FICEP Exam Bundle (Graded A )

Financial Well-Being - Answers-Tied to behaviors and attitudes, influenced by environment and experiences Poor Financial Habits - Answers-Spending too much, saving too little, carrying too much debt, caring too little about financial future, reliance on others Spending Cycles - Answers-4 prima...

Money avoidance is the idea that money is evil or ______________ -Answers-undeserved The idea that money is the way to solve all a member's problems is money ______________ -Answers-worship Money ____________ is the member's belief that wealth is tied to self-worth. Money is seen as a member...

when dealing with finances - Answers--brainstorm with everyone in the household (buy-in) - do not try to control spouse's financial behavior - focus on goals progressive tax - Answers-federal and state income tax- if income increases, so does tax regressive tax - Answers-charge the same % o...

people who have gambled in their lifetimes, in the past year - Answers-85%, 66% learning financial attitudes from parents is known as - Answers-modeling consumers who want it "now vs later" are at the greatest risk of - Answers-spending more than they can afford if a member thinks of a ne...

operating costs - Answers-A tax is defined as a contribution that supports the _____ of a government. progressive - Answers-A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - Answers-A _____ tax charges the same...

TRUE or FALSE: Receiving a medical bill affects your credit score - Answers-False TRUE or FALSE: Divorce has a direct impact on credit score - Answers-False Student loan refinancing makes sense when the member has: - Answers-1. High interest rates on existing loans 2. Steady income 3. Above-...

401k - Answers-Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - Answers-The person or persons who are designated to receive the...

What are the housing market conditions that can indicate a real estate "bubble"? - Answers-Housing values are rising faster than consumer income What five sources influence most consumers' financial practices? - Answers-Parents, Lenders, learned patterns, creditors, society/peers What is th...

needs - Answers-Before implementing a formal counseling program, first determine the member's ______________. true - Answers-(True or False) Knowing the formal and informal attitudes of board and management towards financial counseling must be determined before moving forward with the program. _...

Lien - Answers-If a debtor files a _________ on your property you will will unable to sell or dispose of it without arrangements on the debt. Poor financial habits - Answers-Spending too much, saving too little, carrying too much debt, reliance on othersm and caring to little about finance. Mo...

Select the statement that correctly describes a progressive tax. - Answers-A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - Answers-A regressive tax charges the same tax rate regardless of the taxpayer's income. Why ar...

Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / save d. Earn / borrow / spend / save - Answers-a. Earn / spend / earn / spend Webinar 1 Financial counselors who don't use...

Which cycle describes members who are just surviving and living paycheck to paycheck? - Answers-Earn/Spend/Earn/Spend Financial counselors who don't use what they know about hemispheric thinking may fall into the trap of: - Answers-Presenting information to a member in a manner that might not be...

Select the statement that correctly describes a progressive tax. - Answers-A progressive tax requires people to pay more as they earn more. What is the name of the organization that offers free tax assistance to taxpayers age 60 or older, those with disabilities or special needs, or who qualify f...