Find an archery shop near you and get their help fitting the bow to you (ie. draw length, peep sight, cut your arrows, etc.)

For the money, you can not go wrong using Gold Tip XT Hunters or Expedition Hunters. You really don't have to spend more money on arrows than this.

As for a target, I honestly think you get what you pay for. If you get a bag or block style target make sure it has a multiple dots to shoot at. Do not get a target where you always shoot the center. You will break fewer arrows and your target will last longer if you shoot at multiple spots.