FICEP CUNA FINAL REVIEW EXAM (ACTUAL 202
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5/2026) QUESTIONS AND VERIFIED ANSWERS.
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Select the statement that correctly describes a progressive tax.
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A progressive tax requires people to pay more as they earn mor
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e.
Pick the statement that best describes a regressive tax.
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A regressive tax charges the same tax rate regardless of the taxp
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ayer's income.
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When is owning a home the best option?
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When you are committed to the area and have a down paymen
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t.
How many homeowners nationwide routinely decide not to tak
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e the tax deduction for mortgage interest and property tax becau
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se they have minimal expenses, want to file a basic return, own
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their home outright, or fail to qualify for the deduction?
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,About 1/2 of homeowners.
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Which statement correctly describes a benefit of home ownersh
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ip?
Home ownership is a forced savings program that builds asset
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s through mandatory monthly payments.
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How can you reduce the cost of owning or renting a place to liv
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e?
Get a roommate or tenant, either on your own or through a hom
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eshare program. m
Many of the elderly are reluctant to report abuse themselves be
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cause...
They fear retaliation from the perpetrator; they don't want to get
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the abuser in trouble; they are embarrassed
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Regardless of a person's age or net worth, they should have a wi
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ll because it can..
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Name guardians for minor children; designate a personal repre
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sentative to handle the affairs after death; set up a trust.
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,A durable power of attorney for health care is recommended for
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any individual over the age of..
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18
As a guardian of the person, you would be responsible for..
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Housing and living conditions; seeing the individual gets prope
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r medical care
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What is the most valuable piece of information sought by identi
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ty thieves?
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The person's ssn.
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What is shoulder surfing?
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It is looking over the shoulder of someone using an atm or com
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puter to get their pin or password.
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Why should people concerned about identity theft shred docum
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ents containing their personal information?
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, Shredding prevents identity thieves who dumpster dive from ge
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tting the information.
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What do spyware, spoofing, spamming, pharming, and phishin
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g all have in common?
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They are all methods of committing identity theft via electroni
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c means.
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Which of these types of email may indicate they may be attemp
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ts at identity theft or fraud?
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The email asks you to confirm or provide personal informatio
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n.
Where is the identity theft most likely to occur? In
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your home.
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When people report identity theft, what is the first step they sho
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uld take? m
Close all existing accounts and open new ones.
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m m m m m m
5/2026) QUESTIONS AND VERIFIED ANSWERS.
m m m m
Select the statement that correctly describes a progressive tax.
m m m m m m m m
A progressive tax requires people to pay more as they earn mor
m m m m m m m m m m m
e.
Pick the statement that best describes a regressive tax.
m m m m m m m m
A regressive tax charges the same tax rate regardless of the taxp
m m m m m m m m m m m
ayer's income.
m
When is owning a home the best option?
m m m m m m m
When you are committed to the area and have a down paymen
m m m m m m m m m m m
t.
How many homeowners nationwide routinely decide not to tak
m m m m m m m m
e the tax deduction for mortgage interest and property tax becau
m m m m m m m m m m
se they have minimal expenses, want to file a basic return, own
m m m m m m m m m m m m
their home outright, or fail to qualify for the deduction?
m m m m m m m m m
,About 1/2 of homeowners.
m m m
Which statement correctly describes a benefit of home ownersh
m m m m m m m m
ip?
Home ownership is a forced savings program that builds asset
m m m m m m m m m
s through mandatory monthly payments.
m m m m
How can you reduce the cost of owning or renting a place to liv
m m m m m m m m m m m m m
e?
Get a roommate or tenant, either on your own or through a hom
m m m m m m m m m m m m
eshare program. m
Many of the elderly are reluctant to report abuse themselves be
m m m m m m m m m m
cause...
They fear retaliation from the perpetrator; they don't want to get
m m m m m m m m m m
the abuser in trouble; they are embarrassed
m m m m m m m
Regardless of a person's age or net worth, they should have a wi
m m m m m m m m m m m m
ll because it can..
m m m
Name guardians for minor children; designate a personal repre
m m m m m m m m
sentative to handle the affairs after death; set up a trust.
m m m m m m m m m m
,A durable power of attorney for health care is recommended for
m m m m m m m m m m
any individual over the age of..
m m m m m m
18
As a guardian of the person, you would be responsible for..
m m m m m m m m m m
Housing and living conditions; seeing the individual gets prope
m m m m m m m m
r medical care
m m
What is the most valuable piece of information sought by identi
m m m m m m m m m m
ty thieves?
m
The person's ssn.
m m
What is shoulder surfing?
m m m
It is looking over the shoulder of someone using an atm or com
m m m m m m m m m m m m
puter to get their pin or password.
m m m m m m
Why should people concerned about identity theft shred docum
m m m m m m m m
ents containing their personal information?
m m m m
, Shredding prevents identity thieves who dumpster dive from ge
m m m m m m m m
tting the information.
m m
What do spyware, spoofing, spamming, pharming, and phishin
m m m m m m m
g all have in common?
m m m m
They are all methods of committing identity theft via electroni
m m m m m m m m m
c means.
m
Which of these types of email may indicate they may be attemp
m m m m m m m m m m m
ts at identity theft or fraud?
m m m m m
The email asks you to confirm or provide personal informatio
m m m m m m m m m
n.
Where is the identity theft most likely to occur? In
m m m m m m m m m
your home.
m m
When people report identity theft, what is the first step they sho
m m m m m m m m m m m
uld take? m
Close all existing accounts and open new ones.
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