Day 1

Question 1

What is the Navy’s Person Financial management program Instruction?

Answer 1

Opnavisnt 1740.5

Question 2

What are the Navy CFS Responsibilities?

Answer 2

Financial Education and Training
Information and Referral
Financial Counseling
Consumer Advocacy and Reporting

Question 3

What is a SMART goal

Answer 3

Specific
Measurable
Achievable
Relevant
Time-Bound

Question 4

Three levels of the Financial planning pyramid

Answer 4

Management level
Savings Level
Investment levels

Question 5

What are the benefits of a written spending plan?

Answer 5

Live within your income 
Realize personal goals
Maintain good credit history
get more for your money
reduce financial stress
enjoy financial freedom

Question 6

What is a debt snowball?

Answer 6

List debts smallest to largest
Pay minimum on each
pay extra on smallest until paid off
Then take those payments and add it to the second lowest until paid off then continue.

Question 7

What is a debt avalanche?

Answer 7

List interest rates from highest to lowest
Pay highest first with minimums on the rest.
Pay highest off and then continue until they all are paid off