budgets
helps plan how to spend money
what is a budget?
identify which two accounts affected
what is step 1 in the AOL equation?
the governments budget
what is the national budget?
Money is spent on Education, Public Health Services, housing, maintenance of roads, the police and the army
How does the government spend its money?
businesses earn money from its operations
what is income ?
Amy in her monthly budget Is left with......... of R410 at the end of the month
What is a surplus?
which umbrella does the accounts fall under
what is step 2 in the AOL equation ?
personal income tax and company tax
what is direct tax ?
Money is received through VAT , personal income tax, company tax, sin tax , fuel levies , custom duties, loans , donations received by the state, fines.
how does the Government receive its income?
possessions of the business, these are owned by the business
what is an asset?
income and expenses
what does a budget made up of ?
two parts:
check if the accounts are being DR or CR ,is it increasing or decreasing
what is step 3 in the AOL equation?
tax paid on goods and services we buy
what is indirect tax?
when the country produces more goods and services
What is Economic Growth?
Money that the business owes to other people or businesses
what is a liability?
Budgets are used by people, organisations and governments
who uses budgets?
is the equation equal
what is step 4 in the AOL equation?
Enoch Godongwana
who is the minister of finance?
the value of the owner's investment or the owners financial interest in the business; drawings, capital, income and expenses.
What is owners equity?
Jasons monthly budget was - R100, this lets us know he has spent more money that he earns in a month.
What is a deficit
business spends money to run the business, we call expenses; telephone, wages etc.
What are expenses?
Bread, milk , Rice , Maize
what are goods that have no vat ?