10 Money Management Concepts
By: Taylor Townsend
#1:Commercial Banks
- Checking accounts,
- Savings accounts
- Loans and mortgages
- Credit cards
- Investments
#2: Credit Union
Can be state or federally chartered. Owned by and operated to benefit its members, also a nonprofit.
Membership can be available to those who belong to:
Membership can be available to those who belong to:
- A place of employment
- Union
- Religious organization
- Community organization
#3: Taxes
Money needed by the government to support itself with specific facilities and services.
#4: Social Security
6.2% of earned income
- Retirees
- People with a disability
- Children who have lost a parent
#5: Assets
Everything a person owns with monetary value includes monetary,tangible and investment.
#6:Liabilities
A debt/obligation owed to anyone can include any loans or balance on credit card.
#7 Income and Expense Statement
A list of income and expenses that have taken place.
#8 Insurance
The risk from an individual to an insurances company
#9 Spending Plan
A plan that combines budgets, expense, and income.
#10 Net gain and Net Loss
The idea to increase income and decrease spending