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FiCEP Final CUNA Review Questions and answers
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FiCEP Final CUNA Review Questions and answers
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FiCEP Study Guide (Final) examQuestions and answers
operating costs - answer A tax is defined as a contribution that
supports the _____ of a government.
progressive - answer A _____ tax requires a taxpayer to pay more tax
as their income increases. (Federal and state income taxes are
examples)
regressive - answer A _____ tax charges the same percentage of the
cost of a good or service, no matter what the taxpayer earns. (Sales
tax, gas taxes, and liquor taxes are examples)
fees or surcharges - answer Sometimes taxes are called _____.
fee - answer A _____ could include the cost of a driver's license or a
hunting license.
surcharge - answer A _____ could be a gasoline tax, tobacco tax, or
liquor tax.
tax obligations - answer Taking care of _____ is as important for a
member's financial well-being as it is to pay their bills on time.
correspondence - answer Any _____ from the IRS should be reviewed
and dealt with as soon as possible.
taxpayer advocate service. - answer If you have not been able to
resolve a problem with the IRS, seek assistance from the _____.
,tax professional - answer Complex tax situations might require
members to hire a _____.
70 - answer _____% of taxpayers may be eligible for free tax filing
assistance.
filing status - answer If members get a large refund, they might
want to change their _____ if the money is needed in their monthly
budget.
costly - answer Caution members that using refund anticipation
loans can be a _____ way to get instant access to their refund.
pay down debt - answer The first choice for using a tax refund is to
_____.
self-employment quarterly taxes - answer Other tax authorities that
members must pay attention to are state income tax, property tax,
and _____.
taxable income - answer Examples of _____ are wages, salaries and
tips, interest income, alimony, business income, capital gains,
pensions and annuities, other forms of income, and distributions
from a traditional IRA.
non-taxable income - answer Examples of ____ are child support
payments, life insurance benefits paid to a beneficiary, gifts and
inheritances from parents, social security benefits, benefits from
welfare, and qualified distributions from roth IRAs.
filing status - answer _____ can make a difference in the taxes paid.
,filing status - answer Examples of _____ are single, married filing
jointly, married filing separately, head of household, and qualified
widow or widower with dependent children.
401(k) plan - answer Saving for retirement can also save taxes by
making contributions to a _____.
traditional IRA - answer If a person is in a 25% income bracket, they
could save 25% of the money they deposit into a _____.
insurance - answer Financial counseling clients can manage some of
the risks in life by having the right types and amounts of _____.
insurable interest - answer An _____ in a car you financed at the
credit union could be held by both you and the credit union.
risks - answer You can make a better choice about insurance
coverage if you evaluate your _____.
umbrella liability policy - answer An _____ can give you protection if
someone sues you for an accident on your property.
deductibles and policy limits - answer _____ can help manage the
costs of insurance.
cobra - answer _____ provides the right for an employee that is
terminated or resigns to keep their medical insurance for 18 months
if they pay the cost (full amount of the premium).
part A - answer Medicare _____ is free.
part B - answer Medicare _____ is paid for by the insured.
, auto coverage - answer Liability, personal injury or medical
coverage, uninsured or under-insured coverage, comprehensive,
collision, and towing and roadside assistance, and car rental
coverage are the seven types of _____ available to consumers.
compounding - answer The rule of 72, or _____, shows how long it will
take for a person's investment to double. (72 / current interest rate
= number of year required to double original investment)
liquidity - answer _____ is the ability to convert an investment into
cash.
share accounts - answer _____ are more liquid than diamonds and
gold.
return - answer _____ is the gain in value a person's investment
earns.
highest - answer _____ priority should be a savings account, a home,
a retirement account, or a college fund.
risk - answer Undeveloped land, gold and diamonds, or speculative
stocks pose the highest level of _____ for investors.
reliable - answer Indicators that a financial advisor is _____ are
completion of training and licenses with companies, exchanges, and
regulators with which they work.
housing - answer Sometimes a member's choices regarding _____ can
cause a member's finances to get out of control.
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