Cwmc Module 12: Family And Money Competency Test
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Which of the following would you NOT recommend regarding family and money issues?
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Http://www.familyeducation.com
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Http://save.lovetoknow.com
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Http://www.sierraclub.org
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Http://fatherhood.about.com/cs/fatherhoodstories/a/moneyandfamily.htm
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Http://www.giveme20.com
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This quiz is part of LFEInstitute's CWMC (Certified Workplace Money Coaching) course. It willtest yourproficiency in the Family and Money Module (Module 12) of theprogram. The questions are allmultiple choice, and are designed to be a review of this Module. LetLFE knowwhen you've successfully completed this test and are ready to begin thenext Module.
Correct answers required for passing grade: See more14/16
- 2.
Solutions to money problems within the family are:
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Easy to fix
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Difficult if the parties aren’t willing to work together to find a resolution
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Quickly resolved
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Always insurmountable
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Uncomplicated
Correct Answer
A. Difficult if the parties aren’t willing to work together to find a resolutionExplanation
Money problems within a family can be difficult to fix if the parties involved are not willing to work together to find a resolution. This suggests that finding a solution requires cooperation and compromise from all members of the family. It implies that the problem may not have a quick or easy fix, and may require time and effort to address. The answer also implies that money problems within a family can be overcome if there is a willingness to work together and find a resolution.Rate this question:
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- 3.
EAP stands for:
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Employer Advisory Plan
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Employee Assistance Program
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Employee Adult Parenting
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Employer Agency Programs
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Employment Assistance Procedure
Correct Answer
A. Employee Assistance ProgramExplanation
EAP stands for Employee Assistance Program. This program is designed to provide support and assistance to employees who may be facing personal or work-related issues that could affect their well-being and performance. EAPs typically offer services such as counseling, referral to resources, and assistance with various personal and work-related challenges. The goal of an EAP is to help employees address and overcome these challenges in order to improve their overall mental health, productivity, and job satisfaction.Rate this question:
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- 4.
How can families reduce costs for children's school expenses? (check all that apply)
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Use local discount or “dollar” stores
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Stock up during sales
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Ask retailers about price matching
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Involve children in setting spending limits
Correct Answer(s)
A. Use local discount or “dollar” stores
A. Stock up during sales
A. Ask retailers about price matching
A. Involve children in setting spending limitsExplanation
Families can reduce costs for children's school expenses by using local discount or "dollar" stores, as these stores often offer lower prices on school supplies. They can also stock up during sales, taking advantage of discounted prices to buy items in bulk. Asking retailers about price matching can help families get the best deal by comparing prices at different stores. Involving children in setting spending limits can teach them about budgeting and help prioritize their needs, leading to more cost-effective choices.Rate this question:
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- 5.
Which of the following is TRUE when you use a "spell check" feature?
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Spell check catches only some of your errors
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Spell check ensures font size
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After spell check, your document will need no other proofing
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Spell check corrects formatting errors
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None of the above is true
Correct Answer
A. Spell check catches only some of your errorsExplanation
When using a "spell check" feature, it is true that spell check catches only some of your errors. While spell check can identify and correct spelling mistakes, it may not catch grammatical errors or errors related to context. Therefore, it is still necessary to proofread and edit the document after using spell check to ensure accuracy.Rate this question:
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- 6.
LFE's "Find More Money!" workshops help: (check all that apply)
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Reduce financial stress at key times during the year
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Teach a "System of Money Management"
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Show participants where to “find” an extra $1,000 - $3,000/year
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Highlight financial traps and pitfalls
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None of the above
Correct Answer(s)
A. Reduce financial stress at key times during the year
A. Show participants where to “find” an extra $1,000 - $3,000/year
A. Highlight financial traps and pitfallsExplanation
The LFE's "Find More Money!" workshops aim to reduce financial stress at key times during the year by providing participants with strategies to manage their money effectively. Additionally, the workshops teach a "System of Money Management" to help individuals better handle their finances. Furthermore, the workshops show participants where they can find an extra $1,000 - $3,000 per year through various methods. Lastly, the workshops highlight financial traps and pitfalls that individuals should be aware of to avoid making costly mistakes.Rate this question:
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- 7.
Which word best completes this sentence?"Our role in Money Coaching is to offer ________ solutions to help families avoid conflict."
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Positive
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Standard
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Technical
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Typical
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Humorous
Correct Answer
A. PositiveExplanation
The word "positive" best completes the sentence because it implies that the solutions offered by Money Coaching are helpful and beneficial, aiming to prevent conflict within families.Rate this question:
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- 8.
Which of these suggestions will NOT help build a newlywed couple's financial union?
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Creating a combined balance sheet listing all assets and debts
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Having an emergency fund with three to six months of living expenses
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Maximizing contributions to their retirement accounts
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Discussing limits on credit card spending
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Keeping individual credit scores confidential
Correct Answer
A. Keeping individual credit scores confidentialExplanation
Keeping individual credit scores confidential will not help build a newlywed couple's financial union because transparency and open communication about finances are essential for a strong financial foundation. By keeping credit scores confidential, the couple may not be able to address any potential issues or work together to improve their credit scores. Sharing credit scores can help the couple understand their financial situation better and make informed decisions about their joint finances.Rate this question:
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- 9.
What are choices to consider in creating a will? (check all that apply)
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Executor
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Potential guardian for children
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Trusts
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Cost to create
Correct Answer(s)
A. Executor
A. Potential guardian for children
A. Trusts
A. Cost to createExplanation
When creating a will, there are several choices to consider. One important choice is selecting an executor who will be responsible for carrying out the instructions in the will. Another choice is determining a potential guardian for any minor children who may be left behind. Trusts can also be considered as a choice, as they can be used to manage and distribute assets according to the wishes of the deceased. Lastly, the cost to create the will is an important factor to consider, as it may vary depending on the complexity of the estate and the services of a lawyer or estate planner.Rate this question:
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- 10.
Which of the following statements/solutions is NOT a wise idea to include in this Money Coach answer?"If a healthy 32-year-old son wants to live in his parents' home, consider:"
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A progressive rent schedule
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Overlooking financial responsibility since "he’s family"
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Preparing a written agreement or contract
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Life lessons involved with the reality of paying for one’s own cost of living
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Explaining duties and expected fees beforehand
Correct Answer
A. Overlooking financial responsibility since "he’s family"Explanation
Including the statement "Overlooking financial responsibility since 'he's family'" is not a wise idea in this Money Coach answer because it promotes a lack of accountability and can lead to financial dependency. It is important to teach individuals, regardless of their familial relationship, about financial responsibility and the importance of being self-sufficient.Rate this question:
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- 11.
Conflicts over finances within the home cause: (check all that apply)
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Increased stress at work
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An increase in child abuse
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Increased Presenteeism
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Increased workplace violence
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None of the above
Correct Answer(s)
A. Increased stress at work
A. An increase in child abuse
A. Increased Presenteeism
A. Increased workplace violenceExplanation
Conflicts over finances within the home can lead to increased stress at work because financial problems can create anxiety and distraction for individuals, making it difficult for them to focus and perform well in their jobs. Additionally, financial stress can also contribute to an increase in child abuse as parents may become overwhelmed and take out their frustrations on their children. Moreover, financial conflicts can result in increased presenteeism, where employees are physically present at work but are not fully engaged or productive due to their preoccupation with financial issues. Lastly, financial disputes can escalate and lead to increased workplace violence as individuals may become aggressive or hostile towards their colleagues.Rate this question:
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- 12.
Parents can prepare their children to help pay for and/or control the cost of college by: (check all that apply)
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Limiting the amount the parents will pay each year for higher education
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Limiting the number of years they will help with college expenses
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Encouraging the student to do what is required to earn scholarships
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Looking into work-study programs, grants, tax credits, etc.
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Unconditionally paying for all college expenses; children will need a college education to compete for jobs
Correct Answer(s)
A. Limiting the amount the parents will pay each year for higher education
A. Limiting the number of years they will help with college expenses
A. Encouraging the student to do what is required to earn scholarships
A. Looking into work-study programs, grants, tax credits, etc.Explanation
Parents can prepare their children to help pay for and/or control the cost of college by limiting the amount they will contribute each year for higher education. This ensures that the responsibility of paying for college is shared between the parents and the student. Additionally, limiting the number of years they will help with college expenses encourages the student to plan and budget accordingly. Encouraging the student to earn scholarships is another way to reduce the financial burden. Lastly, exploring work-study programs, grants, tax credits, and other financial aid options can further alleviate the cost of college.Rate this question:
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- 13.
Setting up an "MSM" account for younger children will help: (check all that apply)
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Ease family conflicts over money
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Cause more arguments between siblings
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Teach children that when the money is gone, it’s gone
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Give the children free choice over the money they spend
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Save parents money
Correct Answer(s)
A. Ease family conflicts over money
A. Teach children that when the money is gone, it’s gone
A. Give the children free choice over the money they spend
A. Save parents moneyExplanation
Setting up an "MSM" account for younger children can ease family conflicts over money by providing a designated platform for them to manage their finances. It can also teach children the important lesson of budgeting and understanding that once the money is spent, it is gone. Giving children free choice over the money they spend can help develop their financial decision-making skills. Additionally, having an "MSM" account can save parents money by allowing them to set limits and monitor their children's spending habits.Rate this question:
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- 14.
Married couples who have each been married before should: (check all that apply)
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Keep their bank and investment accounts separate
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Set goals and build retirement savings together
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Plan for the financial security of any children from a previous marriage
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Discuss credit card spending limits
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None of the above
Correct Answer(s)
A. Set goals and build retirement savings together
A. Plan for the financial security of any children from a previous marriage
A. Discuss credit card spending limitsExplanation
Married couples who have each been married before should set goals and build retirement savings together because it is important for both partners to plan for their future financial stability. They should also plan for the financial security of any children from a previous marriage to ensure that their needs are taken care of. Additionally, discussing credit card spending limits is crucial to maintain financial transparency and avoid any potential conflicts or issues related to debt.Rate this question:
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- 15.
Parents can begin educating children about money when the child reaches which age?
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3
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5
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10
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15
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18
Correct Answer
A. 3Explanation
Parents can begin educating children about money when the child reaches the age of 3. This is because by this age, children start to develop basic cognitive and language skills, allowing them to understand and grasp simple concepts such as counting and identifying coins. Introducing money-related activities and discussions at this age can help children develop a foundation for financial literacy and responsible money management later in life.Rate this question:
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Current Version
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Mar 19, 2023Quiz Edited by
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May 21, 2009Quiz Created by
Alice Whinnery
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