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Govt. Finances

QuestionAnswer
Define the term 'Fiscal policy'? Any actions taken by the government which influences the timing, magnitude and structure of current revenue and expenditure.
Define the term 'Government Current Budget'? Outlines the government’s expected / planned revenues and expenditures for the forthcoming year / day to day purposes
Illustrate your understanding of the term 'Current expenditure'? Is spent on items used up during the year / day to day items. e.g. Teachers Salaries; Social Welfare Payments.
Illustrate your understanding of the term 'Current revenue'? Is money collected in taxes (direct / indirect; and other income during the year. e.g.VAT; Income Tax revenues; Stamp Duties.
Illustrate your understanding of the term 'Government Capital Budget'? Outlines the government's planned expenditure on items not used up during the year but which / increase the productive capacity of the country. e.g.Building roads, Building hospitals , Sale of semi state company.
State the main sources of government revenue Current Revenue? Direct tax revenue, Indirect tax revenue, Profits of state companies, Receipts from the sale of semi-state co’s, Interest on loans to semi-states/local auth., Fees charged for services, State savings schemes: PO / prize bonds,Central bank surplus income
State the main sources of Capital Revenue? Surplus from the Current Budget, Loan Repayments: local authorities/semi-state repaying loans received from the government, Borrowings through national loans, Grants and loans from foreign international institutions/EU, Sale of state property.
Define the term 'Revenue Buoyancy'? The actual taxation revenue collected during the year is greater than that which had been planned for. e.g. Levels of income tax / stamp duties collected in the past year greater than had been planned.
State the positive economic consequences of a government policy to increase public service charges? Less pressure to ↑ taxes/ borrowing,More efficient use of services,Saving scarce resources,Targeting use of resources economically, Pressure to improve quality of service, Lower Tax base, Uses of revenue collected.
State the negative economic consequences of a government policy to increase public service charges? Increased cost of living, Increased inflation, Affects lower income groups most, Viability of Partnership Agreements, Inequity / fairness, Higher costs for business.
Define the term 'Government budget deficit'? Exists when total government expenditure exceeds total government revenue. A budget deficit is financed by increased government borrowing.
State the economic consequences of the Government Current Budget Deficit for the Irish economy? Additional taxation,Cuts in public expenditure,Reduction in the provision of state service,Troika intervention,Public sector pay, Reduction in aggregate demand / job losses,Loss of confidence / emigration, Moderation in citizens expectations.
Define the term 'Current Budget Deficit'? Current government expenditure exceeds current government revenue/ Current (Day-to-day revenue and expenditure).
State the positive economic consequences of a Government Current Budget Surplus? Reduced inflationary pressures, Managing our finances, Adhering to EU guidelines, Scope for taxation reforms, Uses of this increased govt. revenue.
Created by: deborahh
 

 



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