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National Budget
JC Business
| Term | Definition |
|---|---|
| Current Expenditure | Day-to-Day expenditure for the government. |
| Current income | Day-to-Day income to cover current expenditure |
| Capital expenditure | Once-off long term expenditure |
| Capital income | Once off long term income for the goverment |
| Deficit budget | Where expenditure is greater than income |
| Surplus budget | Where income is greater than expenditure |
| Balanced budget | Where income and expenditure are equal |
| Debt servicing | Paying the interest on the national debt |
| What is the national budget | A document that gives a detailed breakdown of goverment income and expenditure for the next year |
| Income tax | Paid by employes on their income. |
| What are some examples of income tax | PAYE, Universal Social Charge, Employee's PRSI |
| Social Welfare Expenditure | When the government pays job seeker's benefit, children's allowance and rent allowance |
| Who prepares the national budget? | The Minister for Finance and The Minister for Public Expenditure and Reform |
| Excise duty | A tax on CERTAIN goods to discourage consumption. eg: a tax on alcohol and cigarettes |
| Opportunity cost | When deciding how to spend the government is faced with a choice, it lacks the resources to do everything it wants. The things it choses NOT to do are its opportunity costs. |
| Corporation Tax | A tax on business profits |
| Value added tax | Placed on the sale of goods and services |
| VAT | Value Added Tax |
| An example of current expenditure: | paying wages for public servants |
| An example of capital expenditure: | building new schools and hospitals |
| An example of current income: | income tax and VAT |
| An example of capital income: | selling a state owned company/asset or receiving an EU grant |
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dkellybusiness
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