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Business > The National Budget > Flashcards

The National Budget Flashcards

1
Q

What is the government

A

A group of people who make laws and set policies that control how a country operates

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2
Q

What is the government responsible for/what is the meaning of government

A

Responsible for keeping order and that there is enough money for infrastructure and services eg. Roads, hospitals, schools.

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3
Q

What does the government do

A

Administer the state
Make sure it runs efficiently
Citizens obey the law
Citizens get the infrastructure they need to help the economy grow

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4
Q

What are the 3 branches of national government and what are they responsible for

A

Legislative (parliament):makes laws
Judicial (law courts):enforces laws
Executive(cabinet): describes a body with the power to carry out laws

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5
Q

Who does the legislative branch consist of

A

National Assembly, council of provinces

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6
Q

Who does the executive branch consist of

A

President
Deputy president
Ministers

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7
Q

Who does the judicial branch consist of

A

Constitutional court
Supreme Court
High court
Magistrate court

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8
Q

Where does the provincial government get its money from

A

The national treasury

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9
Q

Who appoints the premier and mec

A

The legislature of each province

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10
Q

What are mec

A

Political heads of each provincial department

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11
Q

Name some departments within the provincial government

A 
Finance, 
Economic Development, 
Tourism, 
Housing, 
Education, 
Health
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12
Q

May the local/provincial government make/follow their own laws?

A

No

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13
Q

How many provincial governments are there

A

9

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14
Q

How is the job of governing provinces made easier

A

The provinces are divided into municipalities

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15
Q

Give examples of municipal service delivery

A 
municipal health services, 
decisions about use of land, 
supply of electricity and water, 
sewage and sanitation, 
storm water systems, 
refuge removal, 
municipal public transport
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16
Q

What services does the national government provide

A
  • Protection: defense, police and prisons
  • Education: basic and higher education
  • Administrative: control of economic activities, foreign affairs
  • Economic: improvement of agriculture, mining, trade
  • National budget managed by minister of Finance
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17
Q

What services does the provincial government provide

A
  • Health services and welfare
  • Conservation of nature
  • Payment of pensions and social grants
  • Providing cultural infrastructure- art galleries and performing arts.
  • Construction and maintenance of provincial roads
  • Building schools
  • Provision of educators, textbooks and stationery
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18
Q

What services does the local government provide

A
  • Providing electricity and water
  • Development of residential areas
  • Providing and maintain streets in communities
  • Sewage and garbage disposal
  • Transport facilities
  • Providing buildings for local services
  • Controlling traffic
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19
Q

What is the national budget

A

The thing that sets out how much money it has made and how much money it has spent in a year

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20
Q

Who manages South Africa’s finances

A

The national treasury

Enoch Godongwana

21
Q

What does the minister of finance do

A

Decide how to spend money raised from taxes debts and and charges

22
Q

What are taxes

A

The amounts of money people pay to the government for public goods and services

23
Q

What are charges

A

The prices of goods and services.

24
Q

What is debt

A

The cost of borrowing money

25
Q

What is the money that the government collects called

A

Revenue

26
Q

What are the 2 types of revenue

A

Direct and indirect tax

27
Q

What is direct tax

A

Taxes paid directly to the government for the goods and services the government provides.
There are TWO forms of direct tax:
• Income tax (Pay As You Earn)
• Business tax: Paid on the profits of the business.

28
Q

What is indirect tax

A

VAT (Value Added Tax): paid on goods and services we buy. (15%)
• Sin tax: paid on cigarettes and alcohol to discourage people from
buying them
• Customs duty: payable on imports
• Import tax: paid on goods we buy from another country
• Municipal tax: paid directly to municipalities for refuse, removal,
sewage, water etc.
• Fuel tax: paid on diesel, petrol etc. and built into the price.
• Transport tax: paid on train and air tickets, toll roads etc.

29
Q

How else does the government make money

A

From properties rented out and borrowing

30
Q

Why and how would the government want to encourage economic growth

A

It gets its income from the workforce
By spending money on public transport
Job education projects requiring unskilled workers
Education

31
Q

What are social grants

A

Money given to the poor and elderly

32
Q

How is the government trying to correct past mistakes

A

By spending revenue on;

  • Social grants
  • Free education for the poor
  • Free primary healthcare for the poor
  • Free water and electricity for the poor
33
Q

What are inputs

A

things that you put into the production process to make goods and
services.

34
Q

What are outputs

A

Products and services

35
Q

What are the inputs of a production process

A

Labour
Land
Entrepreneurship
Capital

36
Q

What is human capital

A

The knowledge and skills that workers get by working for a business. It increases as the workers experience in doing their jobs increases.

37
Q

What are fair employment practices

A

Employment practices that focus on good labour relations.

38
Q

What are labour relations

A

It is the way in which employees relate to each other in the work place

39
Q

What is the remuneration for labour

A

Wages

40
Q

What is capital

A

The money the production process uses, as well as machinery and equipment

41
Q

What are the sources of capital

A

Own: saved up or inherited
Borrowed: from bank business etc, need to pay back with interest

42
Q

How do capital goods improve a business

A

Faster and better made goods and services in larger amounts for cheaper.

43
Q

What is the remuneration for capital

A

Interest

44
Q

What is the remuneration for land

A

Rent

45
Q

What is entrepreneurship

A

The entrepreneurial thinking that brings all the inputs together and organises them into a successful production process

46
Q

What is the remuneration for entrepreneurship

A

Profit

47
Q

How are consumer prices determined

A

The quantity of the good or service businesses produce-supply
The quantity of the good or service house holds are willing and able to purchase-demand

48
Q

Where do businesses purchase the factors of production

A

In the factor or resource market

49
Q

Where are each of the factors of production determined

A

Labour-labour market wages are determined here
Capital- money and financial market- interest is determined here
Land-rent is determined in property market

Business (9 decks)

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