Business: National Budget

Question 1

A budget

Answer 1

a plan for the future. The National Budget is a summary of the country’s planned future receipts and payments.

Question 2

REVENUE FOR THE GOVERNMENT: The government has two sources of income

Answer 2

Direct and indirect taxes

Question 3

DIRECT TAXES

Answer 3

Income tax that must be paid over to the government directly by businesses and individuals.

Question 4

INDIRECT TAXES

Answer 4

Taxes included in the price of goods and services. The public are often not aware that they are paying these taxes upon purchase.
• VAT (Value added tax)
• Fuel Levies
• Customs & import duties
• Excise duties (sin tax)

Question 5

INFLUENCE OF THE NATIONAL BUDGET ON A COUNTRY

Answer 5

The Budget influences the growth and development of the country.
It influences growth and transformation of the country by the projects he allocates funds to (i.e. Covid- 19).
Funds are allocated to improving the lives of all people of the country while also maintaining present standards of living…

Question 6

INFLUENCE OF THE NATIONAL BUDGET ON INDIVIDUALS

Answer 6

Affects us directly in terms of the quality and quantity of services.
Policies affect our interest rates, wages and salaries.
Tax decisions affect the rate of inflation.