Budget Flashcards
1
Q
Define EXPENDITURE?
A
the money spent by the government in any given financial year. The government spends money on essential services required by the country.
2
Q
Define REVENUE?
A
the money earned by the government in a given financial year. The majority of government earnings comes from taxes.
3
Q
Most EXPENDITURE AND REVENUE?
A
the most revenue comes from individual income tax and the areas of most expenditure is social security and welfare.
4
Q
Financial year?
A
This is from 1st July to 30th June.
