CUNA FiCEP CERTIFICATION FINAL EXAM QUESTIONS AND DETAILED CORRECT ANSWERS | LATEST 2025, Exams of Nursing

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CUNA FiCEP CERTIFICATION FINAL

EXAM QUESTIONS AND DETAILED

CORRECT ANSWERS | LATEST 2024- 2025

What are the items to track and measure during financial counseling sessions? Correct Answer Time, Number of members, Activity, Impact/Outcomes. A good intake form will record what? Correct Answer If the member has a spending plan that they are following, all debts, All savings, Credit score. Which information is included on a credit report? Correct Answer Current Address. Which element has the largest single influence on a credit score? Correct Answer Payment History. Which action produces a 'soft hit' on a credit score? Correct Answer Requesting a copy of your own credit report. Which is a step that can improve a credit score? Correct Answer Maintaining older accounts rather than closing them. Offering in-home baby-sitting is an example of which option for increasing income? Correct Answer Getting a second job.

Which driving behavior will lead to increased gas expenses for the member? Correct Answer Braking rapidly. If a member is looking for ways to decrease entertainment costs, which recommendation should you offer? Correct Answer Borrowing items from a library. what should you suggest to a member who wants to begin saving? Correct Answer Set aside what you received as a raise and live on the previous salary. Which term describes a type of savings referred to as a nest egg? Correct Answer Safety net savings. Which is a way members can establish good credit? Correct Answer By opening a secured Credit Card. Which of the fives C's of credit is based on a members past behaviors likely to affect an individuals financial actions, such as length of employment? Correct Answer Character. For which credit card source do typical offers include high interest rates and incentives? Correct Answer Retailers. Which is not a feature of prepaid cards? Correct Answer Line of Credit.

When does medical debt affect a members credit score? Correct Answer A health care provider turns over the medical bill to collections. You are advising a member whose recently deceased parent had significant medical debt at the time of death. Which is not information you should provide? Correct Answer The estate bills will be paid after the beneficiaries get their inheritance. When addressing medical debt, you should understand what? Correct Answer Private insurance. Which is a disadvantage of leasing a car that should be considered? Correct Answer Restricted milage. When closing a low credit score auto loan, which strategy should you not use? Correct Answer Explain that there is a brief grace period should the member miss a loan payment. Under which circumstance, with the lenders permission, does the borrower sell the vehicle for less money than is owed? Correct Answer Short sale. When discussing the benefits of homeownership, which is not a tax benefit that can lower the cost? Correct Answer Down payments.

In lieu of substantial credit history, lenders may use what? Correct Answer A history of strong payments toward rent, utilities, or other non-credit reporting loans. earnest money demonstrates what to a seller? Correct Answer Seriousness of a purchase offer. If a homes appraised value is less than the home purchase price, what should the homebuyer expect? Correct Answer An increase in the required down payment. Before a member refinances a home, what should you advise them to consider? Correct Answer The total cost. For members of a certain age who have equity in their homes and limited cash flow, hat might be an option to help them consolidate or restructure debts? Correct Answer reverse mortgage or HECM For retirees, which is not a source of their largest expense? Correct Answer Hair care. According to retirement trends, Americans tends to spend less on what as they age? Correct Answer Housing. Which tax-advantaged investment option provides an excellent opportunity for building Retirment savings, due to the combination of tax benefits and employer matching? Correct Answer 401(k)

For small business owners, securing a business loan is the best source of what? Correct Answer Operating Captial. An unsecured creditor may not collect debt by? Correct Answer Garnishing a members wages. What type of court judgement is issued when a debtor and creditor agree that a debt is owed? Correct Answer Lien. What can be used if a collector or creditor demand a larger payment then possible? Correct Answer Counteroffer. Which funding source is available to students from lower income families? Correct Answer A Pell Grant. Which student loan option can a senior apply for if there is an economic or financial hardship? Correct Answer Deferment. What step can a counselor recommend be used by parents to introduce their children to money management basics? Correct Answer No advances on allowances. You can help a member prepare for situations where they might have to say "no" or take a different approach by doing what? Correct Answer Role-playing.

When counseling a married couple with a blended family, what should you not suggest? Correct Answer Keeping separate homes for better tax considerations. Following a divorce, a state that adheres to Equitible Distribution means? Correct Answer A judge divides marital property fairly and equitably. Which is not a credit fact you should inform a member of who is going through a divorce? Correct Answer It has a direct impact on credit standing. You should refer a member to a US-HUD approved housing counselor when they are attempting to do what? Correct Answer Forestall foreclosure. Instead of bankruptcy, what would allow a debtor to work directly with the creditor to pay a lesser amount than owed? Correct Answer A negotiated debt settlement. When during the bankruptcy process is a 341 meeting held? Correct Answer After the filing. Which is not a benefit of filing Chapter 13 bankruptcy? Correct Answer Reaffirmation. Which is not a strategy for rebuilding credit over time? Correct Answer Using layaway.

Identity thieves want information containing vital data, or data that allows them access to more data such as? Correct Answer Passports. Which is not a common indication of a website imitation scam? Correct Answer The notification email does not ask for confirmation or for you to provide personal information. Which is not a common factor that makes elderly adults more likely to become victims of financial exploitation? Correct Answer Good sense of financial skills. What report does federal law require to be filled out if you suspect abuse of an elderly adult? Correct Answer SAR Financial Counseling is never? Correct Answer An answer to every problem. Providing financial education can have which of the following employee benefits? Correct Answer Reduce Absenteeism. Which is an essential Counselor Quality? Correct Answer Remaining nonjudgmental. Which vital skill allows you to observe every aspect of a members attempt at communication? Correct Answer Observing nonverbal clues.

Which is an element that supports the motivation needed to make significant life changes? Correct Answer Confidence. Which is a false statement regarding Force-Field Analysis? Correct Answer A member lists only the forces preventing achievement. What is Force-Field Analysis? Correct Answer the process of determining which forces drive and which resist a proposed change. Weighing the costs and benefits of two possible solutions can help members determine what? Correct Answer If a solution is workable and beneficial. Which extreme financial approach may lead to giving away what little money the member may have? Correct Answer Money Avoidance. Which term refers to communication patterns that are so ingrained the response is automatic? Correct Answer Patterned Responses. Which communication skill do counselors use to create a feeling of connection with a member by matching physical characteristics? Correct Answer Pacing. Which communication approach represents a tactic used to show confirmation of information? Correct Answer Restating or Paraphrasing.

Which one of these is not a successful money management trait? Correct Answer Give. Which type of financial counseling includes helping members with good financial habits manage financial challenges due to life changes? Correct Answer Preventive. During the financial counseling process, which task is included in the development of a spending plan? Correct Answer Helping the member break the budget into components that reflect the spending cycle. What is an item that members do not need to bring to the initial meeting? Correct Answer Passport. Which expenditure represents a form of secured debt? Correct Answer Car loan. What are the five C's of credit? Correct Answer Capacity, character, collateral, capital, and conditions. Which financial literacy topic is appropriate to learn at a preschool age? Correct Answer Wants vs. Needs. Which life stage may be an appropriate time for parents to create spending plans with children? Correct Answer Middle School.

What is one type of savings one should have in a comprehensive spending plan? Correct Answer Set-Aside. which of these is not a debt management option? Correct Answer Payday Lenders. What is the snowball approach to allocating payments among debts? Correct Answer Starts with the smallest debts and gradually takes on larger amounts. When should the financial counselor consider suggesting debt settlement? Correct Answer The accounts are already severely delinquent or in collections. Which of the following is something a good action plan achieves? Correct Answer Makes it possible for members to address and solve specific financial problems. Which of the following should not be asked during a follow up meeting? Correct Answer Can you control your spending now? Which type of POA goes into effect under certain circumstances? (specified date, event, or condition) Correct Answer Springing Which type of trust is a way to protect a portion of an insured assets designed for funeral expenses and in most states is not considered an individual asset? Correct Answer Funeral Trust

Which financial advisor provides advice that includes estate and retirement planning? Correct Answer Certified Financial Planner (CFP) Is someone passes away and the member is their personal representative, what should be the first step they take after the death? Correct Answer Contact the funeral home they had a prepaid funeral plan with. What is a common probate situation? Correct Answer Value of the estate. In what situation will the court appoint a willing individual to serve as legal personal representative? Correct Answer There was no will. When referring members to professional treatment help, what action should the financial counselor take? Correct Answer Help members understand what to expect. Which program can offer aid to members who need public assistance? Correct Answer Office of Family Assistance (OFA) Which type of tax charges the same percentage of an items cost regardless of taxpayer earning? Correct Answer Regressive. Which taxable income is the difference between what one pays for an investment and one receives when the item is sold. Correct Answer Capital gains.

In the insurance industry, which term describes the direct monetary interest the policy holder has in the insured property? Correct Answer Insurable Interest. Which is an advantage of whole life insurance? Correct Answer Builds cash value. Which element of an auto insurance policy covers theft, collision with an animal, and hail damage? Correct Answer Comprehensive Insurance. What is one way you can educate members on investment terms and explain common misconceptions? Correct Answer Have them make monthly contributions as part of a spending plan. What is not considered a risk factor that can make some people more susceptible than others to addiction? Correct Answer Curiosity. Service members are protected from financial obligations like debts, life insurance policies, and motor vehicle leases under what act? Correct Answer Servicemembers Civil Relief Act (SCRA) When counseling a member who is incarcerated prior to the release, encourage them to? Correct Answer determine all obligations. Finacial, legal and others.

The Salvation Army is a resource for a member with a criminal record who needs assistance with what? Correct Answer Obtaining food. Being empathetic and understanding of a members negative comments or objections can do what? Correct Answer Help them overcome resistance to adopting new financial behaviors. identifying a members needs is the first step to what? Correct Answer Implementing a formal financial counseling program. What needs to be considered when determining what department the financial counseling program will reside in? Correct Answer Will additional responsibility put unrealistic stress on personnel, resources, finances, or space for the department? When identifying personnel to be part of the program, what needs to be considered? Correct Answer Does the CU have trained personnel? When creating space for the counselling program, safety should guide the design of the meeting space. So the space should allow for what? Correct Answer never having someone alone in the building. What is a symptom that is a physical manifestation of burnout? Correct Answer Intestinal issues.

Which activity is a mental practice for selfcare? Correct Answer Being outside.