Steps to Preparing a National Budget

How many steps are there in preparing a National Budget?

• One

• Three

• Five

• Six

Which step involves the government analyzing the current economic situation by reviewing factors such as GDP growth, employment rates, inflation, and trade balances?

• Assessing Economic Conditions

• Estimating Revenue

• Determining Expenditures

• Budget Deficit or Surplus

Revenue sources do not include:

• Selling properties

• Taxes-value added, property tax, customs duties

• Non-tax review fess, fines and income from government owned enterprises

• Loans and grants-borrowing form industrial agencies

The government prioritizes spending based on national needs, including recurrent expenditures- salaries for public workers, maintenance, and operational costs, and capital expenditures like investments in new infrastructure, schools, hospitals, and roads is what step in planning a national budget?

• Determining Expenditures

• Estimating Revenue

• Parliamentary Approval

• Assessing Economic Conditions

What is it called if expenditure exceeds revenues?

• Estimating Revenues

• Assessing Economic Conditions

• Budget Deficit

• Budget Surplus

What is it called if revenue surpasses expenses and can be used for future investments or debt reduction?

• Estimating Revenue

• Budget Surplus

• Budget Deficit

• Determining Expenditures

Where is the budget presented?

• The Central Bank of The Bahamas

• The Bank of The Bahamas

• The Bahamian Parliament

• The Governor General

The economic downturn or reduced tourism, which impacts revenue collection, is called what?

• Rising Debt

• Revenue Shortfalls

• Economic Recession

• Economic Expansion

What is rising debt?

• Borrowing money to cover deficits leads to increased national debt.

• A period of decline in economic activity

• Where the economy experiences sustained growth, production, employment, and consumer spending

• Managing public debt and ensuring transparency in government

What requires emergency government spending?

• Payroll

• Ongoing maintenance of public infrastructure

• Established social programs

• Natural Disaster