REVIEW 1 QUESTIONS
Q1. Whats the main difference between pay and
Q2. List the three types of pay the Navy uses.
Q3. What system is used to deposit Navy personnel
Q4. You have served more than 4 years of active-duty
service. How often will you receive a longevity
Q5. How often do you receive your clothing
Q6. List the allowances that were combined to form
the basic allowance for housing.
Q7. What person is responsible for making sure your
paycheck and LES are accurate?
Q8. How many days of leave do you earn per year?
Q9. The CO may grant how many days of special
Learning Objective: When you finish this chapter, you
will be able to
Recognize the procedures for managing
p e r s o n a l
fi n a n c e s
i n c l u d e
m o n e y
management, use of credit, and indebtedness.
The consumer debt of the United States is the
amount Americans borrow for large purchases, such as
cars, stereos, appliances, and furniture. The consumer
debt also includes revolving credit (which is a type of
loan), such as credit cards. This debt keeps spiraling up
(getting larger). Repayment of consumer loans slices
more then a quarter of every dollar a wage earner takes
home. You are probably no exception.
As a young service member, your take-home pay
may be less than the national average. You should learn
to plan your finances so you can balance your income,
savings, and spending.
The following section on personal financial
management gives you information you can use. Paying
attention to this information will help you manage your
Managing money can be hard to do. You will
probably have checking and savings accounts, have
allotments, and keep some cash to spend. There are
advantages and disadvantages to each of these.