Panels overview

Layers panel:

This is possibly the most important panel in this program, especially if you're working with multi-image files or images with text (because different image elements can be placed on separate layers). In some of the more complex operations offered by Photoshop Elements, this panel is hidden unless you specifically search out its advanced mode. (It's hidden because, since that process might involve a very complex list of functions, having everything visible might be a recipe for disaster. Deleting, moving, or renaming any one of those layers might prevent the (prerecorded) action from being completed).

Effects panel:

As its name might suggest, this panel is all about choosing a special effect to apply either to a pixel-based image or to a vector-based text layer. From the drop-down menu inside this panel, you can choose to view everything (Show all) or choose one of the sub-headers, which includes Faded Photo, Glow, Monotone Colour, Painting...