FICEP CUNA LATEST 2026 COMPREHENSIVE EXAM
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔What should the financial counselor consider when making referrals to a specific
investment advisor? - ✔✔The investment advisor's compensation, professional
designation, and training.
✔✔Which of the following statements accurately describes the belief that "renting is like
throwing money away"? - ✔✔It's a myth.
✔✔When is owning a home the best option? - ✔✔When you are committed to the area
and have a down payment.
✔✔How many homeowners nationwide routinely decide not to take the tax deduction for
mortgage interest and property tax because they have minimal expenses, want to file a
basic return, own their home outright, or fail to qualify for the deduction? - ✔✔About 1/2
of homeowners.
✔✔Which statement correctly describes a benefit of home ownership? - ✔✔Home
ownership is a forced savings program that builds assets through mandatory monthly
payments.
✔✔How can you reduce the cost of owning or renting a place to live? - ✔✔Get a
roommate or tenant, either on your own or through a HomeShare program.
✔✔Which factors are likely to influence your home costs for utilities, maintenance, and
insurance? - ✔✔The location, size, and style of your home.
✔✔How can homeowners lower the cost of obtaining insurance? - ✔✔By finding
discounts and doing comparison shopping.
✔✔If you drop your thermostat by one degree, how much will it cut your heating costs? -
✔✔3%
✔✔How does excessive use of bathroom or kitchen fans affect energy bills? - ✔✔They
suck heated or cooled air out of the home, thus increasing utility bills.
✔✔Where do the greatest heating losses occur in a typical home? - ✔✔Through
unsealed leaks in the ceiling, walls, foundation, and other areas.
✔✔How many american families spend $20 or more every month to rent storage
space? - ✔✔1 in 10 families
,✔✔For the average American family, how much of the budget is given to transportation
costs? - ✔✔Almost 1/5 of the budget.
✔✔What's the best way for a typical car owner to save money on maintenance? - ✔✔By
learning to perform basic maintenance tasks, but leaving more complex tasks to expert
mechanics.
✔✔Select seven discounts offered by insurers for auto insurance policyholders. -
✔✔Low-mileage driver (less than 100 miles/week), Insuring multiple vehicles with the
same company, Policyholder with auto and home policies with the same company,
Accident-free driver for more than three years, Driver who graduated from defensive
driving course, Long-time customer, Driver over the age of 55
✔✔What type of savings is achieved by increasing the deductible on auto insurance
from $240 to $1,000? - ✔✔40% of the policy's cost.
✔✔What is the relationship between credit ratings and driving risk? - ✔✔Drivers with a
high credit rating have a lower risk of accidents.
✔✔In order to make a cost-effective car purchase, what should you consider before
buying? - ✔✔You should consider the car's cost to buy, cost to maintain, ability to meet
your needs, and resale value.
✔✔What information should you always have before you negotiate the price of a new or
used car? - ✔✔You should know the car's value.
✔✔Why is it smart to ask for the manufacturer's invoice price when negotiating the price
of a new vehicle? - ✔✔To compare it to the dealer's price to see how inflated it is to
cover the cost of rebates and special offers.
✔✔When buying a new car, which financing option will save a member the most?
Rebates, 0% offers, or credit union financing? - ✔✔Take the rebate and use credit
union financing instead of taking the 0% offer.
✔✔Which of the following describes a "closed-end" lease? - ✔✔A lease which typically
allows consumer to make monthly payments to use the car and not owe anything when
the contract ends.
✔✔What is an advantage to a "close-end" contract for leasing a car when compared to
buying a new car? - ✔✔Leasing combines lower monthly payments with lower up-front
costs.
, ✔✔What are some potential disadvantages of leasing a car? - ✔✔Leases sometimes
allow dealers to charge additional fees for exceeding the contract's mileage or causing
high "wear and tear" on the card.
✔✔How can you reduce the likelihood of making an impulse purchase? - ✔✔Leave your
extra cash and credit and debit cards at home.
✔✔How do adding more telecommunication lines affect a household's budget? - ✔✔As
the number of lines increases, the costs will increase.
✔✔What is the advantage of buying bundled services for cell phones, Internet, and
cable tv? - ✔✔Bundled services can decrease the cost of standard services.
✔✔When comparing cellphone plans with landline phone plans, what should you keep
in mind? - ✔✔Only a cell phone postpaid plan requires a credit check.
✔✔What is a disadvantage of postpaid cellphone plans? - ✔✔Postpaid, no-contract
plans require a credit check.
✔✔What is an advantage of prepaid cellphone plans? - ✔✔Prepaid pay-as-you-go
plans are better for people with low credit ratings.
✔✔Which statement about the relationship between the economy and the number of
self-employed workers is accurate? - ✔✔The number of self-employed workers rises
when times are tough and falls when the economy improves.
✔✔What is the main source of conflict for members who are self-employed or work in
seasonal jobs? - ✔✔Unpredictable income
✔✔When are self-employed workers typically required to make estimated income tax
payments? - ✔✔January 14, April 15, June 15, and September 15
✔✔What employment benefits must self-employed workers typically pay for by
themselves or do without? - ✔✔Health insurance, disability insurance, and life
insurance; the employer's share of social security as well as retirement savings;
vacation pay, sick pay, and transportation to and from work.
✔✔How should savings fit into the financial plans of a member establishing self-
employment? - ✔✔Savings are essential to provide protection from income swings.
✔✔In addition to salable skills, what qualities must every self-employed worker have to
be successful? - ✔✔The temperament and discipline to manage the business
financially.
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔What should the financial counselor consider when making referrals to a specific
investment advisor? - ✔✔The investment advisor's compensation, professional
designation, and training.
✔✔Which of the following statements accurately describes the belief that "renting is like
throwing money away"? - ✔✔It's a myth.
✔✔When is owning a home the best option? - ✔✔When you are committed to the area
and have a down payment.
✔✔How many homeowners nationwide routinely decide not to take the tax deduction for
mortgage interest and property tax because they have minimal expenses, want to file a
basic return, own their home outright, or fail to qualify for the deduction? - ✔✔About 1/2
of homeowners.
✔✔Which statement correctly describes a benefit of home ownership? - ✔✔Home
ownership is a forced savings program that builds assets through mandatory monthly
payments.
✔✔How can you reduce the cost of owning or renting a place to live? - ✔✔Get a
roommate or tenant, either on your own or through a HomeShare program.
✔✔Which factors are likely to influence your home costs for utilities, maintenance, and
insurance? - ✔✔The location, size, and style of your home.
✔✔How can homeowners lower the cost of obtaining insurance? - ✔✔By finding
discounts and doing comparison shopping.
✔✔If you drop your thermostat by one degree, how much will it cut your heating costs? -
✔✔3%
✔✔How does excessive use of bathroom or kitchen fans affect energy bills? - ✔✔They
suck heated or cooled air out of the home, thus increasing utility bills.
✔✔Where do the greatest heating losses occur in a typical home? - ✔✔Through
unsealed leaks in the ceiling, walls, foundation, and other areas.
✔✔How many american families spend $20 or more every month to rent storage
space? - ✔✔1 in 10 families
,✔✔For the average American family, how much of the budget is given to transportation
costs? - ✔✔Almost 1/5 of the budget.
✔✔What's the best way for a typical car owner to save money on maintenance? - ✔✔By
learning to perform basic maintenance tasks, but leaving more complex tasks to expert
mechanics.
✔✔Select seven discounts offered by insurers for auto insurance policyholders. -
✔✔Low-mileage driver (less than 100 miles/week), Insuring multiple vehicles with the
same company, Policyholder with auto and home policies with the same company,
Accident-free driver for more than three years, Driver who graduated from defensive
driving course, Long-time customer, Driver over the age of 55
✔✔What type of savings is achieved by increasing the deductible on auto insurance
from $240 to $1,000? - ✔✔40% of the policy's cost.
✔✔What is the relationship between credit ratings and driving risk? - ✔✔Drivers with a
high credit rating have a lower risk of accidents.
✔✔In order to make a cost-effective car purchase, what should you consider before
buying? - ✔✔You should consider the car's cost to buy, cost to maintain, ability to meet
your needs, and resale value.
✔✔What information should you always have before you negotiate the price of a new or
used car? - ✔✔You should know the car's value.
✔✔Why is it smart to ask for the manufacturer's invoice price when negotiating the price
of a new vehicle? - ✔✔To compare it to the dealer's price to see how inflated it is to
cover the cost of rebates and special offers.
✔✔When buying a new car, which financing option will save a member the most?
Rebates, 0% offers, or credit union financing? - ✔✔Take the rebate and use credit
union financing instead of taking the 0% offer.
✔✔Which of the following describes a "closed-end" lease? - ✔✔A lease which typically
allows consumer to make monthly payments to use the car and not owe anything when
the contract ends.
✔✔What is an advantage to a "close-end" contract for leasing a car when compared to
buying a new car? - ✔✔Leasing combines lower monthly payments with lower up-front
costs.
, ✔✔What are some potential disadvantages of leasing a car? - ✔✔Leases sometimes
allow dealers to charge additional fees for exceeding the contract's mileage or causing
high "wear and tear" on the card.
✔✔How can you reduce the likelihood of making an impulse purchase? - ✔✔Leave your
extra cash and credit and debit cards at home.
✔✔How do adding more telecommunication lines affect a household's budget? - ✔✔As
the number of lines increases, the costs will increase.
✔✔What is the advantage of buying bundled services for cell phones, Internet, and
cable tv? - ✔✔Bundled services can decrease the cost of standard services.
✔✔When comparing cellphone plans with landline phone plans, what should you keep
in mind? - ✔✔Only a cell phone postpaid plan requires a credit check.
✔✔What is a disadvantage of postpaid cellphone plans? - ✔✔Postpaid, no-contract
plans require a credit check.
✔✔What is an advantage of prepaid cellphone plans? - ✔✔Prepaid pay-as-you-go
plans are better for people with low credit ratings.
✔✔Which statement about the relationship between the economy and the number of
self-employed workers is accurate? - ✔✔The number of self-employed workers rises
when times are tough and falls when the economy improves.
✔✔What is the main source of conflict for members who are self-employed or work in
seasonal jobs? - ✔✔Unpredictable income
✔✔When are self-employed workers typically required to make estimated income tax
payments? - ✔✔January 14, April 15, June 15, and September 15
✔✔What employment benefits must self-employed workers typically pay for by
themselves or do without? - ✔✔Health insurance, disability insurance, and life
insurance; the employer's share of social security as well as retirement savings;
vacation pay, sick pay, and transportation to and from work.
✔✔How should savings fit into the financial plans of a member establishing self-
employment? - ✔✔Savings are essential to provide protection from income swings.
✔✔In addition to salable skills, what qualities must every self-employed worker have to
be successful? - ✔✔The temperament and discipline to manage the business
financially.
