Natipnal Budget Flashcards
Money is allocated to who?
To provincial governments and then local governments
What is a budget?
A planning tool that helps predict how our income and expense will match up.
Give a definition for the word Budget.
A forecast of income and expenses, to show either a surplus or deficit.
Give a definition for the word surplus.
Money left over
Give a definition for the word deficit.
Gone into debt
When is a budget drawn up?
Depending on the time income is given.
What does unemployment lead to?
Unemployment->less income from taxes
Where is income generated!
Through taxes
What are the 2 types of taxes
Direct and indirect
What are direct taxes
Taxes generated from the income of individuals and businesses from work done.
What are indirect taxes.
Taxes generated from things like VAT on the sale of goods and is not paid directly to the South African Revenue Service.
What are expenses?
Everything the government is expected to provide for but is not paid for directly.
Give examples of expenses that the government pays for.
Public Hospitals, roads and public schools
