In Buddhism, what are the five precepts? And why do they matter?

The five precepts are in important part of Buddhist religion. They are seen as guidelines to be followed by Buddhists, to ensure that they accumulate good karma and as such are able to come closer to achieving enlightenment. Englightenment is important as it ensures that Buddhists escape the endless cycle of birth, death and rebirth. The Five Precepts aren't necessarily seen as rules but more guidelines to be followed. They are as follows:

1) I undertake the rule to abstain from killing.

2) I undertake the rule to abstain from taking what is not given.

3) I undertake the rule to abstain from sexual misconduct.

4) I undertake the rule to abstain from false speech.

5) I undertake the rule to abstain from taking intoxicants that cloud the mind.