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financial management
Question | Answer |
---|---|
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. |