National Budget Flashcards
What is a national budget?
A government document presenting the governments proposed revenue and spending for a financial year.
The national budget is also called …
A statement of income and expenses.
Who is the current finance minister?
Tito Mboweni
What is an auditor general and who is it?
Mr Thembeki Kimi Makwetu, is responsible for monitoring all the government departments.he is the watch dog for the government activities and to make sure that government funds aren’t embezzled.
What is direct tax and give an example?
Taxes paid directly to the government such as income tax and business tax.
What is indirect tax and give an example?
Taxes paid indirectly to the government such as sin tax and VAT
Ways the government receives its revenue?
- direct tax
- income tax
- imports and exports
- services
- foreign investments
How is revenue spent?
- Government pays back debt
- Spent on infrastructure
- Emergency fund
What are social grants?
An amount of money the government gives to poor people and old people.
How is the government affected by economic growth?
More jobs and economic growth means more tax from paying citizens.
