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JC Business > Chapter 16 - The National Budget > Flashcards

Chapter 16 - The National Budget Flashcards

1
Q

Public utilities

A

Services provided by the state for people for the country

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2
Q

Name three services are provided by the Department of Education and Skills

A

►Schools a nd universities
►Teachers and salaries
►School equipment

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3
Q

Name three services are provided by the Department of Environment, Heritage and Local Government

A

►Roads
►Lighting
►Parks

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4
Q

Name three services are provided by the Department of Justice, Equality and Law Reform

A

►Gardaí
►Courts
►Judges

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5
Q

Name three services are provided by the Department of Defence

A

►Tanks
►Army, navy, air corps salaries
►Ships

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6
Q

Name three services are provided by the Department of Social Protection

A

►Jobseeker’s Benefit
►Disability Benefit
►Pensions

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7
Q

Name three services are provided by the Department of Health and Children

A

►Medical cards
►Doctors
►Nurses

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8
Q

Name two services are provided by the Department of Enterprise, Trade and Innovation

A

►Grants

►Assistance for business

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9
Q

Name three services are provided by the Department of Communications, Energy and Natural Resources

A

►Ports
►Harbours
►Forestry

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10
Q

Name three services are provided by the Department of Tourism, Culture and Sport

A

►Museums
►Sports grants
►Tourism

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11
Q

What service is provided by An Post?

A

Postal service

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12
Q

What service is provided by VHI?

A

Health Insurance

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13
Q

What service is provided by ESB?

A

Electricity generation and supply

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14
Q

What service is provided by IDA?

A

Grants and incentives to foreign businesses

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15
Q

What service is provided by RTÉ?

A

TV and radio

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16
Q

What service is provided by CIÉ?

A

Bus and rail transport

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17
Q

What service is provided by Bord Gáis?

A

Natural gas supply

18
Q

What service is provided by Bord na Móna?

A

Peat production

19
Q

What service is provided by FÁS?

A

Provision of training for youth and unemployed

20
Q

What service is provided by BIM?

A

Services to fishing industry

21
Q

What service is provided by Bord Bia?

A

Food and drink promotion

22
Q

What service is provided by Fáilte Ireland?

A

Promoting tourism

23
Q

National budget

A

Document that gives a detailed breakdown of government income and expenditure for the next year

24
Q

What is the procedure for preparing the national budget?

A

○Each govt. minister decides how much money they need to run their department and gives this info to the Minister for Finance
○These figures are called estimates and are all put together in a book of estimates
○The Minister for Finance looks at these estimates and decides how much to give each deprtrment
○This amount is known as department budget

25
Q

What are the governments main sources of income?

A

~Taxes
~EU grants
~Sale of semi-state bodies
~Dividends from state-sponsored bodies

26
Q

Current income

A

Day-to-day or regular income

27
Q

Capital income

A

Once -off income

28
Q

Current expenditure

A

Day-to-day or regular expenditure

29
Q

Capital expenditure

A

Once-off expenditure

30
Q

Balanced budget

A

Where planned total income is equal to planned total expenditure

31
Q

Income tax

A

Tax paid by employees on their income 21%/41%

32
Q

Corporation tax

A

Tax paid by company on their profits 12.5%

33
Q

VAT

A

Tax included in price of goods and services 23%

34
Q

DIRT

A

Tax on interest earned on your savings

35
Q

Customs duties

A

Tax on goods coming into Ireland from certain other countries

36
Q

Excise duties

A

Tax on cigarettes, alcohol and petrol

37
Q

Travel tax

A

Tax paid by people when they leave the country on business or on holiday

38
Q

Surplus budget

A

Where planned total income is greater than planned total expenditure

39
Q

Deficit budget

A

Where planned total income is less than planned total expenditure

40
Q

Debt servicing

A

Refers to the amount of money allocated in budget to paying off part of Ireland’s national debt (interest and amount borrowed)

JC Business (30 decks)

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