10 Money Management Concepts

By: Taylor Townsend

#1:Commercial Banks

  • Shareholders own and operated for profit. Can be chartered by state government or federal government.
  • Services:
    • 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:

    • A place of employment
    • Union
    • Religious organization
    • Community organization
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    #3: Taxes

    Money needed by the government to support itself with specific facilities and services.
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    #4: Social Security

    6.2% of earned income

    Income for:
    • 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.
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    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.
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    #8 Insurance

    The risk from an individual to an insurances company

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    #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
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