Financial Counseling Certification Program (FiCEP) Practice Exam

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Get ready for the Financial Counseling Certification Program Exam. Study with our comprehensive materials, including flashcards and multiple-choice questions. Each question features hints and explanations to enhance understanding. Prepare confidently and excel!

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Is opening an account with $100,000 considered a sign of financial exploitation?

Yes, it always indicates exploitation
No, it can be a legitimate transaction
Only if the person is elderly
Yes, but only in certain cases

The correct answer is: No, it can be a legitimate transaction

Opening an account with $100,000 is not inherently a sign of financial exploitation because it can legitimately reflect the financial situation and intentions of the individual involved. Many individuals, regardless of their age or circumstances, may have legitimate reasons for depositing a substantial amount of money into a new account, such as savings from business profits, inheritance, or investment funds. Financial exploitation typically implies an abusive or deceitful handling of someone’s finances, often involving manipulation or coercion. Simply having a substantial amount of money does not provide evidence of such actions. Therefore, transactions can be legitimate based on the context and the individual’s financial history and intentions. It's essential to consider the broader picture rather than assuming exploitation based solely on the amount deposited.