FICEP FINAL EXAM 2024 MOST TESTED
QUESTIONS COMPLETE 400 QUESTIONS
WITH DETAILED VERIFIED ANSWERS
GET ALL 100% CORRECT
_______ make up 20% of the credit score. (each making up 10%) - ANSWER-new
credit and types of credit used
.____________ ______________, which includes physical, sexual, and
psychological abuse, as well as neglect, abandonment, and financial
exploitation, affects over five million Americans each year. - ANSWER-elder
abuse
.________________ is issued to a creditor when a debtor and creditor agree
that a debt is owed. Amount is verified by a judge for legal purposes. - ANSWER-
Consent
.3 elements financial counseling meeting spaces should have: - ANSWER-1.
Privacy
2. Uninterrupted attention
3. Hospitality
.4 goals achieved by a good action plan - ANSWER-1. Give members a specific
list of steps to complete
,2. State when members will take each step
3. Make it possible for members to address and solve specific financial
problems.
4. Helps members learn how to develop additional action plans alone to solve
future problems.
.A ____ is a cautionary flag placed on the credit file to notify lenders and others
they should take special precautions to ensure the individual's identity before
extending credit. - ANSWER-fraud alert
.A _____ designates someone to stand in the place of someone to conduct their
businesses. - ANSWER-power of attorney
.A _____ is based on a flat or level percentage of taxpayer income. (Everyone
pays the same percentage of income, but there is no limit on the amount of tax
that may be paid and no consideration given to other demands on the budget) -
ANSWER-flat or level tax
.A _____ tax charges the same percentage of the cost of a good or service, no
matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are
examples) - ANSWER-regressive
.A _____ tax requires a taxpayer to pay more tax as their income increases.
(Federal and state income taxes are examples) - ANSWER-progressive
.A creditor option to recover an unpaid debt on secured property. - ANSWER-
Repossession
, .a method used to view all the forces in favor of or against a plan so a decision
can be made. Begins with stating a problem. - ANSWER-Force Field Analysis
.A rule of thumb for education funding. - ANSWER-Rule of thirds
.absolves the indemnified party from any payment for losses and damages
incurred by a third party - ANSWER-Idemnification
.Allows borrower to seek better interest rates, repayment terms, and possibly
reduce monthly payments and total amount of student debt. - ANSWER-Student
loan refinancing
.Allows counselors to adjust their demeanor to match members and make
physical changes to achieve these adjustments. - ANSWER-Pacing and blending
.An individual can contribute after-tax income to a ______, and they will pay no
taxes on the principal, earnings, dividends, or interest when the funds are
withdrawn at retirement. - ANSWER-roth IRA
.An individual can contribute before-tax income to a ______, and they will pay
taxes when money is withdrawn. - ANSWER-traditional IRA
.Appointee who legally speaks on behalf of incapacitated individual. - ANSWER-
Durable POA
.Approach that helps to overcome barriers to communication about financial
topics. May overcome resistance by using humor, metaphors, or personal
stories. - ANSWER-Soft approach
QUESTIONS COMPLETE 400 QUESTIONS
WITH DETAILED VERIFIED ANSWERS
GET ALL 100% CORRECT
_______ make up 20% of the credit score. (each making up 10%) - ANSWER-new
credit and types of credit used
.____________ ______________, which includes physical, sexual, and
psychological abuse, as well as neglect, abandonment, and financial
exploitation, affects over five million Americans each year. - ANSWER-elder
abuse
.________________ is issued to a creditor when a debtor and creditor agree
that a debt is owed. Amount is verified by a judge for legal purposes. - ANSWER-
Consent
.3 elements financial counseling meeting spaces should have: - ANSWER-1.
Privacy
2. Uninterrupted attention
3. Hospitality
.4 goals achieved by a good action plan - ANSWER-1. Give members a specific
list of steps to complete
,2. State when members will take each step
3. Make it possible for members to address and solve specific financial
problems.
4. Helps members learn how to develop additional action plans alone to solve
future problems.
.A ____ is a cautionary flag placed on the credit file to notify lenders and others
they should take special precautions to ensure the individual's identity before
extending credit. - ANSWER-fraud alert
.A _____ designates someone to stand in the place of someone to conduct their
businesses. - ANSWER-power of attorney
.A _____ is based on a flat or level percentage of taxpayer income. (Everyone
pays the same percentage of income, but there is no limit on the amount of tax
that may be paid and no consideration given to other demands on the budget) -
ANSWER-flat or level tax
.A _____ tax charges the same percentage of the cost of a good or service, no
matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are
examples) - ANSWER-regressive
.A _____ tax requires a taxpayer to pay more tax as their income increases.
(Federal and state income taxes are examples) - ANSWER-progressive
.A creditor option to recover an unpaid debt on secured property. - ANSWER-
Repossession
, .a method used to view all the forces in favor of or against a plan so a decision
can be made. Begins with stating a problem. - ANSWER-Force Field Analysis
.A rule of thumb for education funding. - ANSWER-Rule of thirds
.absolves the indemnified party from any payment for losses and damages
incurred by a third party - ANSWER-Idemnification
.Allows borrower to seek better interest rates, repayment terms, and possibly
reduce monthly payments and total amount of student debt. - ANSWER-Student
loan refinancing
.Allows counselors to adjust their demeanor to match members and make
physical changes to achieve these adjustments. - ANSWER-Pacing and blending
.An individual can contribute after-tax income to a ______, and they will pay no
taxes on the principal, earnings, dividends, or interest when the funds are
withdrawn at retirement. - ANSWER-roth IRA
.An individual can contribute before-tax income to a ______, and they will pay
taxes when money is withdrawn. - ANSWER-traditional IRA
.Appointee who legally speaks on behalf of incapacitated individual. - ANSWER-
Durable POA
.Approach that helps to overcome barriers to communication about financial
topics. May overcome resistance by using humor, metaphors, or personal
stories. - ANSWER-Soft approach
