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Business
Business(Budgeting-The national budget)
Question | Answer |
---|---|
What is the national budget? | A plan, prepared by the government,setting out the government's income and spending targets in one year |
What is planned expenditure? | It consists of current(day-to-day) expenditure,e.g wages of public service,social welfare and benefits and capital(long-term) expenditure e.g roads and hospitals |
What is planned income? | Consists of current and capital income |
What is a surplus budget? | This is where the governments planned income is greater than its planed expenditure |
What is a balanced budget? | Where the governments planned income is equal to its planned expenditure |
What is a deficit budget? | Where the governments planned income is less than its planned expenditure |