FICEP Exam Review Questions
and answers
What are 4 spending cycles? - answer 1. Earn/Spend/Earn/Spend
2. Earn/Spend/Borrow/Spend
3. Earn/Spend/Save
4. Earn/Save/Spend
What is the best spending cycle? - answer 4. Cycle: Earn/Save/Spend
Explain Cycle 1: Earn/Spend/Earn/Spend - answer Paycheck to
Paycheck members
Explain Cycle 2: Earn/Spend/Borrow/Spend - answer they confuse
wants with needs
Explain Cycle 3: Earn/Spend/Save - answer There is not money left
for saving because "something always comes up"
Explain: Cycle 4: Earn/Save/Spend - answer Paying yourself first
Why should counselors have awareness of hemispheric thinking? -
answer It help us understand the importance of presenting
information a variety of ways.
Information presented visually will help - answer A right brained
member
,Information presented analytical will help a - answer Left Brained
member
Hard Approach - answer Correlates with the left analytical side of
the brain. Orderly and straight to the point. Sometimes comes off as
aggressive.
Soft Approach - answer Right creative side. This approach offers
possibilities and suggestions rather than absolute. Reminds
members that are in control
What are the 4 elements of Johari's Window - answer 1. Open
2. Blind
3. Hidden
4. Unknown
Open (Joharis) - answer Known to self and Others. "names and
occupation is known"
Blind (joharis) - answer Unknown to Self Known to Others "counselor
knows name of spending habits but members does not"
Hidden (Joharis) - answer Known to Self Unknown to others "the
members knows this and chooses not to share aka debt"
Unknown (joharis) - answer Unknown to self and to to others
"reasoning behind patterns in finance
What is the goal with Johari's? - answer To move from the
Hidden/Blind/Unknown to the Open zone.
, What are the 3 counseling types - answer Remedial Preventive
Productive
Remedial Counseling - answer helps members cope with debt they
cannot afford or poor Money management
Preventive Counseling - answer Helps members with good financial
habits manage financial challenges due to life changes
Productive Counseling - answer helps members identify the best
way to use their resources to improve their financial status
What are the 4 counseling elements? - answer Budget, Credit, Debt,
Financial planning
what are some vital counselor skills 1-8 - answer 1. Ask perceptive
questions
2. Observe nonverbal cues
3. Help members assess behaviors and attitudes
4. Express empathy for members
5. Assist members to identify needs and wants
6. Explore money management skills
7. Assemble a complete financial picture
8. Develop a workable budget
what are some vital counselor skills 9-17 - answer 9. Gain
agreement on budget and money issues
10. Suggest workable approaches and potential solutions
11.Motivate members to implement spend plan
12. Combine optimism, enthusiasm, and realism
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