1. Important Banking Terms
Dominique Embury

2. Banking
Expenses: money leaving your pocket
Credit: the ability to buy objects with money you don’t have trusting you will pay it in the future
Money personality: How someone handles their money
Revenue: Money coming into your pocket
Savings account: bank account that builds up interest
Taxes: money no one wants to pay to the government
Budget: the limit someone has to how much they can spend
Chequing account: a bank account that lets someone spend money on demand

3. Budget
A budget is a certain amount of money someone can’t over exceed while shopping. Budgeting is
important because it can stop people from spending all of their money and keeps people out of debt.
Budgeting can help an individual by teaching them to spend money wisely by only purchasing required
goods. Also, it helps people learn how to manage their money to help them in the long run.

4. Real Cost
Real cost is a price of any sort of item that includes all the manufacturing the item as well as the cost
of all the resources that were used. Knowing real cost can help you know what exactly you are paying
for and whether it’s worth it or not. Also, it helps an individual set a budget.

5. Taxes
Taxes is money that all citizens pay to the government.
Taxes get added to all items people buy in stores and taxes are taken off all paychecks.

6. Financial plan/ Investments
A financial plan is a goal that insures that someone has money for their future. Financial plans are
extremely important for seniors who are wanting to retire.