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FiCEP Final : CUNA Review Questions and answers | Newest 2024/25 Rated A+
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FiCEP Final : CUNA Review Questions and answers | Newest 2024/25 Rated A+
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FiCEP Final : CUNA Review Questionsand answers | Newest 2024/25 Rated A+
A Durable Power of Attorney for Health Care is recommended for any individual over the
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age of.. - Correct Answers 18
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According to the General Accountability Office, how do men and women typically end up
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financially in a divorce? - Correct Answers Women's household income declines on
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average about 41% and men's about 20%
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ll According tot he 2013 consumer Literacy survey, what impact did the Great Recession ll ll ll ll ll ll ll ll ll ll ll ll
ll have on American's confidence in their money management skills? - Correct Answers
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ll 40% of respondents gave themselves a C, D, or F on their money management skills.
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ll As a guardian of the person, you would be responsible for.. - Correct Answers housing
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ll and living conditions; seeing the individual gets proper medical care
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ll Choose the correct ranking of investments based on typical performance in order of lower
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ll risk to higher risk. - Correct Answers Savings account, life insurance, and mutual funds.
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ll Effective marketers understand that consumers' buying decisions are generally drivenll ll ll ll ll ll ll ll ll
ll by... - Correct Answers their values.
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ll For people without life insurance, now is usually the best time to buy because.. - Correct
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ll Answers insurance availability declines as people grow older and their health declines.
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ll For the average American family, how much of the budget is given to transportation costs?
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ll - Correct Answers Almost 1/5 of the budget.
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ll From the perspective of your financial well-being, what is the best way to decide whether
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ll or not you should insure a particular item? - Correct Answers Consider the risk to your
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ll assets.
ll How can a member manage retirement savings to keep up with inflation? - Correct
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ll Answers They can take appropriate investment risks, keep costs low, and diversify ll ll ll ll ll ll ll ll ll ll ll ll ll
ll investments.
ll How can a policyholder obtain additional insurance protection for items such as antiques
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ll or guns that might otherwise have only limited insurance reimbursement for theft or loss
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ll due to policy limits? - Correct Answers Purchase a schedule policy rider, or "schedule"
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ll the items. ll
, How can homeowners lower the cost of obtaining insurance? - Correct Answers By
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finding discounts and doing comparison shopping.
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How can members be successful with their long-term financial health? - Correct Answers
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They can give up big spending and instead spend wisely.
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How can members in a financial bind manage their credit cards to maintain a good credit
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score? - Correct Answers They should pay on time, even if they can only afford the
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minimum payment.
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ll How can members in financial difficulty regain the respect of borrowers and merchants? -
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ll Correct Answers They must pay bills on time.
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ll How can members reduce auto insurance premiums without violating state laws? -
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ll Correct Answers Comparison shop, increase the deductible, or find discounts.
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ll How can role-playing support financial changes within a family? - Correct Answers It
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ll prepares family members for situations where they must say "no" or take a different
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ll approach to restrain spending. ll ll ll
ll How can you reduce the cost of owning or renting a place to live? - Correct Answers Get a
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ll roommate or tenant, either on your own or through a HomeShare program. ll ll ll ll ll ll ll ll ll ll ll
ll How can you reduce the likelihood of making an impulse purchase? - Correct Answers
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ll Leave your extra cash and credit and debit cards at home.
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ll How did the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 impact
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ll employee health benefits? - Correct Answers It gave employees the right to retain health
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ll insurance after their job ends by paying the full premium. ll ll ll ll ll ll ll ll ll
ll How do adding more telecommunication lines affect a household's budget? - Correct
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ll Answers As the number of lines increases, the costs will increase.
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ll How do con artists get around requirements to produce IDs or passports to open accounts
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ll or perform transactions? - Correct Answers They can buy IDs and personal information
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ll on the street or Internet, or produce fake IDs themselves.
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ll How do different tax authorities treat items excluded from federal taxable income? -
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ll Correct Answers Exclusions vary from state to state.
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ll How do home equity loans compare with home equity lines of credit (HELOC)? - Correct
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ll Answers A home equity loan is an installment loan with set payments. A HELOC is a
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ll revolving loan with a variable monthly payment. ll ll ll ll ll ll
ll How do investors define risk? - Correct Answers Risk is the chance that you will lose the
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ll original investment. ll
, ll How do most forms of IRAs help people who want to boost retirement savings after
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ll reaching the age of 50? - Correct Answers They allow accountholders to begin making
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ll additional catch-up contributions at that age. ll ll ll ll ll
ll How do retail credit cards typically compare to Visa or MasterCard credit cards offered by
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ll reputable credit unions? - Correct Answers Retail credit cards charge higher interest
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ll rates.
ll How do riders affect whole life insurance policies? - Correct Answers Riders offer options
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ll to expand or adapt coverage as the member's needs or circumstances change.
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ll How do taxes impact your personal spending? - Correct Answers Taxes can make
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ll personal spending go up or down. ll ll ll ll ll
ll How does excessive use of bathroom or kitchen fans affect energy bills? - Correct
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ll Answers They suck heated or cooled air out of the home, thus increasing utility bills.
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ll How does life insurance improve a family's financial stability? - Correct Answers It
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ll provides funds to support a family after the loss of a key wage.
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ll How does the cycle of work for self-employed, commission-based, and seasonal workers
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ll typically affect family time? - Correct Answers When income is high, the available time
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ll with the family is scarce.
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ll How have education, information, and direct deposit programs impacted taxpayers' use of
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ll refund anticipation loans? - Correct Answers The use of refund anticipation loans is
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ll decreasing.
ll How is the use of storytelling helpful in financial counseling? - Correct Answers It
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ll provides concrete examples of how others successfully tackled financial problems.
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ll How many american families spend $20 or more every month to rent storage space? -
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ll Correct Answers 1 in 10 families ll ll ll ll ll ll ll
How many homeowners nationwide routinely decide not to take the tax deduction for
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mortgage interest and property tax because they have minimal expenses, want to file a
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basic return, own their home outright, or fail to qualify for the deduction? - Correct Answers
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About 1/2 of homeowners.
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ll How much can a member in the 25% tax bracket save in federal income taxes by
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ll depositing pre-tax income into tax-deferred retirement accounts, such as traditional IRAs?
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ll - Correct Answers One-fourth of the deposit.
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ll How much of the payment history makes up a member's credit score? - Correct Answers
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ll 35%
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