Ficep stuvia - Study guides, Class notes & Summaries

operating costs - ANSWERA tax is defined as a contribution that supports the _____ of a government. progressive - ANSWERA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - ANSWERA _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) fees or surcharges - ANSWERSometimes taxes are called _____. fee ...

Select the statement that correctly describes a progressive tax. - ANSWERA progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - ANSWERA regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? - ANSWERBecause they generate income for the government. Which taxing authorities are worthy of the member's attention? - ANSWERT...

What are the housing market conditions that can indicate a real estate "bubble"? - ANSWERHousing values are rising faster than consumer income What five sources influence most consumers' financial practices? - ANSWERParents, Lenders, learned patterns, creditors, society/peers What is the best tactic for helping members who are in the "earn/spend/earn/spend" cycle? - ANSWEREach paycheck must be divided up for specific categories such as savings and debt What are the six steps of the...

Money avoidance is the idea that money is evil or ______________ - ANSWERundeserved The idea that money is the way to solve all a member's problems is money ______________ - ANSWERworship Money ____________ is the member's belief that wealth is tied to self-worth. Money is seen as a member's way to one-up others. - ANSWERStatus Money vigilance is a member's perceived need for ___________ about their financial matters. - ANSWERsecrecy The ideal spending cycle a member should striv...

FICEP Part 2 Correct Questions and Answers(RATED A) 401k - ANSWER Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - ANSWER The person or persons who are designated to receive the amount of the death benefit if the policyholder dies. Cafeteria Plan - ANSWER Tax-qualified flexible benefit plans that are offered by particip...

FiCEP Exam| 95 Questions| accurate 100%| Verified Which cycle describes members who are just surviving and living paycheck to paycheck? - ANSWER Earn/Spend/Earn/Spend Financial counselors who don't use what they know about hemispheric thinking may fall into the trap of: - ANSWER Presenting information to a member in a manner that might not be the best way to communicate Using a hard approach, rather than a soft approach, with members: - ANSWER Communicates in an orderly, specific, a...

FiCEP 23-33 Correct Questions and Answers(RATED A) Lists to create before passing away - ANSWER 1. Personal Inventory 2. Financial Inventory 3. Debts 4. Memberships Power of Attorney - ANSWER Designation for an individual to act as an agent and manage affairs if one is no longer able to do so. There are 4 types General POA - ANSWER Provides agent with broad power to act on ones behalf. Durable POA - ANSWER Provides agent with immediate power if one becomes incapacitated L...

people who have gambled in their lifetimes, in the past year - ANSWER85%, 66% learning financial attitudes from parents is known as - ANSWERmodeling consumers who want it "now vs later" are at the greatest risk of - ANSWERspending more than they can afford if a member thinks of a new obligation as only a few more dollars a month, without considering the total cost of the purchase, this usually indicates that they are - ANSWERfocusing too little on the future members viewing their 4...

What is the ideal spending cycle? - ANSWEREarn / Save / Spend Which spending cycle is living "paycheck to paycheck"? - ANSWEREarn / Spend / Earn / Spend Which spending cycle claims to prioritize saving but rarely has any left? - ANSWEREarn / Spend / Save Which spending cycle relies on debt to maintain their lifestyle? - ANSWEREarn / Spend / Borrow / Spend What is money avoidance? - ANSWERMoney is viewed as the root of evil and undeserved. What is money worship? - ANSWERMoney equ...