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The National Budget - Coggle Diagram
The National Budget
Examples of expenditure
Health
Housing
Education
Agriculture
Debt Servicing
Justice
Social Welfare
Examples of Revenue
Income Tax
VAT
Corporation Tax
EU Loans/Grants
Privatisation of state owned companies
Local Property Tax
Customs and excise duties
Other Key Terms:
Nationalisation
Privatisation
Expansionary Budget
Contractionary Budget
Inflation
Economic Growth
Types of Budgets
Surplus: Revenue > Expenditure
Deficit: Revenue < Expenditure
Dealing with a deficit
3 Options:
Borrow
Reduce Expenditure
Increase Revenue
Balanced: Revenue = Expenditure
The government's financial plan for the upcoming year
Revenue: Money In (Income)
Capital: Once Off Income
Current: Day to day Income
Expenditure: Money Out (Spending)
Current: Day to day Spending
Capital: Once Off spending