Federal Budget Flashcards
1
Q
What kind of situation is Australia in terms of surplus or deficit
A
Deficit
2
Q
Define surplus
A
When expected receive a greater than expected outlays.
It is the amount used to describe any excess assets including income, profits, capital and goods
3
Q
Define deficit
A
When expected receipts are less than expected outlays.
A budget deficit is an indicator of financial health in which expenditures exceed revenue
4
Q
What is expenditure
A
A payment or disbursement. And expenditure may be for the purchase of an asset, a reduction of liability, a distribution to owners, or it could be an expense
5
Q
What is revenue
A
The total amount of money received by the company for goods sold or services provided during a certain time period
