FICEP EXAM REVIEW 100% VERIFIED QUESTIONS AND
DETAILED CORRECT SOLUTIONS LATEST 2026 COMPLETE
STUDY GUIDE
Individuals with high credit scores have:
A. History of closing loans soon after opening them.
B. High percentage of available revolving credit.
C. Many credit cards or loans with balances.
D. Low percentage of available revolving credit.
B. High percentage of available revolving credit.
Webinar 5
Which of the following statements is true?
A. A judgment is an arbitrary ruling that settles a lawsuit by
defining the obligations of the parties involved.
B. A lien is a verbal claim against a specific item owned by a
debtor.
C. There is a federal law that says wages can be garnished for
child support payments.
D. A garnishment does not require an employer to withhold a
specific amount from an employee's wages to repay debt..
C. There is a federal law that says wages can be garnished for
child support payments.
Webinar 5
Page | 1
,When dealing with creditors/collectors, it's important for
members to:
A. Be proactive.
B. Avoid them altogether.
C. Be honest & tell the collector they have no intention of
paying.
D. Extend the time to pay the collection for as long as possible.
A. Be proactive.
Webinar 5
Which of the following statements is false?
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
B. Collection agencies are open to negotiation.
C. In some situations, it may be beneficial to settle a debt in
collections.
D. Members should never agree to an unaffordable payment
plan.
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
Webinar 5
The amount a cardholder is required to pay each month is the:
A. Late fee.
B. Annual fee.
Page | 2
,C. Grace period.
D. Minimum payment.
D. Minimum payment.
Webinar 5
Which of the following is an advantage of using a credit card?
A. There is not a fee for late payments.
B. One's credit score is not impacted by late payments.
C. Peace of mind knowing funds are available.
D. Identify theft is impossible when using a credit card.
C. Peace of mind knowing funds are available.
Webinar 5
Which of the following statements is false regarding tips to
avoid credit card problems?
A. Avoid using credit cards to finance an unaffordable lifestyle.
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
C. Pay more than the minimum payment when possible.
D. Don't have a high balance when relying on temporary teaser
rates
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
Webinar 5
Page | 3
, Which of the following statements is false?"
A. Simply receiving a medical bill does not affect a credit
score.
B. Paying a medical bill a few days late does not affect a credit
score.
C. Medical bills affect a credit score if a collection agency is
involved.
D. If a medical bill is ultimately paid by an insurance company,
the cras do not have to remove the item from the credit
reports.
D. If a medical bill is ultimately paid by an insurance company,
the cras do not have to remove the item from the credit
reports.
Webinar 6
Which of the following statements is true?
A. Estate obligations must be paid prior to any inheritance
being paid.
B. Beneficiaries are a priority in distributions of an estate.
C. Surviving family members are always responsible to pay
the deceased's medical bills.
D. Probate courts cannot decide which estate's assets must be
sold.
A. Estate obligations must be paid prior to any inheritance
being paid.
Page | 4
DETAILED CORRECT SOLUTIONS LATEST 2026 COMPLETE
STUDY GUIDE
Individuals with high credit scores have:
A. History of closing loans soon after opening them.
B. High percentage of available revolving credit.
C. Many credit cards or loans with balances.
D. Low percentage of available revolving credit.
B. High percentage of available revolving credit.
Webinar 5
Which of the following statements is true?
A. A judgment is an arbitrary ruling that settles a lawsuit by
defining the obligations of the parties involved.
B. A lien is a verbal claim against a specific item owned by a
debtor.
C. There is a federal law that says wages can be garnished for
child support payments.
D. A garnishment does not require an employer to withhold a
specific amount from an employee's wages to repay debt..
C. There is a federal law that says wages can be garnished for
child support payments.
Webinar 5
Page | 1
,When dealing with creditors/collectors, it's important for
members to:
A. Be proactive.
B. Avoid them altogether.
C. Be honest & tell the collector they have no intention of
paying.
D. Extend the time to pay the collection for as long as possible.
A. Be proactive.
Webinar 5
Which of the following statements is false?
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
B. Collection agencies are open to negotiation.
C. In some situations, it may be beneficial to settle a debt in
collections.
D. Members should never agree to an unaffordable payment
plan.
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
Webinar 5
The amount a cardholder is required to pay each month is the:
A. Late fee.
B. Annual fee.
Page | 2
,C. Grace period.
D. Minimum payment.
D. Minimum payment.
Webinar 5
Which of the following is an advantage of using a credit card?
A. There is not a fee for late payments.
B. One's credit score is not impacted by late payments.
C. Peace of mind knowing funds are available.
D. Identify theft is impossible when using a credit card.
C. Peace of mind knowing funds are available.
Webinar 5
Which of the following statements is false regarding tips to
avoid credit card problems?
A. Avoid using credit cards to finance an unaffordable lifestyle.
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
C. Pay more than the minimum payment when possible.
D. Don't have a high balance when relying on temporary teaser
rates
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
Webinar 5
Page | 3
, Which of the following statements is false?"
A. Simply receiving a medical bill does not affect a credit
score.
B. Paying a medical bill a few days late does not affect a credit
score.
C. Medical bills affect a credit score if a collection agency is
involved.
D. If a medical bill is ultimately paid by an insurance company,
the cras do not have to remove the item from the credit
reports.
D. If a medical bill is ultimately paid by an insurance company,
the cras do not have to remove the item from the credit
reports.
Webinar 6
Which of the following statements is true?
A. Estate obligations must be paid prior to any inheritance
being paid.
B. Beneficiaries are a priority in distributions of an estate.
C. Surviving family members are always responsible to pay
the deceased's medical bills.
D. Probate courts cannot decide which estate's assets must be
sold.
A. Estate obligations must be paid prior to any inheritance
being paid.
Page | 4
