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National Budget

Niamh + Katie 2.4

TermDefinition
The National Budget Document that gives a detailed breakdown of government income and expenditure for the next year
Income tax A tax paid by employees on their income
Excise duties A tax on cigarettes, alcohol and petrol
Debit servicing Amount of money allocated in the budget to paying off part of Ireland's national debt
Current income for a household Wages, child benefit, pension
Capital income for a company Sale of old machinery, Government grant
Current expenditure for the government Social welfare payments Wages to public sector workers Hospital running cost
Balanced budget Type of budget where planned total income is equal to planned total expenditure
Surplus budget Type of budget where planned total income is greater than planned total expenditure
Deficit Budget Type of budget where planned total income is less then planned total expenditure
EU Grants Money given to Ireland from the European Union that does not have to be payed back
Current Day-to-day or regular income or expenditure
Capital Long-term or once-off income or expenditure
Semi-state Company Business that is owned by the Irish state e.g. An Post, RTE
Minister for Finance Minister who prepares the National Budget
Estimates The amount of money each government minister decides they need to run their department
Department Budget Amount of money each department receives
Government borrowing requirement Amount borrowed by the Irish government each year if government expenditure is greater than government income
Compulsory tax Tax that has to be paid
Created by: business
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