Samsung Galaxy S5 — Two S5 Encryption Questions

As I was starting to encrypt my Samsung Galaxy S5 I saw that I have to create a 6 character password (which includes one number.) I want to use PIN to unlock my S5, though. From what I can tell, I need to enter in this password only when my S5 is rebooted or powered up. Is that correct?

My second question is about encrypting the SD card. If I encrypt my phone and the SD card, do I need to enter in two passwords to use the apps and data that are on the SD card? That is, will the phone require me to enter in a password for the phone, and then for the SD card, too?

Thanks!