Share Government revenue and expenditure
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What is the national budget?
A financial plan showing expected government revenue and expenditure for one year.
What is government revenue?
The income the government receives.
Name one main source of government revenue.
Taxation
What tax is charged on goods and services?
Value-Added Tax (VAT).
What tax is paid on company profits?
Corporation tax.
What is DIRT?
Deposit Interest Retention Tax on savings interest.
What is government expenditure?
Money the government spends on public services.
Name one government service.
Healthcare / education / public transport.
What is capital expenditure?
Long-term spending like building a hospital.
What is current expenditure?
Regular day-to-day income, such as income tax and VAT.
What is a balanced budget?
When planned revenue equals planned expenditure.
What is a budget surplus?
When revenue is greater than expenditure.
What is a budget deficit?
When expenditure is greater than revenue.
Name one action the government can take during a budget surplus
Pay off national debt / reduce taxes / increase spending.
Name one action the government can take during a budget deficit.
Increase taxes / borrow money / reduce spending.
What tax is paid on income earned by employees?
Income tax (PAYE, PRSI and USC).
