Cwmc Module 1: Baby Competency Test
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Which of the following benefits are motivating employers to provide Money Coaching services to employees? (check all that apply)
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Helps to minimize ERISA-related liabilities
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Saves client’s time trying to answer questions that employees may have
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Helps reduce the high cost of “Presenteeism” (employees focused on personal financial questions or problems instead of their jobs)
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Minimizes liabilities related to employee distractions over their finances (accidents, injuries, product liability, etc.)
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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. See more
Correct answers required for passing grade: 13/15
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- 2.
When should you use a disclaimer with your response?
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Always
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Never
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Only when you begin responding to actual client questions
Correct Answer
A. AlwaysExplanation
A disclaimer should always be used with your response to clarify any potential legal or professional implications. By including a disclaimer, you can protect yourself and your organization from any misunderstanding or misinterpretation of the information provided. It also helps to establish the boundaries and limitations of your response, ensuring that the recipient understands the context and scope of the information being shared.Rate this question:
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- 3.
One of the 3 primary issues to remember when submitting a response to an employee question is:
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Can I complete this answer within an hour?
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Is my response motivational and encouraging?
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Should the employee even ask this question?
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Could I just recommend a Web site for more information?
Correct Answer
A. Is my response motivational and encouraging?Explanation
The correct answer is "Is my response motivational and encouraging?" because when responding to an employee question, it is important to consider the impact of the response on the employee's motivation and morale. A motivational and encouraging response can help boost the employee's confidence, engagement, and overall performance. It shows support and fosters a positive work environment.Rate this question:
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- 4.
What information should you include in every employee response? (check all that apply)
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Recommend a specific advisor who can help the employee
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Costly traps to avoid
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Specific products or services that you sell
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List money-saving tips
Correct Answer(s)
A. Costly traps to avoid
A. List money-saving tipsExplanation
In every employee response, it is important to include information about costly traps to avoid and list money-saving tips. This helps the employee make informed decisions and avoid potential pitfalls. However, recommending a specific advisor or promoting specific products or services may not be necessary in every employee response.Rate this question:
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- 5.
What is the minimum number of Web site resources required for each response?
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1
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2
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3
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4
Correct Answer
A. 2Explanation
The minimum number of website resources required for each response is 2. This means that for every response from the website, at least 2 resources are needed.Rate this question:
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- 6.
Con artists target women with baby scams in these socio-economic categories: (check all that apply)
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Lower income
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Middle income
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Upper income
Correct Answer(s)
A. Lower income
A. Middle income
A. Upper incomeExplanation
Con artists target women in all socio-economic categories, including lower income, middle income, and upper income. This is because scammers are looking for vulnerable individuals who may be more willing to fall for their scams. Additionally, women in different income brackets may have different motivations or desires related to having a baby, making them potential targets for baby scams.Rate this question:
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- 7.
Which of the following infant expenses is generally NOT tax deductible?
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Cribs
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Delivery room fees
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Daycare
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Health insurance
Correct Answer
A. CribsExplanation
Cribs are generally not tax deductible because they are considered personal expenses rather than necessary medical or childcare expenses. Tax deductions are typically available for expenses related to medical care, such as delivery room fees and health insurance, as well as childcare expenses like daycare. However, cribs are not considered a necessary expense for the well-being or care of the child, and therefore are not eligible for tax deductions.Rate this question:
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- 8.
Which of these strategies will save money while preparing for the birth of a child? (check all that apply)
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Buying when it’s convenient rather than when items are on sale
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Going to the Emergency Room or Urgent Care for prenatal checkups
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Purchasing baby items at garage sales, on Craigslist, or at resale shops
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Paying cash in advance for the delivery
Correct Answer(s)
A. Purchasing baby items at garage sales, on Craigslist, or at resale shops
A. Paying cash in advance for the deliveryExplanation
Purchasing baby items at garage sales, on Craigslist, or at resale shops can save money because these items are often sold at a lower price compared to buying them new. Paying cash in advance for the delivery can also save money because it eliminates the need for interest payments on any financing options.Rate this question:
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- 9.
Which of the following is NOT a low-cost information source for new parents?
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Local Library
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Internet
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County Health Department
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A doula
Correct Answer
A. A doulaExplanation
A doula is not a low-cost information source for new parents because doulas are trained professionals who provide emotional and physical support to pregnant women and their families. While they can offer valuable advice and guidance, their services typically come at a cost and may not be accessible to all parents. On the other hand, the local library, internet, and county health department are all commonly used and affordable sources of information for new parents.Rate this question:
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- 10.
Which Web site would you suggest a new mother browse?
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Www.aarp.com
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Www.thebump.com
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Www.youtube.com
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Www.priceline.com
Correct Answer
A. Www.thebump.comExplanation
www.thebump.com would be the suggested website for a new mother to browse because it is a popular and trusted online resource specifically designed for new and expectant mothers. It provides a wealth of information, advice, and resources on pregnancy, parenting, and baby care. The website offers articles, forums, product recommendations, and various tools to help new mothers navigate through their journey of motherhood.Rate this question:
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- 11.
The money needed for the pregnancy, the delivery, and the first year is:
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Not a significant amount
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Less for a girl than a boy
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Easy to predict and estimate
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None of the above
Correct Answer
A. None of the aboveExplanation
The given options do not provide an accurate or complete answer to the question. The amount of money needed for pregnancy, delivery, and the first year can vary greatly depending on various factors such as healthcare costs, location, individual circumstances, and personal choices. Therefore, none of the options provided can be considered as the correct answer.Rate this question:
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- 12.
Which of the following is a typical adoption scam? (check all that apply)
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The birthmother asks for money for rent, food, etc., and wants adoptive parents to pay her directly
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The birthmother asks for an airline ticket to deliver the baby in the adoptive parent’s location
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Major delays in delivering proof of pregnancy after fees are paid
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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
Correct Answer(s)
A. The birthmother asks for money for rent, food, etc., and wants adoptive parents to pay her directly
A. The birthmother asks for an airline ticket to deliver the baby in the adoptive parent’s location
A. Major delays in delivering proof of pregnancy after fees are paid
A. 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 parentsExplanation
The birthmother asking for money for rent, food, etc., and wanting adoptive parents to pay her directly is a typical adoption scam because it is not the adoptive parents' responsibility to financially support the birthmother. Similarly, the birthmother asking for an airline ticket to deliver the baby in the adoptive parent's location is a scam because the birthmother should be responsible for her own travel arrangements. Major delays in delivering proof of pregnancy after fees are paid can also be a scam as it raises suspicions about the legitimacy of the adoption process. Lastly, the birthmother being reluctant to work with an attorney and preferring to work directly with adoptive parents can be a red flag as it indicates a lack of legal guidance and oversight in the adoption process.Rate this question:
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- 13.
Employers prefer Money Coaches today who provide the service via:
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Telephone because the employee has a live person to talk to
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Web sites so that the employee can look up answers to their financial questions any time
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E-mail because it saves time, is confidential, reduces liability exposure, and answers specific questions at the time employees are making critical financial decisions
Correct Answer
A. E-mail because it saves time, is confidential, reduces liability exposure, and answers specific questions at the time employees are making critical financial decisionsExplanation
Employers prefer Money Coaches who provide the service via email because it offers several advantages. Firstly, it saves time as employees can send their questions or concerns at their convenience, without the need for scheduling phone calls or meetings. Secondly, email communication is confidential, ensuring privacy for employees when discussing sensitive financial matters. Additionally, using email reduces liability exposure for both the employer and the Money Coach, as there is a written record of the advice and recommendations provided. Lastly, email allows for specific questions to be answered promptly, which is crucial when employees are making important financial decisions.Rate this question:
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- 14.
Money Coaching is ideal for which of the following companies' profiles? (check all that apply)
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Employers who can’t give their employees raises
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Those who are increasing healthcare premium costs for employees
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Companies with “Top Heavy” retirement plans
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Employers who are reducing the amount they match in employees’ 401(k) accounts
Correct Answer(s)
A. Employers who can’t give their employees raises
A. Those who are increasing healthcare premium costs for employees
A. Companies with “Top Heavy” retirement plans
A. Employers who are reducing the amount they match in employees’ 401(k) accountsExplanation
Money Coaching is ideal for companies that are facing financial challenges and are unable to provide raises to their employees, increasing healthcare premium costs for employees, have "Top Heavy" retirement plans, and reducing the amount they match in employees' 401(k) accounts. Money Coaching can help these companies manage their finances, find alternative solutions to compensate employees, and provide guidance on reducing costs and improving financial stability.Rate this question:
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- 15.
How can new parents save money on delivery costs for a new baby? (check all that apply)
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Negotiate with the hospital or healthcare facility prior to the birth
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Pre-pay the delivery expenses if they don’t have healthcare insurance coverage
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Contact their insurance provider for suggestions on ways to cut costs
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Be sure to review the hospital bill for errors, overcharges, etc.
Correct Answer(s)
A. Negotiate with the hospital or healthcare facility prior to the birth
A. Pre-pay the delivery expenses if they don’t have healthcare insurance coverage
A. Contact their insurance provider for suggestions on ways to cut costs
A. Be sure to review the hospital bill for errors, overcharges, etc.Explanation
New parents can save money on delivery costs for a new baby by negotiating with the hospital or healthcare facility prior to the birth to potentially lower the expenses. They can also pre-pay the delivery expenses if they don't have healthcare insurance coverage, which may offer some discounts. Contacting their insurance provider for suggestions on ways to cut costs can help them explore any available options. Additionally, reviewing the hospital bill for errors, overcharges, or any unnecessary charges can help them avoid paying more than necessary.Rate this question:
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Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 15, 2008Quiz Created by
Alice Whinnery
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