Ten most important concepts
by Samuel Trogdon
Credit Unions are not for profit ruled by the people.
Depository Institution are for profit and offers interest on savings accounts.
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.
Budget- Records both planned and actual income and expenses over a period of time. So you do not spend more than you make.