Cwmc Module 9: Divorce Competency Test

14 Questions | Total Attempts: 102

SettingsSettingsSettings
Please wait...
Module Quizzes & Trivia

This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Divorce Module (Module 9) 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: 12/14


Questions and Answers
  • 1. 
    Which of the following statements are financial myths about divorce? (check all that apply)
    • A. 

      It’s cheaper to stay married than to divorce.

    • B. 

      It’s cheaper to divorce than stay married.

    • C. 

      The spouse who retains the home always comes out better financially.

    • D. 

      All divorce attorneys charge comparable fees.

  • 2. 
    Which of the following statements would you suggest for cost-saving measures to someone thinking about divorcing?
    • A. 

      Make a comprehensive list of all your assets, including retirement accounts.

    • B. 

      Don’t worry about credit card debt; it will only affect your spouse.

    • C. 

      Cash-in your IRA to fund the cost of your divorce.

    • D. 

      Use the same attorney as your spouse.

    • E. 

      None of the above are good suggestions.

  • 3. 
    Who needs written notification of changes in marital status due to a divorce? (check all that apply)
    • A. 

      Life and health insurance companies

    • B. 

      Stockbrokers

    • C. 

      IRS

    • D. 

      Your employer

    • E. 

      None of the above

  • 4. 
    What financial information is vital to have during a divorce process? (check all that apply)
    • A. 

      Total amount owed (your debt)

    • B. 

      Cash value of any insurance policies

    • C. 

      All retirement benefits

    • D. 

      Bank and investment balances

  • 5. 
    Which of the following generally does NOT affect taxes for either party in a divorce?
    • A. 

      Alimony

    • B. 

      Child care credits

    • C. 

      Timing of the divorce

    • D. 

      Child support

    • E. 

      None of the above; they all have tax consequences.

  • 6. 
    When recovering from divorce, which Web sites are NOT recommended links? (check all that apply)
    • A. 

      Www.Divorceinfo.com

    • B. 

      Www.craigslist.org

    • C. 

      Www.weather.com

    • D. 

      Www.Divorcenet.com

    • E. 

      Www.DivorceCentral.com

  • 7. 
    Every Money Coaching response contains which of the following? (check all that apply)
    • A. 

      Recommendations on what the employee should or should not do

    • B. 

      Disclaimer

    • C. 

      Advice

    • D. 

      Information written at a 10th-grade reading level

    • E. 

      Unbiased information

  • 8. 
    Before seeking divorce as a solution to financial problems, what steps can a couple take? (check all that apply)
    • A. 

      Improve financial literacy since finances are a major factor in most family conflicts

    • B. 

      Learn how and when to compromise

    • C. 

      Consult a mutually trusted professional counselor

    • D. 

      Communicate about money management styles

  • 9. 
    Which of these strategies will NOT help build a solid financial foundation during and after a divorce?
    • A. 

      Arrange a stress-free vacation

    • B. 

      Get professional financial help

    • C. 

      Know social security options

    • D. 

      Close credit cards in spouse's name

    • E. 

      Take steps to plan for a stronger financial future

  • 10. 
    A divorce is always the best solution if:
    • A. 

      The spouse is putting too much on credit cards

    • B. 

      The spouse spends too much on himself/herself

    • C. 

      The spouse doesn’t want to save for the future

    • D. 

      The spouse has a poor credit rating

    • E. 

      None of the above. It’s never our place to recommend a divorce.

  • 11. 
    Which of the following is NOT a red flag or potential divorce scam?
    • A. 

      Foreign countries advertising quick and simple divorces

    • B. 

      Any attorney who advertises in the yellow pages

    • C. 

      Lawyers who use the Internet as the only client communication method

    • D. 

      A business that claims to take care of all necessary divorce proceedings by only mailing or wiring a set fee

    • E. 

      A “do-it-yourself” plan for a contested divorce

  • 12. 
    On average, statistics show it takes how long to financially recover from a divorce?
    • A. 

      6 months

    • B. 

      1 year

    • C. 

      5 years

    • D. 

      7 years

    • E. 

      10 years

  • 13. 
    For editing purposes, what is the preferred industry standard for spaces between sentences (e.g., after a period and before the next sentence)?
    • A. 

      0

    • B. 

      1

    • C. 

      2

    • D. 

      3

    • E. 

      Whatever the author decides is correct.

  • 14. 
    Why should an employer care if employees are going through a divorce? (check all that apply)
    • A. 

      It is a huge distraction for the employee

    • B. 

      Employees will miss work for attorney and court meetings

    • C. 

      Employee may be depressed and more susceptible to health problems

    • D. 

      HR has to get involved in completing court, employment, and retirement paperwork