Resistors: 1/8 vs 1/4 watt? 1% vs. 5%?

[inverseroom]

Sorry, I searched the FAQs but couldn't find this information there--it's a hopelessly newbie question.  I got a variety pack of about 1500 resistors on eBay and most of them are 1/4, 5%.  But others are 1% tolerance, and some of them are 1/8 watts.  For stompbox purposes, are these values significant?  Are there places I won't want to use these other resistors?  Thank you!

[Mike Burgundy]

for stompbox use, 1/8W, 5% is fine.
When in doubt, you'll need to figure out how much current is going through a resistor and calculate the power it has to dissipate, but 1/8W is usually more than enough.
Standard sized resistors are 1/4W, 5% and that's what we all use.
The 1% can be used no prob, but aren't necessary. I can't think of a reason NOT to use 1% resistors, aside from cost.

[inverseroom]

Ah, so 1% is in fact a better tolerance than 5%?  Got it.  Thank you!