FICEP EXAM ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

FICEP EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND

CORRECT DETAILED ANSWERS WITH RATIONALES

(VERIFIED ANSWERS) |ALREADY GRADED A+

One way to overcome a member's objection to financial counseling is to:

a. Simply dismiss any negative comments a member makes.

b. Speak in a loud tone to reinforce authority as a counselor.

c. Refer member to another financial counselor.

d. Express confidence in member's ability to address problem. -

ANSWER- d. Express confidence in member's ability to address

problem.

You can help couples and families who have difficulties talking through

money issues by doing all of the following except:

a. Have each person write down individual goals & then share with each

other.

b. Discuss individual goals & how members may work together to

accomplish them.

c. Meet with members separately for financial counseling.

d. Agree on a scheduled time to check goal progress and make

modifications. - ANSWER- c. Meet with members separately for

financial counseling.

Which of the following statements is false regarding the ten steps that

can help families change habits?

a. Children can be absent from discussions because spending changes

will not affect them.

b. Parents must present a united front when talking with children about

money.

c. Recognizing progress with positive feedback can keep everyone

focused on the goals.

d. Once problem areas are identified develop strategies to save money. -

ANSWER- a. Children can be absent from discussions because spending

changes will not affect them

When dealing with credit during a divorce which of the following is

false?

a. A divorce decree may specify which party is responsible for repaying

which debts.

b. If one spouse falls behind on payments of a jointly held account both

parties are responsible.

c. Marital status is not a factor in credit scoring systems.

d. Late payments on jointly held debts will not be reflected on both

credit reports. - ANSWER- d. Late payments on jointly held debts will

not be reflected on both credit reports.

Seasonal employees must:

a. Not be concerned with ebbs and flows in monthly income.

b. Plan for times when income is low.

c. Avoid overuse of outside resources like food share programs.

d. Only worry about current income and not dwell on future shortfalls. -

ANSWER- b. Plan for times when income is low.

When you own your own business accounts payable is the:

a. Amount of money others owe you.

b. Money that you anticipate the government will reimburse you.

c. Amount of money you owe others.

d. Difference between your assets and liabilities. - ANSWER- c.

Amount of money you owe others.

Which of the following statements is false?

a. Using credit only builds a positive credit history if the lender submits

information to a CRA.

b. Lenders regularly report on-time and delinquent payments.

c. Becoming an authorized user means the user is required to acquire

debt.

d. Unpaid overdrafts may be reported to CRAs. - ANSWER- C.

becoming an authorize user means the user is required to acquire debt.

Your credit report will not include:

a. Identification and employment information.

b. Income and asset information.

c. Payment history.

d. Public record information. - ANSWER- b. Income and asset

information

Identification and employment information includes all except:

a. Name.

b. Date of birth.

c. Spouse's name.

d. Race/ethnicity information. - ANSWER- D. Race/ ethnicity

information

Which of the following statements about credit score analysis is false?

a. Payment history has the least influence on one's credit score.

b. To improve one's capacity a member needs to pay off debt rather than

transferring it.

c. The largest single influence on a credit score is an individual's

payment history.

d. It can be counterproductive to close older well-established credit

lines. - ANSWER- A. payment history has the least influence on one's

credit score

Which of the following statements about actions that lower credit scores

is false?

a. The 3 ways late payments can hurt credit scores are frequency recent

& severity.

b. Maxed-out credit cards may reduce credit scores by as much as 100

points.

c. Closed accounts in good standing are usually removed from the credit

report within 10 years.