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How To Work Financially with the Problem Gambler

1. One of the biggest obstacles in working with a problem gambler is finding a way to minimize his or her access to money while teaching how to value and manage money.  

A. True

B. False

The Gambler's “Stash”

2. When gamblers are asked to reveal where they “stash” their money it is quite common for them to be dishonest, and it may take several conversations with a treatment professional before the truth is revealed.

A. True

B. False

Creating a Realistic Spending Plan

3. When creating a spending plan with a problem gambler, the first priority must be the elimination of debt.

A. True

B. False

Budgeting Monies For Gambling Treatment

4. Each of the following is a correct statement about gambling treatment costs EXCEPT:

A. Most medical insurance polices and managed care providers don't pay for gambling addiction treatment

B. Some health plan carriers will pay for treatment if the patient suffers from an additional, and often related disorder such as alcoholism, drug addiction or depression

C. Since the gambler may need to pay for treatment out of pocket, this must be factored into the spending plan

D. Problem gambling experts commonly recommend that therapists reduce their fees as this may be the only way for the problem gambler to get help

Limiting The Gambler's Access To Money

5. Although many experts agree that the problem gambler's access and handling of the household's finances and assets be restricted, it is never advised to cut off the gamblers financial responsibilities entirely as this may be counterproductive to the therapeutic process.

A. True

B. False

Legal Transfer Of Assets

6. Which of the following is NOT one of the suggestions given to problem gamblers about legally transferring their assets?  

A. Close all joint checking, saving, and investment accounts and reopen them in the sole name of the non gambler spouse, partner, or relative

B. All paychecks, pensions payments, and other income should be automatically deposited in these accounts whenever possible

C. Ownership of a home, cars, vacation property and other valuable personal property should always be transferred if possible so that the gambler can't convert these assets to cash

D. If both spouses or partners are gamblers, they should consider turning control of their assets over to a relative, such as an adult child

Repaying Gambling Debts

7. The problem gambler is likely to have accumulated gambling and other debts, which would commonly be considered “excessive” if more than _________ of monthly take-home pay goes toward non-mortgage debt, such as credit cards, car loans and gambling debts.    

A. 15 to 20 percent

B. 20 to 25 percent

C. 25 to 30 percent

D. 30 to 35 percent

Establish A Debt Repayment Plan

8. When the problem gambler is creating a repayment plan he or she should avoid loan consolidation or home refinancing because this will likely just lead to piling new debt on top of old.

A. True

B. False

Tax Issues

9. Even though gamblers can deduct losses if they itemize their tax returns and keep acceptable records of their losses, they often don't keep good records because they want to hide their gambling habit.

A. True

B. False

Declaring Bankruptcy Is A Last Resort

10. A gambler's odds of declaring bankruptcy are significantly higher than households without a gambling problem, with estimates of approximately 40% of gamblers problems filing for bankruptcy.    

A. True

B. False

Being Alert To Life Events

11. Experiencing one of the “10 most stressful events” in the average person's life may cause a recovering gambler to return to old habits, and these events include each of the following EXCEPT:        

A. Death of a spouse or a close family member

B. Marriage or marital reconciliation

C. Sexual or relationship difficulties

D. Personal injury or illness

Working With Family Members

12. Although a gambler's reckless behavior may be financially harmful to others, the counselor is ethically obligated to respect confidentiality and not disclose client information to others without the client's written consent.  

A. True

B. False

Warning Signs Of An Investment Gambling Problem

13. One warning sign of an investment gambling problem is when the gambler participates in high volume trading in which the _________ has become more compelling than the objective of the trade.

A. Activity

B. Process

C. Motion

D. Action

Pros And Cons Of The Gambler As “Investor”

14. Most gambling addictions specialists and financial advisors agree that the stock market is a breeding ground for problem gambling and those in recovery should stay away from these types of investment opportunities.

A. True

B. False

Financial Resources

15. Debt counselors may be a good resource to help the gambler construct a realistic debt repayment program and assist in designing a workable budget necessary to free up money to pay off debts.

A. True

B. False

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