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Government & Economy

Chapter 31

TermDefinition
Revenue Government Income.
Taxation The Government practice of collecting money from the individuals and businesses in a country to pay for public services.
Capital One-off or long -term income and expenditure.
Current Everyday or regular income and expenditure.
National Budget A plan of Government income and expenditure for the next year.
Surplus Budget If the planned total income is greater than the planned total expenditure.
Deficit Budget If the planed total expenditure is greater than the planned total income.
Balanced Budget If the planed total income is equal to the planned total expenditure.
Created by: NiallR
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