Exam (elaborations)
FICEP CUNA EXAM QUESTIONS AND ANSWERS 2024
- Course
- Institution
FICEP CUNA EXAM QUESTIONS AND ANSWERS 2024
[Show more]
Content preview
FICEP CUNA EXAM1. If members aren't able to save for retirment and for their children's college
education, what should a financial counselor advise them?
They should make retirement savings their priority because there are always
more options for paying for college.
2. What is the Rule of Thirds?
Savings cover 1/3 of the cost of education, grants and tax benefits pay for 1/3 and
parents and student loans pay for 1/3.
3. What is FAFSA?
A form to apply for financial aid from the federal government and many colleges
and universities.
4. The reason that members should consider using a 529 Plan or a Coverdell
Education Savings Account to save for their childrens education is:
Because they provide tax advantages.
5. Pell grants are awarded based on:
The student's expected family contributions, tuition, enrollment status,
household size and the number of siblings also currently in college.
,6. The best way to increase the chances of obtaining a scholarship to fund higher
education is:
Do lots of research and apply for as many scholarships as possible.
7. Which of the following is not a feature of a direct subsidized federal student
loan?
It is not possible to postpone or lower loan payments in cases of financial
hardship.
8. When considering a Federal Student Loan consolidation, which of the following
is not true?
A direct consolidation loan has an application fee.
9. Which of the following statements about student loan forgiveness is true?
Loans can be forgiven in return for years of public service for federal, state or
local government employees.
10. Which of the following statements about general forbearance of a student
loan is false?
Medical expenses cannot be a reason to apply for a general forbearance.
In what circumstances should members be advised not to make important
financial decisions?
When emotions are running high
, Which of the following is not an influence that family might have on someone's
attitude towards money?
Number of children in the family.
Identify the most desirable type of money cycle.
Earn/Save/Spend
Select the best description of members who fall into the category of "spending
too much."
They fail to track spending and don't separate wants from needs.
Why is it important for financial counselors to understand selective perception?
Because it helps financial counselors assist members to expand their perspective
to see the possibilities available to them.
What function does the left hemisphere of the brain primarily handle?
Logical and analytical thinking.
When using what you know about hemispheric thinking, how should information
be presented to members?
The information should be presented in a variety of ways.
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 Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now