Government revenue and expenditure-business-2nd year

Name 3 government departments+their services.

Department of education+health: Public schools, subsides for collegs and universitie training

Department of Justice and equality: policing, courts, laws, prisons, equality, immigration, northen Ireland, EU affairs

Department of Agriculture , Food and the Marine: Agriculture and food regulation

State sponsered body

Companies the government sets up to provide services

name 3 state-sponserd bodies+ services

An post: postal and financial servies in Irelan

Bord Bia: Promotes Irish food and drink abroad

IDA Ireland: attracts foreign investment to ireland

What does state sponsered bodies promote

more employment and generates taxes

Local Authorites

At a local level, government services are distributed through city and county councils

local authority servies

water

local parks

Why is the government involved in the economy?

1. regulate economy

2. create jobs and collect taxes

3. protect natural resources

4. support enterprise

regulate economy

if government di not put up these rules, it will lead to corrupt and unfair practices. The government passes laws for ireland economy eg employee equality act4 1998 and 2004

Job creation and tax collection

by creating employmenet the government is able to collect tax from the wages paid to public sector eg office of revenue commisioners collect tax

protection of natural resources

department of communications, climate action and enviornment is responsible for reuglating and protecting irelands natural resources

support enterprise

the governmentt encourages businesses to set up. enterprise creates jobs and supports enterprise. places loas of agencies to support enterprise in ireland like enterprise ireland.

revenue from taxation

taxation is the government practice of collecting money from individuals to pay for public servies

how does help tax help governments

it is there main source of income

other sorts of revenue

privatisation, dividends, and EU funds

privatisation

sale of state sponsered bodies

dividends

the return shareholders get from shares. eg governments share of any rpofit made by a state sponsered body

EU FUNDS

money from european union

government expenditure

social welfare, public sector wages, debt servicing, education

social welfare

job seekers benefit

debt servicing

amount of money that governmen allocaes for paying off national debt

types of government revenue and expenditure

capial, current

capital

describes one off or long term income and expenditure

current

describes everyday or reglar income and expenditure

examples of capital and current

income

current of revenue

taxation and dividends

capital of revenue

EU funds and privatisation

current of expenditure

paying nurses wages and child benefit

Capital of expenditre

luas extension and building schools

3 types of budget

surplus, deficit, balanced

surplus

total income > total expenditure

balanced

total income = expeniture

defecit

total income < total expenditure

national budget

document showing governments planned revenue and expenditure for next year

reciepts

income