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The Budgetary Proces
| Question | Answer |
|---|---|
| Define a budget? | a plan of income and expenditure |
| Define a National Budget? | a plan of government income and expenditure for a year |
| What is current revenue? | This is Regular Income, divided into taxation revenue (e.g. VAT ) and non-taxation revenue (e.g. fees charged for services). |
| List examples of current revenue? | direct tax revenue , indirect tax revenue , State saving scheme e.g prize bonds, National Solidarity Bond |
| Give examples of tax revenue? | VAT , corporation tax , income tax , stamp duties |
| Give examples of NON-tax revenue? | Central Bank Surples Income, National Lottery surplus, Dividends of state-owned enterprises |
| What does capital revenue comprise of? | 1. Surplus from the current budget 2. Loan payments from local authorities 3. Borrowing through national Loans i.e. the bond market 4. Sale of state property |
| Define current expenditure? | is money spent on item used up during the year on day-to-day items e.g. teachers salary , social welfare payments |
| Define Government Capital Budget? | outlines the governments planned expenditure on items NOT used up during the year, but increase the productive capacity of the country. The cost of capital expenditure is funded through borrowings on the part of the governemtn e.g. new roads |
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omeliaeconomics
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