Standard of living

Question 1

The south african budget

Answer 1

Finance Minister of SA: Mr Enoch Godongwana
▪ What: Plan / projections of income and spend
▪ Budget presented in February
▪ SA Financial year is from 1 April – 31 March

Question 2

Government income

Answer 2

▪ Surplus - More income than expenditure
▪ Deficit – More expenditure than income
▪ Direct: Personal income tax
▪ Indirect: VAT
▪ Direct: Corporate income tax
▪ Indirect: Customs (imports) and excise (cigarettes, gambling sugar
drinks) duties
▪ Indirect: Fuel levies

Question 3

VAT 15%
▪ Calculations
▪ No VAT

Answer 3

Paraffin
* Maize meal
* Brown bread
* Lentils
* Pilchards
* Milk and milk powder
* Rice
* Fruit, vegetables and eggs

Question 4

Government expenditure

Answer 4

Transport
▪ Social Grants
▪ Safety
▪ Education
▪ Health
▪ Housing
▪ Defense

Question 5

Influence of the Budget on SA Citizens

Answer 5

▪ How money is spent on education, healthcare and infrastructure
▪ Government investments also create jobs
▪ Taxes influence everyone
▪ Social Grants help people
▪ Stronger economy if government spends wisely

Question 6

South African Reserve Bank (SARB

Answer 6

hey are the Government’s bank
▪ Regulate coins and notes – no excessive amount – avoid inflation
▪ Main role – Protect the rand and ensure it value!