stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Flashcards | StudBud
Explore
/
Financial Literacy
Financial Literacy
60 terms
·
StudBud Administration
·
51 plays
Week 1
Flashcards
60 cards
F
Practice quiz
P
Host live
L
Questions
60
Answers
1
What is the minimum account balance for 3/C to receive Held Pay?
$450
$350
none
$550
2
What does SCRA stand for?
Serviceman Civil Relief Act
Servicemembers Civil Relief Act
Servicemember Civil Relief Agency
3
What is the name of the Midshipmen Disbursing Officer?
LT Christian Swensen
LT Nathaniel Lopez
LT Jeremy Hobbs
LT Mario Lopez
4
Where is your Held Pay balance found on your LES?
"Summary" Column, labeled "Cr Fwd"
"Summary" Column, labeled "Held Pay"
5
All midshipmen are given the maximum coverage of _____ as default coverage.
$425,000
$400,000
$300,000
$450,000
6
Which of the following is not a financial tool?
Checking Account
Mutual Funds
Bond
Money Checking Service
7
What are the three different credit agencies?
Experiance, Equifax, Transcom
Experian, Equifax, Transunion
Experifax, Equian, Transunion
Experiment, Equifax, Transcom
8
What is the range for a good credit score?
690-730
690-709
690-719
690-729
9
In what months is Held Pay released?
February, July, November
January, May, November
February, July, December
January, June, December
10
The LES is the
monthly pay stub
yearly earnings
monthly COMRATS
total annual deductions
11
COMRATS is NOT taxable
True
False
12
It is best to stay away from Payday loans SOME times
False
True
13
What does LES stand for?
Late Earnings Statement
Leave and Earnings Statement
Leave and Earnings Sheet
Late Earnings Sheet
14
What is the name of the (prior) Midshipmen Financial Advisor?
LT Mario Lopez
LT Jeremy Hobbs
LT Christian Swensen
LT Nathaniel Lopez
15
What does SGLI stand for?
Some Great Life Incentive
Servicemember Grade Life Insurance
Service Group Life Insurance
Servicemember Group Life Insurance
16
You are paid once per month at the beginning of the month for the ____ month
previous
coming
17
What is the minimum account balance for 1/C to receive Held Pay?
$950
$1,500
$1,200
none
18
When does ETF stand for?
Exchange Trade Fund
Exchange Tradable Funds
Exchange Traded Funds
Exchange Training Funds
19
What is the range for an excellent credit score?
720-830
720-880
720-850
720-860
20
You must log in/change your password on MyPay at least ONCE every ___ days
350
150
270
120
21
What room in Bancroft Hall is the Disbursing Office?
4002
4020
4001
4005
22
Which is NOT one of the defaults Federal and State taxes are withheld based on?
Marital Status: Single
State of legal residence: if not declared, Maryland
Credit Score: High
Number of Exemptions: 01
23
All midshipmen are required to file their taxes by ____ of each year
15 April
01 May
01 April
15 May
24
Individuals typically use money market accounts for long-term savings and emergency funds
True
False
25
What is the Midshipmen Disbursing Officer's Room Number?
C119
4006
C209
4002
26
To change SGLI coverage amounts visit the Midshipmen Personnel Office in Bancroft Hall 4002.
True
False
27
The career loan is offered at the end of your ___ year
1/C
2/C
3/C
4/C
28
What does NABSD stand for?
Naval Academy Business Services Department
Naval Academy Brigade Services Division
Naval Academy Brigade Support Department
Naval Academy Business Services Division
29
How much does the career loan range up to?
$34,000
$40,000
$36,000
$39,000
30
At what age can someone begin removing money from a traditional IRA without being taxed?
69 & 1/2
69
59
59 & 1/2
31
When was the SCRA passed by congress?
1990
1940
1960
1970
32
Which of the following is your pay NOT subject to?
Federal Insurance Contribution Act withholding (FICA)
State Income Tax Withholding (SITW)
State Insurance Contribution Act Withholding (SICA)
Federal Income Tax Withholding (FITW)
33
What is the minimum account balance for 4/C to receive Held Pay?
$950
None
$900
$450
34
SGLI is provided to all service members at a monthly rate of ____ per ____ of coverage.
6.5 cents, $1,000
5 cents, $1,500
5.5 cents, $1,000
6 cents, $1,000
35
Where are you able to view your LES?
Defense Net
Earnings Center
Pay Time
MyPay
36
The higher your credit score, the riskier you appear to lenders
True
False
37
The Navy may use your Credit Score & Report to determine the Security clearance you can obtain
False
True
38
When is the ACE loan fully repaid by?
End of 1/C year
Beginning of 2/C year
End of 2/C year
Beginning of 1/C year
39
Over the next 4 years, approximately how much will you earn in net pay?
$20,000
$12,500
$15,500
$15,000
40
How much is the ACE loan?
$9,200
$8,700
$10,500
$8,500
41
What is the daily ration rate?
$12.65
$12.95
$12.75
$12.85
42
What is the range for a fair credit score?
630-679
630-690
630-689
630-680
43
Congress established the MIDN pay at __ the base pay of an __ with fewer than __ yrs of service
35%, O-1, 2
30%, O-1, 3
35%, O-2, 1
30%, O-2, 2
44
Where do MIDN obtain their W-2?
Mids Module
Disbursing Office
LES
MyPay
45
Your LES is available ___ week(s) prior to Pay Day
3
1
4
2
46
What is the range for a bad credit score?
<650
<620
<520
<630
47
Which is not a good money habit?
Live below your means
Save for retirement now
Pay yourself first
Pay with debit card
48
Are you allowed to apply for and receive scholarships during all four years at USNA?
No
Yes
49
What is the max amount of outside funds (scholarships, etc) that you can put in your account?
$18,500
$17,700
$18,000
$17,500
50
Compound Interest is charged on the amount borrowed or lent plus the interest it has accrued
True
False
51
The career loan can range up to
$36,000
$38,000
$32,000
$30,000
52
What is the minimum account balance for 2/C to receive Held Pay?
$1,200
$1,000
none
$950
53
What is the Midshipmen Financial Advisors Room Number?
4006
C209
C119
4002
54
How do you obtain your Credit Report?
www.creditreport.com
www.mycreditreport.com
www.showmemycredit.com
www.annualcreditreport.com
55
1/C MIDN pay ranges from
$450-$750
$370-$880
$340-$830
$350-$820
56
carrying debt, specifically __of your credit card limit counts against you on your credit score
30% or more
20%
25%
10%
57
Which two charitable organizations are MIDN authorized to contribute to through their pay?
Combined Federal Campaign & Marine Corps Relief Society
Combined Federal Campaign & Navy Marine Corps Relief Society
Combined United Campaign & Naval Services Relief Society
58
you can reduce or cap interest rates on any credit card or other loans to __.
5% per month
6% per month
6% per year
5% per year
59
What does COMRATS stand for?
Common Rations
Computed Rations
Commuted Rations
60
The more you charge on your Yard card, the less Held Pay you will be entitled to.
False
True
