Federal Budget Flashcards
1
Q
What is Revenue
A
Revenue refers to money that government receives eg taxation and dividends
2
Q
What is a deficit
A
A deficit is when expenditure exceeds revenue, the budget is said to be in deficit
3
Q
What is a surplus?
A
A surplus is when revenue exceeds expenditure, the budget it said to be in surplus
4
Q
The highest amount of expenditure spent by the government
A
Social security and welfare
5
Q
The highest amount of revenue to the government
A
Individuals income tax
6
Q
What is an expenditure?
A
Expenditure refers to money that is spent by the government. The money is re distributed to the Australian state according to perceive need
