National Budget Flashcards Preview

Business Studies > National Budget > Flashcards

Flashcards in National Budget Deck (17):
1

Corporation tax

A tax paid by companies on their profit.

2

Value added tax

A tax included in the price of goods and services.

3

Deposit interest retention tax

A tax on the interest earned by the people on the savings

4

Custom duties

A tax on goods coming in to Ireland from certain other countries

5

Excise duties

A tax on cigarettes, alcohol and petrol

6

Travel tax

A tax paid by people when they leave the country on business or on holiday.

7

EU grant

money given to Ireland from the European Union

8

Sale of semi-state bodies

Income from the sale of state-sponsored body

9

Dividends from state-sponsored bodies

This is the government's share of the profits made by the states sponsored bodies.

10

The national budget

The national budget is a document that gives a detailed breakdown of government income and expenditure for the next year.

11

Income tax

A tax paid by employees on their income

12

State-sponsored body

A state-sponsored body is the name given in Ireland to a business that is owned by the irish state.

13

Balanced budget

When planned total income is equal to planned total expenditure

14

Surplus budget

When our planned total income is equal to our planned total expenditure

15

Budget deficit

When our planned total income is equal to our planned total expenditure.

16

Current

The day to day or regular income and expenditure

17

Capitol

The long- term or once-off income and expenditure