In this short tutorial, Andrew Devis demonstrates how to apply audio FX both to clips and to tracks as well as go through some of the basic settings to get you started - including Pre and Post fader options and presets.
Believe it or not, there's a lot more to applying audio FX in Premiere Pro than at first glance may seem the case. For example, you can apply audio FX both to single clips AND to a whole track - which can save you a great deal of time and effort IF you know how to do it!