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Chapter 35

Time For Business - 1st Year

TermDefinition
National budget is the government's financial plan for the year ahead
Government revenue refers to all the money received by the government
Current revenue money received by the government on a regular, ongoing or day-to-day basis
Capital revenue money received on an irregular or once-off basis
Government expenditure Infrastructure is the basic facilites, structures and services needed for a country to function
Budget deficit occurs when planned expenditure is greater than expected revenue
Solutions to a budget deficit Increase planned revenue, reduce planned expenditure
Balanced budget if the government expects that planned revenue will be equal to planned expenditure
Budget surplus if planned revenue is expected to be greater than planned expenditure
Created by: Sarah C. Lynch
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