Sweet. So I've asked around a bit and people say I need to know about the effects and what not. Can anyone give me a hand?
Also: You can get a bunch of various effects to do literally anything to your sound, but they are all added bells and whistles on top of the basic electric bass. Check out the Effects forum here and someone has reviewed just about everything if you need to get something.
Although I'd recommend sticking with just the guitar and amp for now and learn at least the basics before you worry about FX, even more importantly when budget minded. Some people spend more on their FX than you want to spend total.
(this is assuming that you mean you need to know about "effects pedals" and the like, and not basic amplifier effects like gain/level/equalizers/etc.)