Cwmc Module 1: Baby Competency Test

15 Questions | Total Attempts: 117

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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 Baby Module (Module 1) 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: 13/15


Questions and Answers
  • 1. 
    Which of the following benefits are motivating employers to provide Money Coaching services to employees? (check all that apply)
    • A. 

      Helps to minimize ERISA-related liabilities

    • B. 

      Saves client’s time trying to answer questions that employees may have

    • C. 

      Helps reduce the high cost of “Presenteeism” (employees focused on personal financial questions or problems instead of their jobs)

    • D. 

      Minimizes liabilities related to employee distractions over their finances (accidents, injuries, product liability, etc.)

  • 2. 
    When should you use a disclaimer with your response?
    • A. 

      Always

    • B. 

      Never

    • C. 

      Only when you begin responding to actual client questions

  • 3. 
    One of the 3 primary issues to remember when submitting a response to an employee question is: 
    • A. 

      Can I complete this answer within an hour?

    • B. 

      Is my response motivational and encouraging?

    • C. 

      Should the employee even ask this question?

    • D. 

      Could I just recommend a Web site for more information?

  • 4. 
    What information should you include in every employee response? (check all that apply)
    • A. 

      Recommend a specific advisor who can help the employee

    • B. 

      Costly traps to avoid

    • C. 

      Specific products or services that you sell

    • D. 

      List money-saving tips

  • 5. 
    What is the minimum number of Web site resources required for each response?
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 6. 
    Con artists target women with baby scams in these socio-economic categories: (check all that apply)
    • A. 

      Lower income

    • B. 

      Middle income

    • C. 

      Upper income

  • 7. 
    Which of the following infant expenses is generally NOT tax deductible?
    • A. 

      Cribs

    • B. 

      Delivery room fees

    • C. 

      Daycare

    • D. 

      Health insurance

  • 8. 
    Which of these strategies will save money while preparing for the birth of a child? (check all that apply)
    • A. 

      Buying when it’s convenient rather than when items are on sale

    • B. 

      Going to the Emergency Room or Urgent Care for prenatal checkups

    • C. 

      Purchasing baby items at garage sales, on Craigslist, or at resale shops

    • D. 

      Paying cash in advance for the delivery

  • 9. 
    Which of the following is NOT a low-cost information source for new parents?
    • A. 

      Local Library

    • B. 

      Internet

    • C. 

      County Health Department

    • D. 

      A doula

  • 10. 
    Which Web site would you suggest a new mother browse? 
    • A. 

      Www.aarp.com

    • B. 

      Www.thebump.com

    • C. 

      Www.youtube.com

    • D. 

      Www.priceline.com

  • 11. 
    The money needed for the pregnancy, the delivery, and the first year is:
    • A. 

      Not a significant amount

    • B. 

      Less for a girl than a boy

    • C. 

      Easy to predict and estimate

    • D. 

      None of the above

  • 12. 
    Which of the following is a typical adoption scam? (check all that apply)
    • A. 

      The birthmother asks for money for rent, food, etc., and wants adoptive parents to pay her directly

    • B. 

      The birthmother asks for an airline ticket to deliver the baby in the adoptive parent’s location

    • C. 

      Major delays in delivering proof of pregnancy after fees are paid

    • D. 

      The birthmother is reluctant to work with an attorney; claims she’ll feel more like giving her baby up if she works directly with adoptive parents

  • 13. 
    Employers prefer Money Coaches today who provide the service via:
    • A. 

      Telephone because the employee has a live person to talk to

    • B. 

      Web sites so that the employee can look up answers to their financial questions any time

    • C. 

      E-mail because it saves time, is confidential, reduces liability exposure, and answers specific questions at the time employees are making critical financial decisions

  • 14. 
    Money Coaching is ideal for which of the following companies' profiles? (check all that apply)
    • A. 

      Employers who can’t give their employees raises

    • B. 

      Those who are increasing healthcare premium costs for employees

    • C. 

      Companies with “Top Heavy” retirement plans

    • D. 

      Employers who are reducing the amount they match in employees’ 401(k) accounts

  • 15. 
    How can new parents save money on delivery costs for a new baby? (check all that apply)
    • A. 

      Negotiate with the hospital or healthcare facility prior to the birth

    • B. 

      Pre-pay the delivery expenses if they don’t have healthcare insurance coverage

    • C. 

      Contact their insurance provider for suggestions on ways to cut costs

    • D. 

      Be sure to review the hospital bill for errors, overcharges, etc.