Glossary

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  • Created by: kt6382
  • Created on: 27-02-14 10:32
BUDGET
Government financial plans for the forthcoming year is produced, presented to gov. and voted upon.
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DEFICIT
When gov. expenditure is greater than revenue
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DIRECT TAXATION
Taxes paid directly from the individual to the gov.
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DUTIES/TARIFFS
Taxes on imports
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EXPENDITURE
Spending by governments
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FINANCIAL BILL
A proposed change in gov. finance
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INCOME TAX
A direct tax on income on individuals
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INDIRECT TAXATION
An indirect tax on goods (Tobacco), not paid directly to gov.
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RETRENCHMENT
Reduction in gov. expenditure (economising policies/measures)
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REVENUE
Income of the gov.
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Other cards in this set

Card 2

Front

When gov. expenditure is greater than revenue

Back

DEFICIT

Card 3

Front

Taxes paid directly from the individual to the gov.

Back

Preview of the back of card 3

Card 4

Front

Taxes on imports

Back

Preview of the back of card 4

Card 5

Front

Spending by governments

Back

Preview of the back of card 5
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