Name: Score:
165 Multiple choice questions
Definition 1 of 165
Early termination fee, higher insurance, mileage may be restricted, fees for excessive wear and
tear, lack of equity, higher credit requirements, lease contract
Benefits of purchasing a vehicle with cash
Advantages of leasing a vehicle
Costs associated with vehicle ownership
Disadvantages to leasing rather than buying
Term 2 of 165
Make referrals when needed
Vital Counselor Skill - Make referrals for anything beyond your scope of practice.
Vital Counselor Skill - Observe every aspect of a member's attempts to communicate.
Vital Counselor Skill - Offer hope even if a members situation is dire.
Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.
Definition 3 of 165
True or False - Divorce does not have a direct impact on credit standing.
True
Open
25-30%
False
,Definition 4 of 165
Should contain
- One month's mortgage/Rent
- One month's income
- Keep adding indefinitely
Declarative lead
Seasonal income
rate of return
Emergency savings
Definition 5 of 165
True or False - A divorce decree nullifies contracts with lenders that both spouses previously
signed.
Seasonal income
True
False
MLA
Definition 6 of 165
A _____ designates someone to stand in the place of someone to conduct their businesses.
trustee
legal guardian
power of attorney
executor
,Term 7 of 165
Hidden
Questions to ask before buying a vehicle - depends on location and use.
True or false: Unpaid overdrafts do not report to CRAs.
Information the member knows and chooses not to share.
Information a counselor knows and a member does not.
Definition 8 of 165
The total return on an investment expressed as a percentage of the amount of money saved
risk
yield rate
rate of return
compound interest
Term 9 of 165
Adjust plans as needed
Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.
Vital Counselor Skill - Help member make any needed budget adjustments.
Vital Counselor Skill - Using creativity to persuade members to share all details of their
financial situation.
Vital Counselor Skill - Make referrals for anything beyond your scope of practice.
, Definition 10 of 165
Vital Counselor Skill - Urge members to change their financial situation and acknowledge the
reality of their situations.
Encourage members to ignore their financial reality
Advise members to remain indifferent to their situation
Combine optimism, enthusiasm, and realism
Promote a purely pessimistic view of finances
Definition 11 of 165
Second step in creating a spending plan
Create list of all creditors
Verify accuracy of incomes and expenses
Obtain all income information
Credit union
Definition 12 of 165
Counselors use _____________ to create a feeling of connection with a member by matching physical
characteristics and unconscious movements.
Dismissing
Interrupting
Avoiding
Pacing
165 Multiple choice questions
Definition 1 of 165
Early termination fee, higher insurance, mileage may be restricted, fees for excessive wear and
tear, lack of equity, higher credit requirements, lease contract
Benefits of purchasing a vehicle with cash
Advantages of leasing a vehicle
Costs associated with vehicle ownership
Disadvantages to leasing rather than buying
Term 2 of 165
Make referrals when needed
Vital Counselor Skill - Make referrals for anything beyond your scope of practice.
Vital Counselor Skill - Observe every aspect of a member's attempts to communicate.
Vital Counselor Skill - Offer hope even if a members situation is dire.
Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.
Definition 3 of 165
True or False - Divorce does not have a direct impact on credit standing.
True
Open
25-30%
False
,Definition 4 of 165
Should contain
- One month's mortgage/Rent
- One month's income
- Keep adding indefinitely
Declarative lead
Seasonal income
rate of return
Emergency savings
Definition 5 of 165
True or False - A divorce decree nullifies contracts with lenders that both spouses previously
signed.
Seasonal income
True
False
MLA
Definition 6 of 165
A _____ designates someone to stand in the place of someone to conduct their businesses.
trustee
legal guardian
power of attorney
executor
,Term 7 of 165
Hidden
Questions to ask before buying a vehicle - depends on location and use.
True or false: Unpaid overdrafts do not report to CRAs.
Information the member knows and chooses not to share.
Information a counselor knows and a member does not.
Definition 8 of 165
The total return on an investment expressed as a percentage of the amount of money saved
risk
yield rate
rate of return
compound interest
Term 9 of 165
Adjust plans as needed
Vital Counselor Skill - Help members to create a plan to manage spending, pay down debt,
and build savings.
Vital Counselor Skill - Help member make any needed budget adjustments.
Vital Counselor Skill - Using creativity to persuade members to share all details of their
financial situation.
Vital Counselor Skill - Make referrals for anything beyond your scope of practice.
, Definition 10 of 165
Vital Counselor Skill - Urge members to change their financial situation and acknowledge the
reality of their situations.
Encourage members to ignore their financial reality
Advise members to remain indifferent to their situation
Combine optimism, enthusiasm, and realism
Promote a purely pessimistic view of finances
Definition 11 of 165
Second step in creating a spending plan
Create list of all creditors
Verify accuracy of incomes and expenses
Obtain all income information
Credit union
Definition 12 of 165
Counselors use _____________ to create a feeling of connection with a member by matching physical
characteristics and unconscious movements.
Dismissing
Interrupting
Avoiding
Pacing
