Exam (elaborations)
FiCEP Prep Test Questions & Answers 2024/2025
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FiCEP Prep Test Questions & Answers 2024/2025
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FiCEP Prep Test Questions & Answers 2024/2025What are referral clues? - ANSWERSDepression, anxiety, marital stress, secretive behavior, sudden change, severe unexplainable financial difficulties
How do you make successful referrals? - ANSWERS1. Recognize need to maintain dignity 2. Confidentiality 3. Be accurate 4. Set expectations especially with public programs 5. Follow up
What situations call for immediate assistance? - ANSWERS1. Food, shelter, or medical care 2. Professional help (ex. psych needs) 3. Severe financial crisis
What are the three types of taxes? - ANSWERSProgressive (ex. income tax) 2. Regressive - % of cost (ex. Sales tax) 3. Flat or level - percentage of income, no limit, everyone pays same
What are tax filing status options? - ANSWERS1. Single 2. Married, filing jointly 3. Married, filing separately 4. Head of household (single deduction, add with single or married) 5. Qualifying widow(er) with dependent child(ren)--tax break lost spouse last two years raising children alone standard deduction
When should you submit a new W-4? - ANSWERS1. # of dependents change 2. Get married 3. Divorce 4. Becomes self employed 5. Large tax refund 6. Owe more than one thousand on last return
What should be remembered when discussing insurance? - ANSWERS1. Risk pooling (share risk) 2. Insurable interest (money interest in property) 3. Indemnification (agreement to reimburse)
What should be considered when evaluating risk? - ANSWERS1. What are risks/assets? 2. Loss affordable? 3. Best method: assume (pay if broke cheaper than insurance), reduce loss potential, transfer
by getting insurance 4. Able to cope with risk?
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