Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the primary source of direct tax revenue for the government?
What is the primary source of direct tax revenue for the government?
- Income tax (correct)
- Customs duties
- Rent from government-owned properties
- Sales tax
Which of the following is an example of indirect tax?
Which of the following is an example of indirect tax?
- Dividends from government-owned enterprises
- Excise duties (correct)
- User fees
- Wealth tax
What is the primary purpose of capital expenditure?
What is the primary purpose of capital expenditure?
- To pay interest on debt
- To fund social welfare programs
- To pay salaries and wages
- To develop infrastructure (correct)
What type of revenue does a government receive from natural resources?
What type of revenue does a government receive from natural resources?
Signup and view all the answers
What is the primary purpose of transfer payments?
What is the primary purpose of transfer payments?
Signup and view all the answers
Which of the following is an example of non-tax revenue?
Which of the following is an example of non-tax revenue?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Sources of Public Revenue
Tax Revenue
- Direct Taxes:
- Income tax (individual and corporate)
- Property tax (real estate and personal)
- Wealth tax
- Indirect Taxes:
- Sales tax (value-added tax, VAT)
- Customs duties (import and export duties)
- Excise duties (tax on specific goods and services)
Non-Tax Revenue
- Fees and Charges:
- User fees (e.g., tolls, licenses)
- Service fees (e.g., passport, visa)
- Rent and Royalties:
- Rent from government-owned properties
- Royalties from natural resources (e.g., oil, gas, mining)
- Dividend and Interest:
- Dividends from government-owned enterprises
- Interest on government investments
- Grants and Aid:
- International aid and assistance
- Grants from other governments or organizations
Allocation of Public Revenue
- Current Expenditure:
- Salaries and wages
- Goods and services (e.g., supplies, utilities)
- Interest on debt
- Capital Expenditure:
- Infrastructure development (e.g., roads, buildings)
- Equipment and machinery
- Research and development
- Transfer Payments:
- Social welfare programs (e.g., pensions, subsidies)
- Subsidies to businesses and industries
- Grants to local governments and organizations
Sources of Public Revenue
Tax Revenue
- Direct taxes include:
- Income tax (individual and corporate)
- Property tax (real estate and personal)
- Wealth tax
- Indirect taxes include:
- Sales tax (value-added tax, VAT)
- Customs duties (import and export duties)
- Excise duties (tax on specific goods and services)
Non-Tax Revenue
- Fees and charges:
- User fees (e.g., tolls, licenses)
- Service fees (e.g., passport, visa)
- Rent and royalties:
- Rent from government-owned properties
- Royalties from natural resources (e.g., oil, gas, mining)
- Dividend and interest:
- Dividends from government-owned enterprises
- Interest on government investments
- Grants and aid:
- International aid and assistance
- Grants from other governments or organizations
Allocation of Public Revenue
Expenditure
- Current expenditure:
- Salaries and wages
- Goods and services (e.g., supplies, utilities)
- Interest on debt
- Capital expenditure:
- Infrastructure development (e.g., roads, buildings)
- Equipment and machinery
- Research and development
Transfer Payments
- Social welfare programs (e.g., pensions, subsidies)
- Subsidies to businesses and industries
- Grants to local governments and organizations
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
