REVIEW 1 QUESTIONSQ1. What’s the main difference between pay andallowance?Q2. List the three types of pay the Navy uses.a.b.c.Q3. What system is used to deposit Navy personnelpaychecks?Q4. As an E-4, you have served more than 4 yearsof active-duty service. How often will youreceive a longevity raise?Q5. How often do you receive your clothingmaintenance allowance?Q6. DELETEQ7. What person is responsible for making sure yourpaycheck and LES are accurate?Q8. How many days of leave do you earn per year?Q9. The CO may grant how many days of specialliberty?PERSONAL FINANCIALMANAGEMENTLearning Objective: When you finish this chapter, youwill be able to—Recognize the procedures for managingpersonal finances to include moneymanagement, use of credit, and indebtedness.The consumer debt of the United States is theamount Americans borrow for large purchases, such ascars, stereos, appliances, and furniture. The consumerdebt also includes revolving credit (which is a type ofloan), such as credit cards. This debt keeps spiraling up(getting larger). Repayment of consumer loans slicesmore then a quarter of every dollar a wage earner takeshome. You are probably no exception.As a young service member, your take-home paymay be less than the national average. You should learnto plan your finances so you can balance your income,savings, and spending.The following section on personal financialmanagement gives you information you can use. Payingattention to this information will help you manage yourmoney.MONEY MANAGEMENTManaging money can be hard to do. You willprobably have checking and savings accounts, haveallotments, and keep some cash to spend. There areadvantages and disadvantages to each of these.17-6Student Notes:
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