National Budget Flashcards
1
Q
What is a budget
A
Document with expected income and projected expenditure
2
Q
When is a financial year
A
1 April to 31 March
3
Q
What does budget consider
A
Financial economic and political considerations
4
Q
What are the types of budgets
A
MTBPS... October MTEF... 3 year rolling CONDITIONAL GRANTS... spending MUNICIPAL BUDGET... property taxes PROVINCIAL BUDGET... tax beneficiaries
5
Q
What are 3 discretion rules
A
Deficit
Borrowing
Debt
6
Q
What is the fiscal policy
A
Measures by state to influence economy by changing level of spending, tax and borrowing
7
Q
What are effects of fiscal policy
A
Income redistribution
Consumption
Price levels
8
Q
What is the laffer curve
A
Shows relationship between tax rates and tax income
Justify tax increase or decrease decisions
