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FICEP CUNA EXAM QUESTIONS AND ANSWERS 2024
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FICEP CUNA EXAM QUESTIONS AND ANSWERS 2024
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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.
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