ✓ Plan for times
when income is low
6. 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 -
ANSWER ✓ Amount of money you owe others
7. Which of the following statement is false?
a. Using credit only builds a positive credit history
if the lender submits information to a CRA.
b. Lenders regularly report on-time and delinquent
payments
