FICEP test 1 rated A+

FICEP test 1 rated A+ people who have gambled in their lifetimes, in the past year - y ycorrect answer.85%, 66% learning financial attitudes from parents is known as - y ycorrect ing consumers who want it "now vs later" are at the greatest risk of - y ycorrect ing 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 - y ycorrect ing too little on the future members viewing their 401k contributions as their primary savings are probably - y ycorrect g too little earn/spend/earn/spend - y ycorrect g paycheck to paycheck earn/save/spend - y ycorrect yourself first, primary focus is saving earn/spend/borrow/spend - y ycorrect it now, creates reliance on debt major advantage of using a credit card - y ycorrect is convenient gambling addictions are hard to identify because - y ycorrect is no saturation point for gambling behavior goal of financial counseling - y ycorrect members become responsible for their own financial lives goal of credit counseling - y ycorrect create financial stability in member's financial lives financial counselors are NOT - y ycorrect pists when budgeting, financial counselors... - y ycorrect suggestions, do not do the budget for them financial counselors make members aware of their financial situation by - y ycorrect ng the big picture (cash flow, total amount owed, interest rates) remedial counseling - y ycorrect when short term crisis intervention is needed preventative counseling - y ycorrect ing for something (marriage, children, college) productive counseling - y ycorrect ifies the best way to use resources with existing good financial habits steps to setting up a counseling program - y ycorrect answer.1. determine member needs 2. know community, national stats, employee needs 3. propose to board only after obtaining information, identifying objectives, and developing an action plan the role of a financial counselor is to - y ycorrect e and motivate members to address financial concerns purpose of a spending plan - y ycorrect ce spending, bill paying, and saving common counseling pitfall - y ycorrect ng too much, each member is different why analyze a member's income, expenses, and debts? - y ycorrect determine the severity of the problem and find options for improvement cash flow - y ycorrect y incomes to determine cash in, CASH IN MINUS CASH OUT best way to help a member follow through with their plan - y ycorrect the member what they will do and when, stop creating more debt wage garnishments can cause a member to lose up to ____ of their take home pay - y ycorrect answer.25% set aside savings - y ycorrect aside for a known future expense 3 areas to examine in a budget analysis - y ycorrect e, expenses, debt 4 C's of credit - y ycorrect ity, character, credit history, collateral (NOT CASH) keys to saving - y ycorrect nate a purpose or end goal, weigh cost v benefits, save for retirement, emergency, and set aside funds dividing monthly budgets into weekly budgets can - y ycorrect financial binge/starve cycles, avoid the member charging basic expenses credit card minimum payments must - y ycorrect e loan principal,l by 1%, cover the month's financial charge, pay all fees jud