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Basic Military Requirements (BMR) - Requirement for military advancement
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REVIEW 1 QUESTIONS Q1.  What’s the main difference between pay and allowance? Q2.  List the three types of pay the Navy uses. a. b. c. Q3.  What system is used to deposit Navy personnel paychecks? Q4.  You have served more than 4 years of active-duty service. How often will you receive a longevity raise? Q5.  How  often  do  you  receive  your  clothing maintenance allowance? Q6.  List the allowances that were combined to form the basic allowance for housing. a. b. 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 liberty? PERSONAL FINANCIAL MANAGEMENT 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 t o 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 money. MONEY MANAGEMENT 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. 17-6 Student Notes:







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