1. Important Terms

2. Banking
Budget- a limit to the amount of money one is willing to dish out
Chequing Account- a type of bank account which allows holders to make
checks that are payable on demand
Credit- the ability for a customer to obtain goods based on trust that the
payment will be made in the future
Expenses- money going out
Money personality- How one handles money
Revenue- money coming in
Savings account- a bank account that accumulates intrest
Taxes-money paid to the government

3. Budget
● Budgets are important because they allow a person to
control how much they are going to spend
● They help people not spend too much money on things
like entertainment and personal items
● Can help assure someone that they will have enough
money to pay for electrical bills and rent

4. Real Costs
● Real cost- the price of an item that includes the cost
of manufacturing the item and the cost of all the
resources used
● Knowing the real cost is important so that you know
what exactly you are paying for and it can help you
determine a budget

5. Taxes
● taxes is the money that we pay to the
government
● we get taxed when we buy things at the
store and we get some taxes taken off of
our paychecks

6. Financial Plan/ Investments
A financial plan is a series of steps or
goals that insures that one has money
for the future.Financial Plans are
important for people who want to
retire.