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National Budget

JC Business

TermDefinition
Current Expenditure Day-to-Day expenditure for the government.
Current income Day-to-Day income to cover current expenditure
Capital expenditure Once-off long term expenditure
Capital income Once off long term income for the goverment
Deficit budget Where expenditure is greater than income
Surplus budget Where income is greater than expenditure
Balanced budget Where income and expenditure are equal
Debt servicing Paying the interest on the national debt
What is the national budget A document that gives a detailed breakdown of goverment income and expenditure for the next year
Income tax Paid by employes on their income.
What are some examples of income tax PAYE, Universal Social Charge, Employee's PRSI
Social Welfare Expenditure When the government pays job seeker's benefit, children's allowance and rent allowance
Who prepares the national budget? The Minister for Finance and The Minister for Public Expenditure and Reform
Excise duty A tax on CERTAIN goods to discourage consumption. eg: a tax on alcohol and cigarettes
Opportunity cost When deciding how to spend the government is faced with a choice, it lacks the resources to do everything it wants. The things it choses NOT to do are its opportunity costs.
Corporation Tax A tax on business profits
Value added tax Placed on the sale of goods and services
VAT Value Added Tax
An example of current expenditure: paying wages for public servants
An example of capital expenditure: building new schools and hospitals
An example of current income: income tax and VAT
An example of capital income: selling a state owned company/asset or receiving an EU grant
Created by: dkellybusiness
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