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chap 14

national budget is a document witch gives a detailed breakdown of government income and expenditure for the next year
government borrowing requirement the amount of money that has to be borrowed each year
current budget outlines the expenditure needed to run the country on day to day bases
capital budget outlines the expenditure on capital projects
income tax paid by all workers
value added tax tax on goods and services
custom duties tax on goods entering the country
excise duties tax on cigarettes,alcohol..etc
corporation tax a tax on the profits of a company
dirt tax charged on the interest earned on a deposit acount
capital expenditure a non-recurring one of expenditure on buying fixed assets
capital income received once only and is used for capital expenditure
opportunity cost the opportunity cost of providing an item is the loss of the other item that could have been provided for instead with the same money
balanced budget expenditure=income
budget surplus income is greater than expenditure
budget deficit expenditure is greater than income
public utilities services provided by the government
semi-state businesses ran by the government
dept servicing paying the interest on the national dept
national dept the total amount of money that has been borrowed by the government over the years
Created by: zaweckute