Chapter 16 - The National Budget Flashcards
Public utilities
Services provided by the state for people for the country
Name three services are provided by the Department of Education and Skills
►Schools a nd universities
►Teachers and salaries
►School equipment
Name three services are provided by the Department of Environment, Heritage and Local Government
►Roads
►Lighting
►Parks
Name three services are provided by the Department of Justice, Equality and Law Reform
►Gardaí
►Courts
►Judges
Name three services are provided by the Department of Defence
►Tanks
►Army, navy, air corps salaries
►Ships
Name three services are provided by the Department of Social Protection
►Jobseeker’s Benefit
►Disability Benefit
►Pensions
Name three services are provided by the Department of Health and Children
►Medical cards
►Doctors
►Nurses
Name two services are provided by the Department of Enterprise, Trade and Innovation
►Grants
►Assistance for business
Name three services are provided by the Department of Communications, Energy and Natural Resources
►Ports
►Harbours
►Forestry
Name three services are provided by the Department of Tourism, Culture and Sport
►Museums
►Sports grants
►Tourism
What service is provided by An Post?
Postal service
What service is provided by VHI?
Health Insurance
What service is provided by ESB?
Electricity generation and supply
What service is provided by IDA?
Grants and incentives to foreign businesses
What service is provided by RTÉ?
TV and radio
What service is provided by CIÉ?
Bus and rail transport
What service is provided by Bord Gáis?
Natural gas supply
What service is provided by Bord na Móna?
Peat production
What service is provided by FÁS?
Provision of training for youth and unemployed
What service is provided by BIM?
Services to fishing industry
What service is provided by Bord Bia?
Food and drink promotion
What service is provided by Fáilte Ireland?
Promoting tourism
National budget
Document that gives a detailed breakdown of government income and expenditure for the next year
What is the procedure for preparing the national budget?
○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
What are the governments main sources of income?
~Taxes
~EU grants
~Sale of semi-state bodies
~Dividends from state-sponsored bodies
Current income
Day-to-day or regular income
Capital income
Once -off income
Current expenditure
Day-to-day or regular expenditure
Capital expenditure
Once-off expenditure
Balanced budget
Where planned total income is equal to planned total expenditure
Income tax
Tax paid by employees on their income 21%/41%
Corporation tax
Tax paid by company on their profits 12.5%
VAT
Tax included in price of goods and services 23%
DIRT
Tax on interest earned on your savings
Customs duties
Tax on goods coming into Ireland from certain other countries
Excise duties
Tax on cigarettes, alcohol and petrol
Travel tax
Tax paid by people when they leave the country on business or on holiday
Surplus budget
Where planned total income is greater than planned total expenditure
Deficit budget
Where planned total income is less than planned total expenditure
Debt servicing
Refers to the amount of money allocated in budget to paying off part of Ireland’s national debt (interest and amount borrowed)
