Federal Budget & Trade

Question 1

What is revenue?

Answer 1

Revenue is the states annual income, rom which public expenses are met.

Question 2

What is the calendar year?

Answer 2

The calendar year is the period of 365 starting from the first of January, it’s used for reckoning time in ordinary circumstances.

Question 3

What is the financial year?

Answer 3

The financial year is a year as reckoned for taxing or accounting purposes .

Question 4

What is expenditure?

Answer 4

Expenditure is the action of spending funds

Question 5

What are the different types of revenue?

Answer 5

. Income Taxation Receipts
. Sales Taxes
. Excise and Customs duty
. Other indirect taxation
. Non-taxation receipts

Question 6

Where does most revenue come from?

Answer 6

Most revenue comes from income taxation receipts, which involve individual and company taxes.

Question 7

What amount of GST is the government expected to get?

Answer 7

$57.3 billion

Question 8

What tax changes have been made?

Answer 8

. There is a 48% increase in the superannuation fund tax
. Mineral resource rent tax is cut
. Petroleum resource rent tax decrease by 19%
. 10% decrease in the luxury car tax
. 15% increase in other indirect taxation overall
. 18% increase in other taxes

Question 9

Where does the government’s money go?

Answer 9

. General public services
. Defence
. Public order and Safety
. Education
. Health
. Social Security and Welfare
. Housing and community amenities
. Recreation and culture
. Fuel and energy
. Agriculture, forestry and fishing
. Mining, manufacturing and construction 
. Transport and communication
. Other economic affairs
. Other purposes

Question 10

What sections of expenditure and increased or decreased in this years federal budget?

Answer 10

. General Public Services Overall decreased by 12%
. Foreign Affairs and Economic Aid decreased by 14%
. Government Superannuation Benefits decrease by 34%
. Courts and Legal Services increased by 13%
. Government Schools by 10%
. School Education-specific funding- decreased by 25%
. General Administration increased by 14%
. Hospital Services decreased by 11%
. Urban and Regional Development increased by 37%
. Environment Protection increased by 22%
. Arts and Culture Heritage increased by 10%
. Sports and Recreation decreased by 15%
. Agriculture, Forestry and Fishing Overall increased by 12%
. Cattle, Pig and Sheep industry increased by 10%
. Natural Resources Development increases by 33%
. Transport and Communication Overall increases by 32%

Question 11

What is the overall message of the federal budget?

Answer 11

Focus is being attended to the war in Iraq and that due to tight assets, many pensioners will not get their pension.

Question 12

Who is responsible for preparing the 2015 Federal Budget?

Answer 12

Treasurer Joe Hockey

Question 13

Which political party does Joe Hockey belong to?

Answer 13

Joe Hockey belongs to the Liberal Party.

Question 14

What are the 2 largest areas of expenditure?

Answer 14

The two largest expenditures are:

. Social Security and Welfare ($154 billion)
. Miscellaneous purposes ($85.7 billion)

Question 15

Is the federal budget set to be in surplus or deficit?

Answer 15

The federal budget is set to be deficit.

Question 16

What does surplus mean?

Answer 16

Surplus is the amount of an asset or resource that exceeds the portion that is utilised.

Question 17

What does deficit mean?

Answer 17

Deficit is a excess of expenditures over revenue in a given time period.

Question 18

What are the two main proposed changes in the budget?

Answer 18

. $5.5 billion package to support small businesses

. $3.5 billion child care changes

Question 19

Who do we import from and export to?

Answer 19

We import from China; USA; Japan; Singapore and Germany.

We export from China; Japan; South Korea; India and Hong Kong.

Question 20

What goods and services do we import and export?

Answer 20

We export Iron ore; coal; natural gas; education related travel services; personal travel; gold; crude petroleum; beef; aluminium ore and wheat.

We import personal travel; crude petroleum; refined petroleum; passenger motor vehicles; telecom equipment; freight transport services; medicaments; computers; passenger transport services and good vehicles.

Question 21

What is trade?

Answer 21

Trade is the action of buying and selling goods and services.

Question 22

What is a Tariff?

Answer 22

A tariff is a tax or duty to be paid on a particular class of imports or exports.

Question 23

What are multinational companies and why are they growing?

Answer 23

Multinational companies are corporations that has its facilities and other assets in at least one country other than its own country. The reason why these companies are growing is because many of there resources are coming from several countries around the world.