FiCEP Study Guide FinalLatest Update -

FiCEP Study Guide (Final)Latest Update - 300 Questions and 100% Verified Correct Answers Guaranteed A+ $1 million or more - CORRECT ANSWER: Umbrella liability coverage is laid on top of existing homeowner and auto policies to provide additional coverage of ______.

$30,000 - CORRECT ANSWER: Two-thirds of working women earn less than _____ a

year; when compared to men, women are more likely to work in part-time jobs that are linked to lower wages, a lower rate of promotion, a lower rate of pension, and smaller retirement benefits.

$5,500 - CORRECT ANSWER: Contributions to both Traditional and Roth IRAs are

limited to a total of ____ per year. Persons age 50+ may make additional catch-up contributions of $1,000.

100 - CORRECT ANSWER: Financial counselors are saying that retirees may need up

to _____% of their pre-retirement income to be adequately funding into retirement.

100% - CORRECT ANSWER: As American's life spans have lengthened, some advisers

are increasing the required percentage of pre-retirement income to _____.

15 - CORRECT ANSWER: Approximately ____ million United States residents have

their identities used fraudulently each year with financial losses totaling upwards of $50 billion.

18 - CORRECT ANSWER: A person is considered an adult, or reaches the age of

majority, when he/she becomes ___ years old.

18 - CORRECT ANSWER: During the Great Recession, the average American family

lost the equivalent of _____ years of savings and investments.

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2% - CORRECT ANSWER: The upfront cost of reverse mortgages include mortgage

insurance, appraisal, title insurance, legal and recording fees, and a ___ origination fee that caps at $6,000.

21 - CORRECT ANSWER: Card companies are required to mail billing statements ____ calendar days before the due date.

21 - CORRECT ANSWER: Card issuers can't issue a credit card to anyone under age

___, unless they have a cosigner, who is ____ or over), or can provide proof of a means to repay.

25-30% - CORRECT ANSWER: It is best to keep the balance on each credit card

maintained between _____.

401(k) plan - CORRECT ANSWER: Saving for retirement can also save taxes by

making contributions to a _____.

403(b) - CORRECT ANSWER: There are a number of ways to save for retirement and

include 401(k), _____, Simplified Employee Pensions, individual retirement accounts, and Simple IRAs.

403(b) plans - CORRECT ANSWER: _____ are retirement plans for people employed

for organizations that have 501(c)3 status.

45 - CORRECT ANSWER: Card companies now must give cardholders ____ days

notice of interest rate increases.

529 plan - CORRECT ANSWER: A ____ allows parents and grandparents to save for

the future college-education expense of the children named as beneficiaries.

529 Plan & Coverdell ESA - CORRECT ANSWER: Two specialized savings and

investment accounts, the ______, offer tax advantages; parents won't have to pay income taxes on the earnings or interest earned as their savings grow. 2 / 4

59 1/2 - CORRECT ANSWER: Penalties will be charged if withdrawals are made from a traditional IRA before ______.

6 - CORRECT ANSWER: At the time of repayment for a reverse mortgage, the estate

has ____ months to repay the balance of the reverse mortgage or sell the home to pay off the balance. Any remaining equity goes to the member's estate. (the estate is not personally liable if the house sells for less that the balance on the reverse mortgage)

62 - CORRECT ANSWER: A member must be over age _____ and have equity in their

home to qualify for a reverse mortgage.

65 - CORRECT ANSWER: Medicare coverage kicks in at age _____.

70 - CORRECT ANSWER: _____% of taxpayers may be eligible for free tax filing

assistance.

70 - CORRECT ANSWER: Full retirement age for Social Security is ____.

70% - CORRECT ANSWER: Over _____ of all U.S. taxpayers meet the income

requirements to use Free File for federal returns.

8% - CORRECT ANSWER: Once eligible to claim Social Security benefits, the

member's benefits will increase by ____ each year until they reach full retirement age.

80% - CORRECT ANSWER: Standard homeowner insurance plans typically require that

policy limits be at least _____ of the cost of replacing the property.

account or credit card numbers - CORRECT ANSWER: Be on guard of scholarship

offers that ask for fees up front, ____, or those that say the student is a finalist and must pay a fee to get the scholarship.

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addiction - CORRECT ANSWER: ___ can be defined as feeling compelled to continue a habit or practice that is psychologically or physically habit-forming to the point that cessation may cause severe trauma.

addictions - CORRECT ANSWER: _____ can include alcohol, drugs, gambling,

overspending, shopping, internet, or pornography.

advance medical directive - CORRECT ANSWER: A durable power for healthcare is

also known as a living will or _____.

anxiety - CORRECT ANSWER: A lifestyle of luxury is not worth the _____ it causes.

anxiety, worry, or despair - CORRECT ANSWER: If a member has a lot of _____, they may not be financially fit.

appropriateness of name and address - CORRECT ANSWER: Front-line employees

can pay attention to _____ and checks that look suspicious as a way to prevent identity theft.

attitude - CORRECT ANSWER: ____ refers to the way we think and the positive or

negative feelings we have about something.

attitudes and behaviors - CORRECT ANSWER: Respect member's financial values;

seek to change _____.

auto coverage - CORRECT ANSWER: Liability, personal injury or medical coverage,

uninsured or under-insured coverage, comprehensive, collision, and towing and roadside assistance, and car rental coverage are the seven types of _____ available to consumers.

before - CORRECT ANSWER: Secure your financing for a vehicle _____ you shop and

consider how much you are able to spend on the purchase.

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