The Budget: taxes and spending

The annual Budget shows how tax revenue is collected and how it will be spent. Explore issues concerning the Budget. Investigate how pressures on the Budget can impact on the type and amount of taxes that are levied.

The Budget: taxes and spending
Type: Theory
Questions: 1
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 12

    The expenses of World War I were so great that the Commonwealth Government introduced three new taxes in 1917: an entertainment tax, a wartime profits tax and a bachelor tax that raised such a bitter protest that it was never put into operation.

Profit and loss statement / statement of financial performance

A periodic statement showing the revenue, expenses and net profit or loss of a business or other entity.

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