Exam (elaborations)
FICEP FINAL : CUNA REVIEW EXAM QUESTIONS AND ANSWERS 2024
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FICEP FINAL : CUNA REVIEW EXAM QUESTIONS AND ANSWERS 2024
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FICEP FINAL : CUNA REVIEW EXAMWhat do saving, investing, and paying off debt early have in common? -
ANSWERS-They all require planning, discipline, and an understanding of
compound interest.
Which the these three Cs can help members move from being spenders to savers?
- ANSWERS-Commitment, Control, and Confidence
What are four savings strategies shared in this chapter? - ANSWERS-Pay yourself
first; set up regular transfer from checking to savings; comparison shop; budget
for fun
What is the best advice for parents saving for their children's education? -
ANSWERS-Start saving as early as they can.
What is the Rule of Thirds? - ANSWERS-College Cost = 1/3 savings + 1/3 grants
and taxes + 1/3 parent and student loans
What is the FAFSA? - ANSWERS-A form to apply for financial aid from the federal
government and many colleges and universities.
In addition to financial aid from the federal government and colleges, what is the
most common source of scholarships? - ANSWERS-High schools coordinating
funds from businesses, organizations, and other donors.
,What should parents of a college-bound student do if they receive a letter saying
the student is a finalist for a scholarship they didn't apply for? (Parents only need
to pay a fee to put the student into final consideration) - ANSWERS-Check out the
organization very carefully.
Which factors should students consider when deciding how much student loan to
take on? - ANSWERS-Their family's financial circumstances, their own career
outlooks, and other options they have to finance their education.
What are the most common sources of financial conflicts among couples? -
ANSWERS-Conflicting spending priorities, debt, and perceptions of unequal power
in making financial decisions.
What are the gender differences when it comes to attitudes about money
management? - ANSWERS-Generally, men think more about investments and
retirement while women tend to focus on looking for the best deals.
How should nontraditional couples handle their finances and shared property? -
ANSWERS-Consult an attorney and accountant about structuring retirement
accounts, home ownership, split/share mortgage interest deductions, and other
tax issues.
What is an effective way for a couple to divide the responsibilities of handling
household finances? - ANSWERS-Have weekly or biweekly meetings to go over
bills and upcoming expenses together.
,What is the most commonly cited reason for divorce? - ANSWERS-Differences
over money
According to the General Accountability Office, how do men and women typically
end up financially in a divorce? - ANSWERS-Women's household income declines
on average about 41% and men's about 20%
In community property states, how is property distributed among partners
following divorce? - ANSWERS-Joint property is distributed equally.
How should a financial counselor discuss retirement savings with members
seeking advice? - ANSWERS-Encourage them to begin saving as soon as possible
for their retirement nest egg.
Which statement correctly describes the average American's retirement savings
practice? - ANSWERS-Few are saving enough to fund a comfortable retirement.
How should part-time work during retirement fit into retirement savings plans? -
ANSWERS-Part-time work can provide additional income to complement pensions
and savings.
What is the impact of skipping or delaying deposits in retirement savings for one
or more years? - ANSWERS-It significantly reduces the total value of one's savings.
, Why is it helpful for members to visit with the Social Security website to check
projected retirement benefits? - ANSWERS-It shows that Social Security is rarely
enough to live on comfortably.
What is the biggest mistake members can make regarding their retirement
savings? - ANSWERS-Not starting their retirement savings at all.
Which statement correctly compares the retirement needs of men and women? -
ANSWERS-Women tend to live longer than men so they need more retirement
savings.
Pick the method used by most wise investors. - ANSWERS-They live within their
means and routinely invest part of what they earn.
What is "sustainable draw"? - ANSWERS-The amount you can withdraw without
running out of savings before you die.
What is the retirement age for retirees who want to receive full Social Security
benefits? - ANSWERS-The age is gradually increasing past the age of 65.
How can a member manage retirement savings to keep up with inflation? -
ANSWERS-They can take appropriate investment risks, keep costs low, and
diversify investments.
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