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34 Cards in this Set

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What is the main difference between pay and allowance?
Pay is taxable income & Allowance is nontaxable income
List the (3) types of pay the Navy uses.
1. Basic
2. Incentive
3. Special
What system is used to deposit Navy personnel paychecks?
Direct Deposit System
As an E-4, you have served more than 4 years on active-duty. How often will you receive a longevity raise?
Every 2 years
How often do you receive your clothing maintenance allowance?
once a year
What person is responsible for making sure your paycheck and LES are accurate?
You
How many days of leave do you earn per year?
30 days a year or 2.5 days of leave per month
The CO may grant how many days of special liberty ?
3 or 4 day special liberty periods
What is the safest and most convenient way ot keep track of the money ?
A checking account
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 of this action?
You have bounced a check
You are having money taken out of your pay to make loan payments. What type of allotment are you making?
Voluntary allotment
What's the first thing you should plan for when making out a budget?
A savings plan
The money charged for using borrowed money or using credit is known as---
Interest
If total charges of a loan or purchases agreement are not listed, what is the simplest way to find the total cost of credit?
Subtract the actual price of goods from total amount of the loan
How do you establish a good credit rating?
Paying loans or purchase agreement according to your contract and on time
You can secure SGLI in what increments?
$10,000
What is the maximum amount of coverage for SGLI?
$400,000
You have been separated from the service. You will be covered by SGLI for up to what maximum number of days after your separation?
120 days
When service members or their families are victim of spousal or child abuse, what Navy program was established to help them?
To help service members of their families when they are a victim of spousal or child abuse
List some of the ways that FAP can help a family
-Education programs
-Counseling
-Intervention is cases of abuse
How does stress occur?
When there's an imbalance between the demands of our lives and resources we have to deal with those demands
What the first step when dealing with stress?
Identify your stressors; that is, find out what causes the stress
List some of the ways you can combat stress
-Exercise
-Diet
-Meditation
-Laughter
-Relaxation techniques
-Involvement with outside activities
How many types of pay may you receive?
3
As a Sailor, what action must you take in order to get paid?
Open a savings or checkings account
Pay you get for certain types of duty that are usually considered hazardous.
Incentive
The pay you get that's based on your paygrade and length of service.
Basic
You are getting a selective reenlistment bonus. What type of pay are you receiving?
Special
What is an allowance?
Money used to reimburse you for expenses necessary for you to do your job
There are how many categories of authorized allotments?
5
The amount of money taken from pay for income taxes, Social Security, SGLI, and so forth.
Deductions
The money taken from gross income to pay debts to the United States.
Allotments
The money paid to a member after all deductions and allotments are paid.
Net income
Which of the following is a fixed expense?
a) Clothes
b) Rent
c) Savings
d) Food
b) Rent