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Niamh + Katie 2.4

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Term
Definition
The National Budget   Document that gives a detailed breakdown of government income and expenditure for the next year  
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Income tax   A tax paid by employees on their income  
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Excise duties   A tax on cigarettes, alcohol and petrol  
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Debit servicing   Amount of money allocated in the budget to paying off part of Ireland's national debt  
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Current income for a household   Wages, child benefit, pension  
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Capital income for a company   Sale of old machinery, Government grant  
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Current expenditure for the government   Social welfare payments Wages to public sector workers Hospital running cost  
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Balanced budget   Type of budget where planned total income is equal to planned total expenditure  
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Surplus budget   Type of budget where planned total income is greater than planned total expenditure  
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Deficit Budget   Type of budget where planned total income is less then planned total expenditure  
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EU Grants   Money given to Ireland from the European Union that does not have to be payed back  
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Current   Day-to-day or regular income or expenditure  
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Capital   Long-term or once-off income or expenditure  
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Semi-state Company   Business that is owned by the Irish state e.g. An Post, RTE  
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Minister for Finance   Minister who prepares the National Budget  
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Estimates   The amount of money each government minister decides they need to run their department  
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Department Budget   Amount of money each department receives  
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Government borrowing requirement   Amount borrowed by the Irish government each year if government expenditure is greater than government income  
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Compulsory tax   Tax that has to be paid  
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