Federal Budget Flashcards
1
Q
Expenditure
A
The action of spending funds
2
Q
Revenue
A
A states annual income from which public expenses are met
3
Q
Calendar year
A
A year consist of 365 days, 366 on leap year
4
Q
Financial year
A
Starts on the 1st of July and ends on the 30th of June
5
Q
Different types of revenue
A
Gst and company tax
6
Q
Gst
A
64 billion dollars
7
Q
Who is responsible for the federal budget
A
Scott Morrison
8
Q
2 greatest sources of revenue
A
Individual income tax
Company and resources rent taxes
9
Q
2 largest area of expenditure
A
Social security and welfare
Other purposes
