ECONOMICS WORKSHEET 1
CLASS XIIACD
GOVERNMENT BUDGET
1. Define a government budget.
2. Give two examples of non- tax revenue.
3. Define a tax.
4. Distinguish between Revenue expenditure and capital.
5. Explain the meaning of the following:
a) Revenue deficit
b) Fiscal deficit
c) Primary deficit
6. Distinguish between Revenue expenditure and capital expenditure.
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Answer:
1) A government budget is a document prepared by the government and/or other political entity presenting its anticipated tax revenues (Inheritance tax, income tax, corporation tax, import taxes) and proposed spending/expenditure (Healthcare, Education, Defence, Roads, State Benefit) for the coming financial year.
2) Examination fees
Broadcasting fees
Fees for Communication Services
Power supply fees
Petroleum license
Dividends and profits
Interest
3) The money that you have to pay to the government so that it can provide public services
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