Ten most important concepts

by Samuel Trogdon

Depository Institution

Credit Unions are not for profit ruled by the people.


Depository Institution are for profit and offers interest on savings accounts.

Taxes

Payroll tax- Is a tax taken out of a pay check for social security and medicare.


Tax Benefits- The benefits of using public parks or the new paved road you drive on.

The Statement of Financial Position

The Income and Expense Statement

Income- is in thing that brings in money. Example pay check from work or interest on money in savings account.


Expenses- Are things you have to pay for. Example food and entertainment.

Spending Plan

Budget- Records both planned and actual income and expenses over a period of time. So you do not spend more than you make.