Exam (elaborations)
FICEP Test with Questions and Answers
- Course
- Institution
FICEP Test with Questions and Answers
[Show more]
Content preview
FICEP Test with Questions and AnswersExamining forces for or against a specific action are part of a _____________
______________ _____________________. - ✔✔Force field analysis
The counseling process contains six steps. In sequential order, they are:
1. ____________ member data
2. Establish clear financial _____________ and objectives.
3. _________________ data.
4. _____________ a spending, debt repayment and action plan
5. _______________ plan.
6. Monitor, evaluate, and ______________ as needed. - ✔✔collect
goals
analyze
develop
implement
adjust
a ____________ plan looks at the sources of income and where clients spend
their money. - ✔✔spending
Cash _____ is the term to define money in and out of a client's budget. -
✔✔flow
T or F
,At least 3 recent paycheck stubs should be reviewed when gathering a member's
financial information. - ✔✔True
When analyzing expenses it is important to consider a 12 month cycle to take
____________ ______________ into account which include rising utility costs for
additional air in the summer and heat in winter as well as back to school expenses
every fall. - ✔✔seasonal variations
Options for increasing ______________ include working overtime, getting a
second job, selling something and setting long term goals - ✔✔income
Accelerating debt repayment can be done by paying more on principal, rolling up
payments of the same amount monthly, or paying off ____________
_____________ debts first. - ✔✔high interest
T or F
Since 2010 federal law requires consumers to have a choice to opt-in to overdraft
programs. - ✔✔True
____________ loans are the costliest way to handle cash flow problems. -
✔✔Payday
When planning a trip, choose the vehicle that gives the best ___________ for that
trip. - ✔✔mileage
Secure vehicle financing for a vehicle ____________ you shop and consider how
much you can afford for the vehicle plus insurance and upkeep. - ✔✔before
, _____________ savings helps members cope with unexpected expenses. -
✔✔Emergency
___________ _________________ savings helps members plan for known future
expenses. - ✔✔Set aside
________________ savings have to be more than just a deposit to a 401(k) plan. -
✔✔Retirement
Spending allowances should be broken down into __________ amounts -
✔✔weekly
T or F
It is important that counselors ask a member to sign a contract to reinforce and
stick with the plan they have chosen or it will not work. - ✔✔False
One of the ways members can get started saving is to set aside the net amount of
a ________ in a savings account and continue to live on what their prior pay. -
✔✔raise
_________________ _________ savings is a nest egg to help members through a
period of lost or reduced income. This is also the middle tier of the savings
pyramid. - ✔✔Safety net
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76658 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now