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business
chap 14
| Term | Definition |
|---|---|
| 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
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