FICEP STUDY GUIDE V2
1. Chapter 1: Chapter 1
2. Spending cycle: hint cycle 4: Earn/Save/Spend
3. Brain hemispheres: An awareness of hemispheric thinking may help counselorsunderstand
the importance of being able to present information in a variety of ways.
4. Soft Approach: 1. Offers possibilities and suggestions, avoiding absolutes ordirectives.
2. Reminds members they are in control and the counselor is there for support.
5. Blind: Represents information a counselor knows and a member does NOT
6. CHAPTER 2: Chapter 2
7. Preventive Counseling: Helps members with good financial habits managefinancial
challenges due to life changes.
8. Vital Counselor Skills: Assist members to identify needs and wants.
9. Blending: Counselors use this to display communication patterns that match themember.
1. speech rate
2. Tone
3. vocabulary 2.adjusting appearance
10. The change process: 1. Recognize need for change
2. gather
3. revise
4. make changes
11. Decision-Making Tools: 1. Essential obligations
2. force-field analysis
3. cost benefit analysis
12. CHAPTER 3: Chapter 3
13. Counseling process: hint 6: 1. Collect member data
2. Establish CLEAR financial goals and objectives
3. analyze data
4. develop spending, debt repayment, and action plans.
5. Implement plan
6. monitor, evaluate, and adjust as needed.
14. Chapter 4: Chapter 4
, 15. Analyze Credit: hint 6: 1. Cash flow
2. credit report
3. Credit score
4. Debit ratio
5. net worth
6. five C's of credit
16. Expense issues: Build assumptions and adjustments to make sure the processallows for 12-
month cycle.
17. Part two: expense issues: issues to consider (3): 1.predicted cost increases
2. seasonal variations
3. home repair allowances
18. Chapter 5: Chapter 5
19. Steps to reduce debt: hint 5: 1. Stop creating debt
2. refinance/ consolidate debt
3. use credit wisely
4. set goals
5. develop plan
20. Amount available is sufficient to: hint 6: 1. Satisfy minimum payment
2. pay more on the principal
3. roll up payments
4. restructure debts
5. sell something
6. take other actions
21. What does it mean to " roll up payments"?: To reduce finance charges andsave time.
22. Part two: roll up payments: which debt do you pay first high- interest or lowinterest?: HIGH-
INTEREST FIRST
23. Advantages of leasing? Hint 5: 1. Lower monthly payments
2. the ability to afford a nicer newer vehicle.
3. Lower up-front costs
4. the option to use a down payment
1. Chapter 1: Chapter 1
2. Spending cycle: hint cycle 4: Earn/Save/Spend
3. Brain hemispheres: An awareness of hemispheric thinking may help counselorsunderstand
the importance of being able to present information in a variety of ways.
4. Soft Approach: 1. Offers possibilities and suggestions, avoiding absolutes ordirectives.
2. Reminds members they are in control and the counselor is there for support.
5. Blind: Represents information a counselor knows and a member does NOT
6. CHAPTER 2: Chapter 2
7. Preventive Counseling: Helps members with good financial habits managefinancial
challenges due to life changes.
8. Vital Counselor Skills: Assist members to identify needs and wants.
9. Blending: Counselors use this to display communication patterns that match themember.
1. speech rate
2. Tone
3. vocabulary 2.adjusting appearance
10. The change process: 1. Recognize need for change
2. gather
3. revise
4. make changes
11. Decision-Making Tools: 1. Essential obligations
2. force-field analysis
3. cost benefit analysis
12. CHAPTER 3: Chapter 3
13. Counseling process: hint 6: 1. Collect member data
2. Establish CLEAR financial goals and objectives
3. analyze data
4. develop spending, debt repayment, and action plans.
5. Implement plan
6. monitor, evaluate, and adjust as needed.
14. Chapter 4: Chapter 4
, 15. Analyze Credit: hint 6: 1. Cash flow
2. credit report
3. Credit score
4. Debit ratio
5. net worth
6. five C's of credit
16. Expense issues: Build assumptions and adjustments to make sure the processallows for 12-
month cycle.
17. Part two: expense issues: issues to consider (3): 1.predicted cost increases
2. seasonal variations
3. home repair allowances
18. Chapter 5: Chapter 5
19. Steps to reduce debt: hint 5: 1. Stop creating debt
2. refinance/ consolidate debt
3. use credit wisely
4. set goals
5. develop plan
20. Amount available is sufficient to: hint 6: 1. Satisfy minimum payment
2. pay more on the principal
3. roll up payments
4. restructure debts
5. sell something
6. take other actions
21. What does it mean to " roll up payments"?: To reduce finance charges andsave time.
22. Part two: roll up payments: which debt do you pay first high- interest or lowinterest?: HIGH-
INTEREST FIRST
23. Advantages of leasing? Hint 5: 1. Lower monthly payments
2. the ability to afford a nicer newer vehicle.
3. Lower up-front costs
4. the option to use a down payment
