FICEP PART 2 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Federal Student Loans - ANSWERS-Loans underwritten by
the federal government at a lower-than-market interest rate
and rewarded based on financial need, typically without a
credit review or cosigner; the government pays the interest
on the principal on direct subsidized loans as long as
students are enrolled at least half time. Direct Unsubsidized
loans available to undergraduate and graduate students
without the requirement to demonstrate financial need;
interest on these loans accrues while students are in school.
Financial denial - ANSWERS-A behavior in which people
choose not to open their account statements and credit card
bills to avoid thinking about their money troubles
,Financial infidelity - ANSWERS-lying about or attempting to
hide the true state of the family's finances from one's
spouse or partner
Great Recession - ANSWERS-The steep decline in economic
activity in the united states from 2007 through 2009,
generally considered the largest downturn since the Great
Depression of the 1930s.
Heuristics - ANSWERS-Mental shortcuts relying simple rules
of thumb to aid in decision making; in financial decisions,
however, _____ may not be reliable in leading members to
the wisest choices
Hoarding - ANSWERS-Excessive acquisition of material
goods and inability to dispose of those goods
Individual development accounts (IDAs) - ANSWERS-savings
accounts for low income individuals in which participants'
savings are matched by federal, state, or local government
sources with the aim of supporting greater financial
security; participants save for specific goals, such as buying
a home, starting a business, and receive financial education
as a part of the program
, Lifetime Learning Credit - ANSWERS-Federal Income tax
credit up to $2000 for qualified education expenses; since
many undergraduate students and their parents claim the
American Opportunity Credit for their first four years of
college, the Lifetime Learning Credit is more often claimed
by graduate and part-time students
Death benefit - ANSWERS-the amount that is paid upon the
death of the policy-holder
deductible - ANSWERS-the amount that the policy-holder
must pay before insurance begins to cover expenses
Dividends - ANSWERS-The amount that stockholders in a
company receive. Represents a portion of a company's
profits
Flexible Spending Plan (FSA) - ANSWERS-A program offered
by employers which allows employees which allows
employees to pay for eligible out-of-pocket health care and
dependent care expenses with pre-tax dollars. Have a Use-
it-or-lose-it provision, which means that any funds that are
unused at the end of the plan year are forfeited.
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Federal Student Loans - ANSWERS-Loans underwritten by
the federal government at a lower-than-market interest rate
and rewarded based on financial need, typically without a
credit review or cosigner; the government pays the interest
on the principal on direct subsidized loans as long as
students are enrolled at least half time. Direct Unsubsidized
loans available to undergraduate and graduate students
without the requirement to demonstrate financial need;
interest on these loans accrues while students are in school.
Financial denial - ANSWERS-A behavior in which people
choose not to open their account statements and credit card
bills to avoid thinking about their money troubles
,Financial infidelity - ANSWERS-lying about or attempting to
hide the true state of the family's finances from one's
spouse or partner
Great Recession - ANSWERS-The steep decline in economic
activity in the united states from 2007 through 2009,
generally considered the largest downturn since the Great
Depression of the 1930s.
Heuristics - ANSWERS-Mental shortcuts relying simple rules
of thumb to aid in decision making; in financial decisions,
however, _____ may not be reliable in leading members to
the wisest choices
Hoarding - ANSWERS-Excessive acquisition of material
goods and inability to dispose of those goods
Individual development accounts (IDAs) - ANSWERS-savings
accounts for low income individuals in which participants'
savings are matched by federal, state, or local government
sources with the aim of supporting greater financial
security; participants save for specific goals, such as buying
a home, starting a business, and receive financial education
as a part of the program
, Lifetime Learning Credit - ANSWERS-Federal Income tax
credit up to $2000 for qualified education expenses; since
many undergraduate students and their parents claim the
American Opportunity Credit for their first four years of
college, the Lifetime Learning Credit is more often claimed
by graduate and part-time students
Death benefit - ANSWERS-the amount that is paid upon the
death of the policy-holder
deductible - ANSWERS-the amount that the policy-holder
must pay before insurance begins to cover expenses
Dividends - ANSWERS-The amount that stockholders in a
company receive. Represents a portion of a company's
profits
Flexible Spending Plan (FSA) - ANSWERS-A program offered
by employers which allows employees which allows
employees to pay for eligible out-of-pocket health care and
dependent care expenses with pre-tax dollars. Have a Use-
it-or-lose-it provision, which means that any funds that are
unused at the end of the plan year are forfeited.
