FICEP TEST BANK QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS); ALREADY GRADED A+
_________ is the process to prove the validity of a
deceased person's will. - correct answer-
Probate
__________ payments can decrease a credit score up to
70 points by how frequent, recent, and severe the
delinquency. - correct answer- Missed
__________ provides the right for an employee who is
terminated to keep their medical insurance insurance for
18 months if they pay the cost. - correct answer-
Cobra
___________ _________________ savings helps
members plan for known future expenses. - correct
answer- Set aside
,___________ __________________ _____________
contain images and characteristics of each state's
authentic driver's license to help credit union staff to
ensure validity of presented documents. - correct
answer- ID Checking Guides
___________ is federal medical insurance for seniors age
65 and older, and _______________ is the country's
largest source of health care funding for low income
people. - correct answer- Medicare, Medicaid
___________ rates may not be the best deal because of
balance transfer fees, length of time for lower rate, credit
terms after promotional rate expires, and annual fees -
correct answer- teaser
____________ invest more than you can afford to or are
willing to lose. - correct answer- Never
____________ is an acronym for a universally used
federal document that helps determine if a student is
,eligible for various types of financial aid. - correct
answer- FAFSA
____________ is the amount of available credit a member
has an dits accounts for 30% of a credit score. -
correct answer- capacity
____________ life insurance builds cash value, has a fixed
premium for the policy term and has loan options. -
correct answer- Whole
____________ loans are the costliest way to handle cash
flow problems. - correct answer- Payday
_____________ include alcohol, drugs, gambling, and
compulsive shopping among others - correct
answer- Addictions
_____________ is the ability to quickly convert an
investment into cash - correct answer- liquidity
, _____________ savings helps members cope with
unexpected expenses. - correct answer-
Emergency
______________ ______________ occurs when a criminal
obtains personal information to use without permission.
- correct answer- Identity Theft
_______________ abuse is any known, intentional or
negligent act by a caregiver or other person that causes
harm. - correct answer- Elder
_______________ interest helps savings grow when
principal and interest are left untouched. The return on
the original principal and ll interest earned continues to
accrue over time. - correct answer- Compound
_______________ loans are designed to help establish
credit over time, usually 12-24 months with small loan
amounts up to $2500. - correct answer- Credit-
Builder
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS); ALREADY GRADED A+
_________ is the process to prove the validity of a
deceased person's will. - correct answer-
Probate
__________ payments can decrease a credit score up to
70 points by how frequent, recent, and severe the
delinquency. - correct answer- Missed
__________ provides the right for an employee who is
terminated to keep their medical insurance insurance for
18 months if they pay the cost. - correct answer-
Cobra
___________ _________________ savings helps
members plan for known future expenses. - correct
answer- Set aside
,___________ __________________ _____________
contain images and characteristics of each state's
authentic driver's license to help credit union staff to
ensure validity of presented documents. - correct
answer- ID Checking Guides
___________ is federal medical insurance for seniors age
65 and older, and _______________ is the country's
largest source of health care funding for low income
people. - correct answer- Medicare, Medicaid
___________ rates may not be the best deal because of
balance transfer fees, length of time for lower rate, credit
terms after promotional rate expires, and annual fees -
correct answer- teaser
____________ invest more than you can afford to or are
willing to lose. - correct answer- Never
____________ is an acronym for a universally used
federal document that helps determine if a student is
,eligible for various types of financial aid. - correct
answer- FAFSA
____________ is the amount of available credit a member
has an dits accounts for 30% of a credit score. -
correct answer- capacity
____________ life insurance builds cash value, has a fixed
premium for the policy term and has loan options. -
correct answer- Whole
____________ loans are the costliest way to handle cash
flow problems. - correct answer- Payday
_____________ include alcohol, drugs, gambling, and
compulsive shopping among others - correct
answer- Addictions
_____________ is the ability to quickly convert an
investment into cash - correct answer- liquidity
, _____________ savings helps members cope with
unexpected expenses. - correct answer-
Emergency
______________ ______________ occurs when a criminal
obtains personal information to use without permission.
- correct answer- Identity Theft
_______________ abuse is any known, intentional or
negligent act by a caregiver or other person that causes
harm. - correct answer- Elder
_______________ interest helps savings grow when
principal and interest are left untouched. The return on
the original principal and ll interest earned continues to
accrue over time. - correct answer- Compound
_______________ loans are designed to help establish
credit over time, usually 12-24 months with small loan
amounts up to $2500. - correct answer- Credit-
Builder
