Topic 2 The National Budget Flashcards
What is the national budget
The National budget sets out how much money as government has made and how much money is has spent in a year
What position do you have to be in to handle the country’s finances
Finance Minister
Who is the Finance Minister of south africa
Mthantha nene
How many forms of tax are there name them
2
Direct tax
Indirect tax
What are the 2 main forms of direct tax
Income tax
Business tax
Give 4 examples of indirect tax
VAT (Value-Added tax) Sin tax Customs tax Import tax Municipal tax Fuel tax Transport tax
Define debt
The cost of borrowing money
Define charges
The price of goods or services
What does P.A.Y.E mean
Pay As You Earn Tax
Define interest
Money earned for lending money to others
What is an investment
Using money to make more money
What are social grants
Money that the government gives to the poor and old people
What department manages South Africa’s national government finances
National treasury
