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Govt. Finances
| Question | Answer |
|---|---|
| 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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