FICEP EXAM part 2 Exam | Questions with 100%
Correct Answers | Verified | Latest Update 2026
Save
Terms in this set (54)
Select the statement that correctly A progressive tax requires people to pay more as
describes a progressive tax. they earn more.
What is the name of the organization Tax Counseling for the Elderly (TCE)
that offers free tax assistance to
taxpayers age 60 or older, those with
disabilities or special needs, or who
qualify for earned income or
homestead tax credits?
What percent of tax payers are 70% are eligible
eligible to use the "Free File Online"
service offered as a partnership
between the IRS and tax software
companies?
When members use tax refunds to Always pay the debts with high interest rates or
pay down debts, which debts should that could prompt garnishments.
be paid first?
Which type of qualified IRA Roth IRA withdrawals are exempt.
withdrawal is exempt from income
tax?
, Which group of taxpayers usually Low-income families with earned income qualify
qualifies for the Earned Income Tax for the credit.
Credit (EITC)?
These six expenses are typically Traditional IRA contributions, alimony payments,
accepted by the IRS as itemized real estate taxes paid, state and local income taxes,
deductions: mortgage interest, and casualty and theft losses.
What is the meaning of the insurance Combining risks among insurers as well as groups
practice "pooling of risks"? of individuals.
How did the Consolidated Omnibus It gave employees the right to retain health
Budget Reconciliation Act (COBRA) insurance after their job ends by paying the full
of 1985 impact employee health premium.
benefits?
Under standard property insurance 80%
plans, how much of the cost of
replacing property is typically
covered?
Which statement best defines Collision is for accidents and comprehensive is for
comprehensive and collision other forms of damage and theft.
insurance coverage for vehicles?
What type of protection is provided It protects homeowners and vehicle owners from
by an umbrella liability policy? lawsuits.
Which statement accurately Whole life policies build cash value and policy
describes features of term insurance settlement options.
and whole life insurance?
Correct Answers | Verified | Latest Update 2026
Save
Terms in this set (54)
Select the statement that correctly A progressive tax requires people to pay more as
describes a progressive tax. they earn more.
What is the name of the organization Tax Counseling for the Elderly (TCE)
that offers free tax assistance to
taxpayers age 60 or older, those with
disabilities or special needs, or who
qualify for earned income or
homestead tax credits?
What percent of tax payers are 70% are eligible
eligible to use the "Free File Online"
service offered as a partnership
between the IRS and tax software
companies?
When members use tax refunds to Always pay the debts with high interest rates or
pay down debts, which debts should that could prompt garnishments.
be paid first?
Which type of qualified IRA Roth IRA withdrawals are exempt.
withdrawal is exempt from income
tax?
, Which group of taxpayers usually Low-income families with earned income qualify
qualifies for the Earned Income Tax for the credit.
Credit (EITC)?
These six expenses are typically Traditional IRA contributions, alimony payments,
accepted by the IRS as itemized real estate taxes paid, state and local income taxes,
deductions: mortgage interest, and casualty and theft losses.
What is the meaning of the insurance Combining risks among insurers as well as groups
practice "pooling of risks"? of individuals.
How did the Consolidated Omnibus It gave employees the right to retain health
Budget Reconciliation Act (COBRA) insurance after their job ends by paying the full
of 1985 impact employee health premium.
benefits?
Under standard property insurance 80%
plans, how much of the cost of
replacing property is typically
covered?
Which statement best defines Collision is for accidents and comprehensive is for
comprehensive and collision other forms of damage and theft.
insurance coverage for vehicles?
What type of protection is provided It protects homeowners and vehicle owners from
by an umbrella liability policy? lawsuits.
Which statement accurately Whole life policies build cash value and policy
describes features of term insurance settlement options.
and whole life insurance?
