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FICEP EXAM ACTUAL EXAM COMPLETE 210 QUESTIONS
AND CORRECT DETAILED ANSWERS JUST RELEASED
FICEP EXAM
Which of the following decision-making tools is the best to use when considering all forces in favor of or against a plan so a decision can be made?
- Essential obligations
- Cost-benefit analysis
- Reframing
- Force-field analysis - ANSWER-Force-filed analysis
Which of the following is the first step of the counseling process?
- Analyze data
- Develop a spending plan
- Collect member data
- Establish goals and objectives - ANSWER-collect member data
It is best to divide a budget into which cycle? 1 / 3
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- Daily
- Monthly
- Quarterly
- Annually - ANSWER-monthly
Which of the following provides a credit history including debt repayment practices for an individual?
- cash flows
- net worth
- debt ration
- credit report - ANSWER-credit report
When discussing a member's budget analysis build in assumptions and adjustments to make sure the process allows for a
- 12 month cycle
- 24 - month cycle
- 36- month cycle
- 48 - month cycle - ANSWER-12 month cycle 2 / 3
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Which of the following is NOT a step that will reduce debt?
- Set goals
- Stop creating debt
- Borrow money from payday lenders
- Consolidate credit cards - ANSWER-Borrow money from payday lenders
Increasing a monthly payment beyond the minimum required by the credit issuer is known as:
- paying more on the principal.
- rolling up the payment.
- paying the high-interest debts first.
- paying the largest debt first. - ANSWER-paying more on the principal
One disadvantage of leasing a car is
- equity builds every month
- inconsistent monthly payments
- locked into a contract
- / 3