Cwmc Module 12: Family And Money Competency Test

15 Questions | Total Attempts: 133

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Module Quizzes & Trivia

This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Family and Money Module (Module 12) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you've successfully completed this test and are ready to begin the next Module. Correct answers required for passing grade: 14/16


Questions and Answers
  • 1. 
    Which of the following would you NOT recommend regarding family and money issues?
    • A. 

      Http://www.familyeducation.com

    • B. 

      Http://save.lovetoknow.com

    • C. 

      Http://www.sierraclub.org

    • D. 

      Http://fatherhood.about.com/cs/fatherhoodstories/a/moneyandfamily.htm

    • E. 

      Http://www.giveme20.com

  • 2. 
    Solutions to money problems within the family are:
    • A. 

      Easy to fix

    • B. 

      Difficult if the parties aren’t willing to work together to find a resolution

    • C. 

      Quickly resolved

    • D. 

      Always insurmountable

    • E. 

      Uncomplicated

  • 3. 
    EAP stands for:
    • A. 

      Employer Advisory Plan

    • B. 

      Employee Assistance Program

    • C. 

      Employee Adult Parenting

    • D. 

      Employer Agency Programs

    • E. 

      Employment Assistance Procedure

  • 4. 
    How can families reduce costs for children's school expenses? (check all that apply)
    • A. 

      Use local discount or “dollar” stores

    • B. 

      Stock up during sales

    • C. 

      Ask retailers about price matching

    • D. 

      Involve children in setting spending limits

  • 5. 
    Which of the following is TRUE when you use a "spell check" feature?
    • A. 

      Spell check catches only some of your errors

    • B. 

      Spell check ensures font size

    • C. 

      After spell check, your document will need no other proofing

    • D. 

      Spell check corrects formatting errors

    • E. 

      None of the above is true

  • 6. 
    LFE's "Find More Money!" workshops help: (check all that apply)
    • A. 

      Reduce financial stress at key times during the year

    • B. 

      Teach a "System of Money Management"

    • C. 

      Show participants where to “find” an extra $1,000 - $3,000/year

    • D. 

      Highlight financial traps and pitfalls

    • E. 

      None of the above

  • 7. 
    Which word best completes this sentence?"Our role in Money Coaching is to offer ________ solutions to help families avoid conflict."
    • A. 

      Positive

    • B. 

      Standard

    • C. 

      Technical

    • D. 

      Typical

    • E. 

      Humorous

  • 8. 
    Which of these suggestions will NOT help build a newlywed couple's financial union?
    • A. 

      Creating a combined balance sheet listing all assets and debts

    • B. 

      Having an emergency fund with three to six months of living expenses

    • C. 

      Maximizing contributions to their retirement accounts

    • D. 

      Discussing limits on credit card spending

    • E. 

      Keeping individual credit scores confidential

  • 9. 
    What are choices to consider in creating a will? (check all that apply)
    • A. 

      Executor

    • B. 

      Potential guardian for children

    • C. 

      Trusts

    • D. 

      Cost to create

  • 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:"
    • A. 

      A progressive rent schedule

    • B. 

      Overlooking financial responsibility since "he’s family"

    • C. 

      Preparing a written agreement or contract

    • D. 

      Life lessons involved with the reality of paying for one’s own cost of living

    • E. 

      Explaining duties and expected fees beforehand

  • 11. 
    Conflicts over finances within the home cause: (check all that apply)
    • A. 

      Increased stress at work

    • B. 

      An increase in child abuse

    • C. 

      Increased Presenteeism

    • D. 

      Increased workplace violence

    • E. 

      None of the above

  • 12. 
    Parents can prepare their children to help pay for and/or control the cost of college by: (check all that apply)
    • A. 

      Limiting the amount the parents will pay each year for higher education

    • B. 

      Limiting the number of years they will help with college expenses

    • C. 

      Encouraging the student to do what is required to earn scholarships

    • D. 

      Looking into work-study programs, grants, tax credits, etc.

    • E. 

      Unconditionally paying for all college expenses; children will need a college education to compete for jobs

  • 13. 
    Setting up an "MSM" account for younger children will help: (check all that apply)
    • A. 

      Ease family conflicts over money

    • B. 

      Cause more arguments between siblings

    • C. 

      Teach children that when the money is gone, it’s gone

    • D. 

      Give the children free choice over the money they spend

    • E. 

      Save parents money

  • 14. 
    Married couples who have each been married before should: (check all that apply)
    • A. 

      Keep their bank and investment accounts separate

    • B. 

      Set goals and build retirement savings together

    • C. 

      Plan for the financial security of any children from a previous marriage

    • D. 

      Discuss credit card spending limits

    • E. 

      None of the above

  • 15. 
    Parents can begin educating children about money when the child reaches which age?
    • A. 

      3

    • B. 

      5

    • C. 

      10

    • D. 

      15

    • E. 

      18