Federal Budget Flashcards
1
Q
Define Expenditure?
A
Money that is spent by the government eg. gst is an expenditure and a revenue.
2
Q
Define Revenue?
A
Money that the government receives (taxation and dividends).
3
Q
The calendar year?
A
Jan 1 to Dec 31.
4
Q
Financial Year?
A
a year as reckoned for taxing or accounting (July 1 to June 30).
5
Q
Types of Taxes?
A
- customs duty
- non tax revenue
- individuals income
- fringe benefits
- superannuation
6
Q
Define GST?
A
goods and services tax.
