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Ficep Exam Questions and Answers: Complete Solutions Graded A+ 2023, Exams of Financial Management

The American College of Financial ServicesFinancial Management

A comprehensive set of multiple-choice questions and answers related to the ficep exam. It covers various topics including financial counseling, budgeting, debt management, credit, insurance, and estate planning. Designed to help individuals prepare for the ficep exam and achieve a high score.

Typology: Exams

2024/2025

Available from 02/20/2025

LENICIUS
LENICIUS 🇺🇸

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Ficep Exam Questions And Correct Answers | Complete
Solutions Graded A+ 2023
1. Which cycle describes members who are just surviving and living
paycheck to paycheck?: Earn/Spend/Earn/Spend
2. Financial counselors who don't use what they know about hemispheric
thinking may fall into the trap of:: Presenting information to a member in a
manner that might not be the best way to communicate
3. Using a hard approach, rather than a soft approach, with members::
Com- municates in an orderly, specific, and straight-forward way
4. The Johari Window describes four zones. When working with a member,
the Hidden Zone represents:: Information that is known to the member and
not the counselor
5. Which type of counseling should a consumer use when a member is
prepar- ing for a large purchase?: Preventive
6. What is NOT a vital counselor skill?: Asking close-ended questions
7. An example of pacing is when a counselor:: Matches the member's
energy level
8. What is NOT a step in the change process?: Not revising the plan
9. What decision making tool is best to use when considering all forces
in favor or against a plan so decision can be made?: Force-field analysis
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Ficep Exam Questions And Correct Answers | Complete

Solutions Graded A+ 2023

  1. Which cycle describes members who are just surviving and living paycheck to paycheck?: Earn/Spend/Earn/Spend
  2. Financial counselors who don't use what they know about hemispheric thinking may fall into the trap of:: Presenting information to a member in a manner that might not be the best way to communicate
  3. Using a hard approach, rather than a soft approach, with members:: Com- municates in an orderly, specific, and straight-forward way
  4. The Johari Window describes four zones. When working with a member, the Hidden Zone represents:: Information that is known to the member and not the counselor
  5. Which type of counseling should a consumer use when a member is prepar- ing for a large purchase?: Preventive
  6. What is NOT a vital counselor skill?: Asking close-ended questions
  7. An example of pacing is when a counselor:: Matches the member's energy level
  8. What is NOT a step in the change process?: Not revising the plan
  9. What decision making tool is best to use when considering all forces in favor or against a plan so decision can be made?: Force-field analysis
  1. What is the first step of the counseling process?: Collect member data
  2. It is best to divide a budget into which cycle?: Monthly
  3. What provides a credit history including debt repayment practices for an individual?: Credit report
  4. When discussing a member's budget analysis, build in assumptions and adjustments to make sure the process allows for a...: 12-month cycle
  5. What is not a step that will reduce debt?: Borrowing money from payday lenders
  6. Increasing a monthly payment beyond the minimum required by the credit issuer is known as:: Paying more on the principal
  7. One advantage of leasing a car is:: Locked into a contract
  8. When determining if a vehicle is affordable, one should consider the:: Pur- chase price, maintenance costs, insurance costs
  9. What type of savings helps one cope when the unthinkable occurs?: Emer- gency
  10. A good action plan includes:: A list of steps and timeline for the member to complete
  11. What is NOT an example of ways members may start saving?: Increasing living expenses with each new raise
  12. One way to overcome a member's objection to financial counseling is to:: Express confidence in member's ability to address the problem

for child support payments: False

  1. When dealing with creditors/collectors, it is important for members to:: Be proactive
  2. T/F: Once a collection is paid, the negative history is not immediately removed from one's credit report: True
  3. The amount a cardholder is required to pay each month is the:: Minimum payment
  4. An advantage of using a credit card is:: Peace of mind knowing funds are available
  5. T/F: You should accept unsolicited increases to your credit limit to help maximize borrowing power: False
  6. T/F: If a medical bill is ultimately paid by an insurance company, the CRAs must remove the item from a credit report: True 40. T/F: Estate obligations must be paid prior to any inheritance being paid: - True
  7. When counseling members, when is the best time to ask if they have medical debt?: During an initial needs assessment
  8. When it comes to address medical debt, counselors need to:: Coach mem- bers on how to handle medical debt
  1. A rule of thumb for education funding is known as the:: Rule of thirds
  2. Student loan refinancing means:: Taking out a new loan to pay off existing loans
  3. One needs to consider the lending amount (min and max), income require- ments, and cosigner release when:: Comparing refinancing companies
  4. T/F: Wages cannot be garnished if a federal student loan is in default: False
  5. T/F: Social security wages may be garnished if a federal student loan is in default: True
  6. T/F: Seniors may have student loan debt because they discharged it in their bankruptcy: False: Most student loans cannot be discharged in bankruptcy
  7. T/F: Cure default is a way in which repossessions can occur: False
  8. T/F: Full coverage automobile insurance is a secondary product that can be added to a vehicle loan to help in case an emergency occurs: False - Examples of these would be GAP insurance, credit life & disability insurance, or extended warranty
  9. T/F: Owning generally builds property equity: True
  10. T/F: Members who are refinancing debt should be encouraged to use a HELOC: False
  11. When a member is experiencing severe financial problems, it is

63. T/F: Opening an account with $100,000 is a sign of financial exploitation: - False

  1. Reviewing a credit report after a member has been a victim of elder abuse will help members except:: Monitoring deposit accounts for activity
  2. T/F: It's best for members to invest in stocks versus bonds and cash: False 66. To make the most of a 401(k) or a 403(b) account, members should avoid:- : Taking out a loan against them
  3. T/F: Loans are allowed on a Traditional IRA account: False
  4. T/F: Springing (conditions) POA is best for selling property while one is out of state for awhile.: False
  5. T/F: The POA's key responsibility is to make decision based on the princi- pal's wishes not their own comfort: True
  6. T/F: It is necessary to have a plan in place in the event of death or disability if you are the sole owner of a business: True 71. What is the first immediate step someone needs to take after a death?: - Determine if the deceased had a prepaid funeral plan
  7. After a death, financial counselors may:: Help members make a list of all debts and financial obligations
  8. T/F: Financial counselors can handle any situation a member faces be- cause nothing is beyond their scope of practice: False

74. Members dealing with addiction, mental illness, or physical abuse have:: - Immediate needs in which a counselor needs to refer to an outside resource 75. This type of tax charges everyone the same percentage of an item's cost- : Regressive tax

  1. T/F: Single, filing jointly is a tax filing status: False
  2. T/F: Members will likely not have to update their income tax withholding if they recently separated from a spouse: True
  3. By pooling risk, insurers:: Limit their exposure when losses occur
  4. T/F: Insurance coverage is the best way to evaluate risk: False
  5. What is not an insurance decision rule?: Add insurance coverage for all assets
  6. T/F: Life insurance is necessary for all family members: False
  7. Before referring a member to a financial planner for investing advice, be sure the members has a:: Sufficient emergency fund
  8. What is the Rule of 72?: Calculates how many years it will take to double an investment
  9. T/F: Financial counselors are not financial planners: True
  10. T/F: Regular, monthly deposits is a warning sign of addiction: False