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How many types of pay may you receive?1. One2. Two3. Three4. Four
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As a Sailor, what action must you take in order to get paid?1. Open a savings account only2. Open a checking account only3. Open a savings or a checking account
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financial management

QuestionAnswer
How many types of pay may you receive?1. One2. Two3. Three4. Four Three
As a Sailor, what action must you take in order to get paid?1. Open a savings account only2. Open a checking account only3. Open a savings or a checking account Open a savings or a checking account
Pay you get for certain types of duty that are usually considered hazardous.1. Basic pay2. Incentive pay3. Special pay4. Both 2 and 3 above Incentive pay
The pay you get that’s based on your paygrade and length of service.1. Basic pay2. Incentive pay3. Special pay Basic pay
You are getting a selective reenlistment bonus.What type of pay are you receiving?1. Incentive pay2. Basic pay3. Special pay Special pay
What is an allowance? Money used to reimburse you for expenses necessary for you to do your job
You are entitled to an annual clothingmaintenance allowance after you have been on active duty for what length of time?1. 12 months2. 6 months3. 3 months4. 9 months 6 months
Which of the following offices can provide you information about the types of allowances to which you’re entitled?1. Education services office2. Disbursing3. Personnel4. Both 2 and 3 above Both 2 and 3 above
How is your housing allowance shown onthe leave and earnings statement (LES)? BAH
An allotment is money you have withheldfrom your pay and paid directly to someone else. There are how many categories of authorized allotments? 5
What office should you notify if you think that you’re being overpaid? Disbursing
By looking at your LES, you can find the amount of allowances you have earned.1. True2. False True
Leave and liberty are times you’re authorized to spend away from work and off duty. They are combined on the LES.1. True2. False False
You earn a certain number of leave days each year you serve on active duty. What is the maximum number of days of leave you can earn in a year?1. 102. 203. 304. 40 30
Regular liberty is usually granted as a 4-day period.1. True2. False false
Under certain circumstances, what is the maximum number of days special liberty a CO can grant? 4 days
Which of the following is one way youcan avoid bouncing a check? Balance your checkbook
Which of the following is/are typesof voluntary allotments?Life insurance payments2. Mortgage payments3. Payment to family members All of the above
Which of the following is/are typesof involuntary allotments?1. CFC pledges2. Purchase of U.S. savings bonds3. Garnishment of pay Garnishment of pay
Which of the following is the key tomoney management? Using a budget
The amount of money taken from pay forincome taxes, Social Security, SGLI, and so forth. Deductions
The money taken from gross incometo pay debts to the United States Allotments
The money paid to a member after alldeductions and allotments are paid. Net income
Expenses that are the same each month. Fixed
Of the following expenses, which oneis a fixed expense? Rent
You are planning a budget. What is the first thing for which you should plan?1. Clothes2. Rent3. Savings4. Food Savings
According to the U.S. Department of Labor, approximately what percentage of your income should be budgeted for housing costs?1. 15%2. 20%3. 25%4. 30% 25%
Credit is buying now and paying later at no extra cost.1. True2. False False
What method, if any, can you use to find the total amount you will pay for a loan? Subtract the price of the purchase from the total amount you will pay for the loan
Good credit is priceless for whichof the following reasons?1. Buying a house2. In emergencies3. Making big purchases In emergencies
Which of the following are principles of using credit?1. Don’t use credit for splurging2. Make as large a down payment as possible3. Use credit to purchase goods that will last for a long time4. Each of the above Each of the above
What is the maximum life insurance coverage under the Serviceman’s Group Life Insurance (SGLI) program? $200,000
What’s the main difference between pay and allowance? The main difference between pay and allowance is that pay is taxable income and allowance is nontaxable income
List the three types of pay the Navy uses. Basicb. Incentivec. Special
What system is used to deposit Navy personnel paychecks? The Navy uses the Direct Deposit System(DDS) to deposit personnel paychecks
As an E-4, you have served more than 4 years of active-duty service. How often will you receive a longevity raise? When you have served more than 4 years of active-duty service, you will receive a longevity raise every 2 years.
How often do you receive your clothingmaintenance allowance? You receive your clothing maintenanceallowance once a year
What person is responsible for making sure your paycheck and LES are accurate? You are responsible for making sure your paycheck and LES are correct.
You have paid for an item with a check; however,you don’t have enough money in your checking account to cover the check. What is the result ofthis action? you have bounced a check. You are usually charged a fee by the bank to process this check and charged afee by the company you wrote the check to.
You are having money taken out of your pay to make loan payments. What type of allotment are you making? When you have money taken out to make loan payments, you have a voluntary allotment.
The money charged for using borrowed money or using credit is known as The money you’re charged to use borrowed money is known as interest.
total charges of a loan or purchases agreement are not listed, what is a simplest way to find the total cost of cred The simplestway to find the total cost of credit is to subtract the actual price of goods from the total amount of the loan.
How do you establish a good credit rating? You establish good credit by paying loans or purchase agreements according to your contract and on time.
You can secure SGLI in what increments? SGLI is available in increments of $10,000 only.
You have separated from the service. You will be covered by SGLI for up what maximum number of days after your separation? Normally, you are covered for a maximum of 120 days after separation from the service.
OPNAVINST 1740.5A (30 JAN 2002) PERSONAL FINANCIAL MANAGEMENT EDUCATION, TRAINING, AND COUSELING PROGRAM
WHAT FINANCIAL ISSUES HAVE A DIRECT IMPACT ON READINESS AND RETENTION OF THE NAVY? )HIGH COST OF LIVING2)PREVALENCE OF EASY CREDIT3)HIGH PRESSURE SALES TACTICS4)CLEVER AVERTISING TECHNICQUES5)UNDISCIPLINED BUYING6)CONSUMER RIP-OFFS
WHO HAS RESPONSIBILITY TO ENCOURAGE FINANCIAL RESPONSIBILITY AND SOUND FINANCIAL PLANNING? COMMANDING OFFICER (C0
WHAT 3 MAJOR ELEMENTS CREATE PERSONAL FINANCIAL MANAGEMENT (PFM)? 1)FINANCIAL EDUCATION AND TRAINING2)FINANCIAL INFORMATION AND REFERRAL3)FINANCIAL COUNSELING
1)FINANCIAL EDUCATION AND TRAINING2)FINANCIAL INFORMATION AND REFERRAL3)FINANCIAL COUNSELING UNDER A TRAINED COMMAND FINANCIAL SPECIALIST (CFS)
WHAT IS THE RATIO OF COMMAND FINANCIAL SPECIALISTS (CFS)TO PERSONAL ATTACHED TO THE COMMAND? 1 CFS TO EVERY 75 ACTIVE DUTY MEMBERS INCLUDING THOSE ASSIGNED TAD, TAD UNDER INSTRUCTION, AND MEMBERS FROM OTHER SERVICES.
WHAT IS THE POLICY REGARDING PERSONAL FINANCIAL MANAGEMENT? NAVY SHALL PROMOTE OPERATIONAL READINESS, PERSONAL RESPONSIBILITY, RELIABLILITY, AND MORAL, BY PROVIDING KNOWLEDGE, SKILLS AND ACOUNSELIGN TO ITS MEMBERS REGARDING SOUND PFM.
WHEN DOES EDUCATION AND TRAINING REGARDING FINANCIAL MANAGEMENT START? RECRUIT TRAINING
WHAT IS THE PURPOSE OF INFORMATION AND REFERRALS? TO RAISE AWARENESS, AND KEEP MEMBERS ADVISED OF THE LATEST CONCERNS AND ASSISTANCE AVAILIBLE
WHO CAN COUNSEL A NAVY MEMBERS? A QUALIFIED COMMAND FINANCIAL SPECIALIST (CFS) EXPERIENCING FINANCIAL DIFFICULTIES OR SEEKING INFORMATION ON PERSONAL FINANCIAL MANAGEMENT CONCERNS.
WHO IS REQUIRED TO BE FAMILIAR WITH PERSONAL FINANCIAL MANAGEMENT (PFM) PROGRAMS POLICIES, OBJECTIVES, AND ASSISTANCE RESOURCES? ALL NAVY MEMBERS SHALL SUPPORT THEIR SHIPMATES BY SHARING THIS INFORMATION WITH THOSE WHO NEED IT.
WHAT PAYGRADE CAN BE APPOINTED COMMAND FINANCIAL SPECIALIST (CFS)? MINIMUM PAYGRADE OF E6 FOR ENLISTED AND W2/01 FOR OFFICERS
WHAT IS THE MINIMUM LENGTH OF DUTY FOR A COMMAND FINANCIAL SPECIALIST (CFS)? WHAT IS THE MINIMUM LENGTH OF DUTY FOR A COMMAND FINANCIAL SPECIALIST (CFS)?
HOW OFTEN MUST REFRESHER TRAINING BE COMPLETED FOR COMMAND FINANCIAL SPECIALISTS (CFS)? AT LEAST EVERY THREE YEARS
WHERE DO MEMBERS WITH SERIOUS FINANCIAL PROBLEMS GET REFERED TO? FLEET AND FAMILY SUPPORT CENTER, NMCRS, FEDERAL CREDIT UNIONS, NON-PROFIT CONSOLIDATED CREDIT COUNSELING SERVICES
HOW OFTEN DOES THE COMMAND FINANCIAL SPECIALIST (CFS) REPORT TO THE COMMANDING OFFICER? REPORTS QUARTERLY REGARDING EDUCATIONAL AND COUSELING CONDUCTED. ALSO REPORTS QUARTERLY TO THE CFS REPORTING WEBSITE(SEE ENCLOSURE-1, 1740.5A)
WHO IS THE PROGRAM SPONSER OF PERSONAL FINANCIAL MANAGEMENT PROGRAM POLICY? DEPUTY CHIEF OF NAVAL OPERATIONS (MANPOWER AND PERSONNEL)(DCNO (MP))(N1)
WHO SHALL IMPLEMENT AND COORDINATE THE PERSONAL FINANCIAL MANAGEMENT PROGRAM? COMMANDER, NAVY PERONNEL COMMAND THROUGH ASSISTANC COMMANDER NAVY PERSONNEL COMMAND FOR PERSONAL READINESS AND COMMUNITY SUPPROT AS PROGRAM MANAGER.
UNIT COMMANDERS, COs, AND OICs SHALL APPOINT HOW MANY COMMAND FINANCIAL SPECIALISTS (CFS) FOR THEIR COMMAND? MINIMUM OF ONE COMMAND MEMBER PER 75 ACTIVE DUTY MILIATRY PERSONNEL. (ENCLOSURE-1 PROVIDES QUALIFICATIONS CRITERIA)
WHO IS REQUIRED TO ATTEND MANDATORY PERSONAL FINANCIAL MANAGEMENT (PFM) COUNSELING? ANY MEMBER THAT IS SUBJECT OF A BAD CHECK REPORT OR LETTER OF INDEBTEDNESS.
WHAT TYPE OF DUTY CORRESPONDS TO BEING ASSIGNED A COMMAND FINANCIAL SPECIALIST (CFS)? COLLATERAL DUTY ONLY
WHAT TSERVICES DOES A COMMAND FINANCIAL SPECIALIST (CFS) PROVIDE? FINANCIAL EDUCATION, COUNSELING, TRAINING, AND INFORMATION AND REFERRALS.
HOW OFTEN DOES THE FLEET AND FAMILY SUPPORT CENTER(FFSC) /MOBILE TRAINING TEAM(MTT) PROVIDE TRAINING? MINIMUM OF OEN(1) CLASS PER QUARTER AND 25 STUDENT QUOTAS PER CLASS, USING NAVPERS 15608C, CFS INSTRUCOR GUIDE AND CFS TRAINING MANUAL
WHAT REFERENCE COVERS COMMAND FINANCIAL SPECIALIST (CFS) RESPONSIBILITIES? OPNAVINST 1740.5A
IS A DESIGNATION LETTER REQUIRED TO BE APPOINTED A COMMAND FINANCIAL SPECIALIST (CFS)? YES, REQUIRED TO INPUTTED IN MEMBERS SERVICE RECORD, ALONG WITH COPY FORWARDED TO SERVICING FLEET AND FAMILY SUPPORT VRNYRT.
Created by: sussersd
 

 



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