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National Budget

JC Business Studies

TermDefinition
Budget A plan of future income and expenditure
Budget Surplus Planned income is greater than planned expenditure
Budget Deficit Planned income is less than planned expenditure
Balanced Budget Planned income is equal to planned expenditure
VAT Value Added Tax - a tax on goods and services
Current income Income received by the government on a regular basis, e.g. VAT, PAYE, PRSI
Current expenditure Day to day spending on running the country, e.g. wages of public servants, social welfare, healthcare
Created by: EvieR13