Federal Budget Flashcards
1
Q
What is revenue?
A
Revenue refers to money that government receives. Eg. Taxation and dividends
2
Q
What is deficit?
A
A deficit is when expenditure exceeds revenue, the budget is said to be in deficit
3
Q
What is a surplus?
A
When revenue exceeds expenditure, the budget is 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
Refers to money that is spent by the government. The money is redistributed
7
Q
Define federal budget
A
Hi
