Study

Government revenue and expenditure

  •   0%
  •  0     0     0

      Back   Restart
  • Name one action the government can take during a budget deficit.
    Increase taxes / borrow money / reduce spending.
  • What is a budget surplus?
    When revenue is greater than expenditure.
  • What is capital expenditure?
    Long-term spending like building a hospital.
  • What is a balanced budget?
    When planned revenue equals planned expenditure.
  • What is current expenditure?
    Regular day-to-day income, such as income tax and VAT.
  • What tax is paid on income earned by employees?
    Income tax (PAYE, PRSI and USC).
  • Name one action the government can take during a budget surplus
    Pay off national debt / reduce taxes / increase spending.
  • What is DIRT?
    Deposit Interest Retention Tax on savings interest.
  • Name one government service.
    Healthcare / education / public transport.
  • What is government expenditure?
    Money the government spends on public services.
  • What tax is paid on company profits?
    Corporation tax.
  • 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.
  • What tax is charged on goods and services?
    Value-Added Tax (VAT).
  • Name one main source of government revenue.
    Taxation
  • What is a budget deficit?
    When expenditure is greater than revenue.
    • Your experience on this site will be improved by allowing cookies.