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1 What Is a Budget Surplus? What's the Impact, and Pros & Cons?
https://www.investopedia.com/terms/b/budget-surplus.asp
A budget surplus occurs when income exceeds expenditures. The term often refers to a government's financial state, as individuals have "savings" rather than ...
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2 Which of the following occurs when all taxes and other ... - Toppr
https://www.toppr.com/ask/question/which-of-the-following-occurs-when-all-taxes-and-other-revenues-exceed-government-expenditures-for/
A budget surplus is a period when income or receipts exceed outlays or expenditures. A budget surplus often refers to the financial states of governments; ...
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3 Economics Chapter 15 Vocabulary Flashcards - Quizlet
https://quizlet.com/242029230/economics-chapter-15-vocabulary-flash-cards/
When revenues exceed expenditures, the government has a ______. balanced. When revenue equal expenditures, the government budget is____. budget deficit.
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4 12.1 Government and the Economy
https://saylordotorg.github.io/text_principles-of-macroeconomics-v2.0/s15-01-government-and-the-economy.html
occurs if government expenditures exceed revenues. The minus sign is often omitted when reporting a deficit. If the budget surplus equals zero, we say the ...
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5 The Government Budget: Meaning & Impacts | StudySmarter
https://www.studysmarter.us/explanations/macroeconomics/macroeconomic-policy/the-government-budget/
Budget surplus occurs when government revenues exceed spending. Balanced budget occurs when government spending and revenue are equal. Government Budget Deficit.
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6 I. Budget Deficits - Economics 504
https://www3.nd.edu/~cwilber/econ504/504book/outln14a.html
I. BUDGET DEFICITS · 1. A budget deficit occurs when government expenditures exceed government revenue over some relevant time span. · 2. A budget surplus occurs ...
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7 1. When the government's expenditures exceed tax revenues ...
https://homework.study.com/explanation/1-when-the-government-s-expenditures-exceed-tax-revenues-the-budget-a-has-a-deficit-and-the-national-debt-is-increasing-b-is-balanced-and-the-national-debt-is-increasing-c-has-a-surplus-and-th.html
Budget deficit refers to a situation when the government expenditure exceeds the government revenue collection, and they have to resort to debt to fulfill ...
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8 Government and Fiscal Policy: The Government Budget Balance
https://learn.saylor.org/mod/book/view.php?id=31989&chapterid=10099
A budget surplus occurs if government revenues exceed expenditures. A budget deficit occurs if government expenditures exceed revenues.
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9 12.1 Government and the Economy - Publishing Services
https://open.lib.umn.edu/macroeconomics/chapter/12-1-government-and-the-economy/
A budget surplus occurs if government revenues exceed expenditures. A budget deficit occurs if government expenditures exceed revenues.
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10 Federal Spending | U.S. Treasury Fiscal Data
https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/
The amount by which spending exceeds revenue, $88 billion in 2023, is referred to as deficit spending. ... A budget deficit occurs when the money spent exceeds ...
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11 Budget Surplus | Definition, Examples, Surplus Types, & More
https://www.patriotsoftware.com/blog/accounting/budget-surplus/
A budget surplus (aka fiscal surplus) occurs when revenue exceeds spending for a set period. For governments, this means that the government ...
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12 Balanced Budget, Deficit, and Surplus - Explained
https://thebusinessprofessor.com/economic-analysis-monetary-policy/budget-deficit-definition
A budget deficit is an accounting situation that happens when expenses exceed income. Individuals, corporate organizations and even the ...
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13 Policy Basics: Deficits, Debt, and Interest
https://www.cbpp.org/research/federal-budget/deficits-debt-and-interest
For any given year, the federal budget deficit is the amount of money the federal government spends (also known as outlays) minus the amount of ...
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14 Budget Surplus: Effects & Benefits - Analytics Steps
https://www.analyticssteps.com/blogs/budget-surplus-effects-benefits
A budget deficit occurs when expenditures surpass revenue. When there is a deficit, money is borrowed and interest is paid, much like when a ...
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15 Balanced budget definition - AccountingTools
https://www.accountingtools.com/articles/balanced-budget.html
A balanced budget occurs when planned revenues match or exceed the amount of planned expenses. The term is usually applied to government ...
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16 Definition of Balanced Budget | Higher Rock Education
https://www.higherrockeducation.org/glossary-of-terms/balanced-budget
Governments have a balanced budget when tax revenues equal government spending. (Note that sometimes a budget where revenues exceed expenses is referred to ...
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17 Understanding the US Federal Deficit - Up To Us
https://www.itsuptous.org/US-Deficit-Explained
The US government's fiscal year begins on October 1 and ends on September 30. When government expenditures exceed government revenues within a fiscal year, it ...
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18 Deficit spending - Wikipedia
https://en.wikipedia.org/wiki/Deficit_spending
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, ...
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19 A Citizen's Guide to the Federal Budget - GovInfo
https://www.govinfo.gov/content/pkg/BUDGET-2001-CITIZENSGUIDE/pdf/BUDGET-2001-CITIZENSGUIDE.pdf
Federal Government supplements State and local revenues by making grants ... Put simply, a surplus occurs when revenues exceed spending in any year—.
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20 Budget Surplus: Why It Occurs and Its Effects - Penpoin
https://penpoin.com/budget-surplus/
Under a budget surplus, government revenues exceed spending. It usually happens when the economy is prospering where the economy is ...
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21 When revenues exceed expenditures, governments enjoy a ...
https://slideplayer.com/slide/16147513/
1 When revenues exceed expenditures, governments enjoy a budget surplus. ... 3 Impact of the National Debt (cont.) ... 4 Concern over deficit spending led to ...
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22 Where Federal Revenue Comes from & How It's Spent
https://www.stlouisfed.org/open-vault/2019/november/where-federal-revenue-comes-from-how-spent
When federal spending exceeds revenue, the difference is a deficit. This blog post overviews the top U.S. revenue sources and spending ...
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23 30.1 Government Spending – Principles of Economics
https://pressbooks-dev.oer.hawaii.edu/principlesofeconomics/chapter/30-1-government-spending/
When the federal government spends more money than it receives in taxes in a given year, it runs a budget deficit. Conversely, when the government receives more ...
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24 State and Local Expenditures | Urban Institute
https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/state-and-local-backgrounders/state-and-local-expenditures
While state governments raised more revenues than local governments in 2019, ... Most state and local government spending falls into one of seven ...
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25 Budget and Economic Data | Congressional Budget Office
https://www.cbo.gov/data/budget-economic-data
10-Year Budget Projections. Projections of spending and revenues by category and of deficits and debt held by the public.
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26 Historical Tables | OMB - The White House
https://www.whitehouse.gov/omb/budget/historical-tables/
Table 5.1—Budget Authority by Function and Subfunction: 1976–2027 ... Table 13.1—Cash Income, Outgo, and Balances of the Social Security and Medicare Trust ...
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27 General government fiscal balance | OECD iLibrary
https://www.oecd-ilibrary.org/general-government-fiscal-balance_5k3tx6gdr0tk.pdf?itemId=%2Fcontent%2Fcomponent%2Fgov_glance-2013-14-en&mimeType=pdf
A fiscal deficit occurs when, in a given year, a government spends more than it receives in revenues. ... surplus when revenues exceed expenditures.
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28 When the government expenditure exceeds the ... - Byju's
https://byjus.com/question-answer/when-the-government-expenditure-exceeds-the-government-revenue-it-leads-to-a-surplus-budget-deficit/
The correct option is B Deficit budget When the government incurs more public expenditure for governmental projects then its expenditure exceeds its revenue, ...
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29 Borrowing and the Federal Debt - National Priorities Project
https://www.nationalpriorities.org/budget-basics/federal-budget-101/borrowing-and-federal-debt/
If federal revenues and government spending are equal in a given fiscal year, then the government has a balanced budget. If revenues are greater than ...
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30 Budget Deficit - Overview, Components, Implications, and ...
https://corporatefinanceinstitute.com/resources/economics/budget-deficit/
A budget deficit occurs when government expenditures exceed revenues from taxes and other sources. It is most commonly applied to government ...
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31 State Constitutional And Statutory Requirements For Balanced ...
https://www.ncsl.org/research/fiscal-policy/state-constitutional-and-statutory-requirements-fo.aspx
(c) Proposed expenditures may not exceed estimated revenue for the succeeding ... to meet the appropriations and that no deficit occurs in any state fund.
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32 The 2023-24 Budget: California's Fiscal Outlook
https://lao.ca.gov/Publications/Report/4646
(A budget problem—also called a deficit—occurs when resources for the ... When current service level spending exceeds anticipated revenues, ...
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33 Budget terminology | Mass.gov
https://www.mass.gov/service-details/budget-terminology
Retained revenue receipts, federal grants, and trust funds are automatically fully ... A positive condition indicates that revenues exceed spending.
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34 BASIC CONCEPTS IN BUDGETING - DBM
https://www.dbm.gov.ph/wp-content/uploads/2012/03/PGB-B1.pdf
The government budget also refers to the income, expenditures and sources of ... excess of the original budget only but only when revenue collections exceed.
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35 What Is a Budget Deficit? Deficit Causes & Solutions - Mint
https://mint.intuit.com/blog/planning/budget-deficit/
A budget deficit occurs when spending exceeds income — when the total amount of money that you're spending is greater than the total amount ...
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36 Section 4--Budget Execution - International Monetary Fund
https://www.imf.org/external/pubs/ft/expend/guide4.htm
When ministries wish to undertake expenditures on a specific line item beyond the appropriations approved by the parliament (and there is either no scope to ...
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37 Lecture 14 and 15: - Budget Deficits, Surpluses, and the ...
http://qed.econ.queensu.ca/pub/students/khans/Lecture-14-15-slides.pdf
The definitions of budget surplus, budget deficit, the public debt, and the diverse budget philosophies. ... revenues exceed expenditures.
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38 What is Revenue deficit, Budget News ... - Business Standard
https://www.business-standard.com/about/what-is-revenue-deficit
There can be different forms of deficit in a Budget depending on the type of receipt and expenditure taken into account. Revenue deficit is that which ...
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39 State Budget Surpluses, Deficits, and Rainy Day Funds
https://www.sycamoreinstitutetn.org/state-budget-surpluses-rainy-day-funds-deficits/
Key Takeaways · Excess revenues occur as either mid-year budget adjustments or end-of-year surpluses. · Deficits occur when spending exceeds ...
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40 What are the three types of government budgets?
https://m.economictimes.com/budget-faqs/what-are-the-three-types-of-government-budgets/articleshow/67466774.cms
A government budget is said to be a deficit budget if the estimated government expenditure exceeds the expected government revenue in a ...
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41 Grant & Contract Deficit Procedures - UW Finance
https://finance.uw.edu/gca/award-lifecycle/closing-your-award/grant-contract-deficit-procedures
Deficit: The amount by which expenditures exceed a grant or contract award, a budget allocation, or revenue available in a specified fiscal period (grant ...
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42 Ch 15 – Fiscal Policy - Pittsford Schools
https://www.pittsfordschools.org/site/handlers/filedownload.ashx?moduleinstanceid=35040&dataid=80269&FileName=Econ_Ch15%20Fiscal%20Policy.ppt
A budget surplus occurs when revenues exceed expenditures; A budget deficit occurs when expenditures exceed revenue; A balanced budget is a budget in which ...
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43 A reduction in government spending with the same tax revenue
https://www.studocu.com/en-us/messages/question/2793411/which-of-the-following-would-necessarily-entail-a-government-budget-surplus-a-reduction
A government experiences a budget surplus if its income from tax revenue exceeds its aggregate expenditure. Hence option 4 is correct ...
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44 Federal Budget Receipts and Outlays
https://www.presidency.ucsb.edu/statistics/data/federal-budget-receipts-and-outlays
› statistics › data › fed...
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45 Understanding New York City's Budget
https://www.ibo.nyc.ny.us/iboreports/understandingthebudget.pdf
Because there is never enough money to do it all, the budget ... exceed revenues. ... of the budget includes all of the city government's revenues.
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46 Debt & Deficits: Economic and Political Issues
https://www.bu.edu/eci/files/2020/06/Debt-and-Deficits_Final-1.pdf
of debt, or how much expenditures exceed revenues on a yearly basis. ... A budget deficit occurs when government expenditures are greater than government ...
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47 Concept 35: Federal Deficits, Surpluses, and Debt
https://www.gpb.org/education/econ-express/federal-deficits-surpluses-debt
A budget surplus occurs when tax revenues are greater than federal spending for the year. This has only happened a few times in U.S. history and not since ...
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48 What is the journal entry to record a budget surplus?
https://www.universalcpareview.com/ask-joey/what-is-the-journal-entry-to-record-a-budget-surplus/
In budgetary accounting, a surplus will exist if estimated revenues exceed the amount of formally approved expenditures. A deficit will exist if estimated ...
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49 Solved A budget deficit occurs when government expenditures
https://www.chegg.com/homework-help/questions-and-answers/budget-deficit-occurs-government-expenditures-exceed-tax-revenues-occurs-tax-revenues-exce-q51535383
Question: A budget deficit occurs when government expenditures exceed tax revenues. occurs when tax revenues exceed government expenditures. occurs when ...
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50 Budget Deficits and Surpluses
http://pholleran.asp.radford.edu/505_fall06_notes_fiscal_deficits.html
A budget deficit is when the government spends more than it collects in taxes. A budget surplus is when the government collects more in taxes than it spends.
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51 Deficit Tracker | Bipartisan Policy Center
https://bipartisanpolicy.org/report/deficit-tracker/
Even as the U.S. economy expands, the federal government continues to run large and growing budget deficits that will soon exceed $1 trillion per…
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52 Fiscal Survey of States - Nasbo
https://www.nasbo.org/reports-data/fiscal-survey-of-states
This follows fiscal 2022, when states are estimating spending growth of 13.6 percent, the highest annual increase in more than 40 years. Adjusted for inflation, ...
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53 Nevada tax revenues exceed general fund budget by more ...
https://thenevadaindependent.com/article/nevada-tax-revenues-exceed-general-fund-budget-by-more-than-1-billion
Nevada tax revenues exceed general fund budget by more than $1 billion. Sean Golonka. October 14th, 2022 at 2:00 AM. EconomyState Government.
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54 when revenues exceed expenditures - asntax
https://asntax.com/fkojes/when-revenues-exceed-expenditures
A fiscal condition that occurs at the end of a fiscal year, whereby expenditures for a fiscal year exceed the actual cash intake of revenues during the same ...
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55 When expenditures are greater than revenues? - Movie Cultists
https://moviecultists.com/when-expenditures-are-greater-than-revenues
What happens if expenditures exceed revenue? When expenditures exceed income, the outcome is a budget deficit. When deficits occur, money is borrowed and ...
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56 Balanced Budget: Definition, Example and How To Create One
https://www.indeed.com/career-advice/career-development/balanced-budget
A balanced budget occurs when an organization's revenues either meet or exceed its projected expenses in a given financial cycle. This is usually based on the ...
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57 U.S. government - Budget surplus or deficit 2000-2027 - Statista
https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/
Budget surpluses occur when income exceeds expenditures. Budget deficits occur when spending exceeds income. The budget balance of the U.S. ...
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58 Types of government budget: What are the three types of ...
https://economictimes.indiatimes.com/budget-faqs/what-are-the-three-types-of-government-budgets/articleshow/67466774.cms
A government budget is said to be a surplus budget if the expected government revenues exceed the estimated government expenditure in a ...
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59 Larger Federal Deficits & Higher Interests Rates Point to the ...
https://www.gao.gov/blog/larger-federal-deficits-higher-interests-rates-point-need-urgent-action
Without substantive changes to revenue and spending policy, ... would cost more than interest payments from the originally issued debt.
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60 Budget Surpluses Push States' Financial Reserves to All-Time ...
https://www.pewtrusts.org/en/research-and-analysis/articles/2022/05/10/budget-surpluses-push-states-financial-reserves-to-all-time-highs
Higher-than-expected tax revenue—among other temporary ... Rainy day funds, also known as budget stabilization funds, grew in more than ...
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61 Understanding the Budget: Revenues
https://www.pgpf.org/finding-solutions/understanding-the-budget/revenues
The federal government collects revenues from a variety of sources ... Just eight tax expenditures amounted to $1.2 trillion in 2020 — more than half the ...
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62 State of Oregon: Blue Book - Government Finance
https://sos.oregon.gov/blue-book/Pages/facts/finance-state.aspx
2019–2021 Legislatively Adopted Budget Expenditures​ Source: Department of ... As of the June 2020 revenue forecast, the gross General Fund revenues for the ...
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63 7. Fiscal Policy - 2022 CFA Level I Exam: CFA Study Preparation
https://analystnotes.com/cfa-study-notes-fiscal-policy-roles-objectives-and-tools.html
A budget surplus occurs when revenues exceed spending. Under a budget surplus, excess revenue is applied to the total outstanding debt accumulated during ...
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64 AP Macro Unit 5.4 Deficits and National Debt | Fiveable
https://library.fiveable.me/ap-macro/unit-5/deficits-and-national-debt/study-guide/ewLjpdmm1GjHdsbmwrcv
Budget Surplus—The condition that exists when government revenues exceed government expenditures. This occurs when tax revenues are more ...
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65 Federal Budgets and National Debt | Macroeconomics
https://courses.lumenlearning.com/wm-macroeconomics/chapter/federal-budgets-and-national-debt-maybe/
Having discussed the revenue (taxes) and expense (spending) side of the budget, we now turn to the annual budget deficit or surplus, which is the difference ...
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66 Lesson summary: Deficits and debts (article) - Khan Academy
https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/ap-long-run-consequences-of-stabilization-policies/deficits-and-debts/a/lesson-summary-deficits-and-debts
› ... › Deficits and debts
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67 Federal Budget and Spending | Principles of Macroeconomics
https://www.coursehero.com/study-guides/atd-fscj-macroeconomics/federal-budget-and-spending/
The Congress passes budget acts by September and the President either signs them or vetoes them. ... If tax revenues exceed outlays, the government has a budget ...
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68 Budget Deficit: Definition, Causes, Effects - The Balance
https://www.thebalancemoney.com/budget-deficit-definition-and-how-it-affects-the-economy-3305820
​A budget deficit occurs when spending exceeds income. The term applies to governments, although individuals, companies, and other ...
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69 Chapter 15
https://www.burbankusd.org/cms/lib/CA50000426/Centricity/Domain/563/Ch.%2015%20-%20Fiscal%20Policy.pptx
Fiscal Policy is the federal government's use of taxing and spending to keep the economy stable ... A budget surplus occurs when revenues exceed spending.
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70 Expenditures and Revenues vs. Budget
https://sfgov.org/scorecards/finance/expenditures-and-revenues-vs-budget
The goal is to spend in line with, and not in excess of, budgeted amounts. This variance from budgeted amounts is projected quarterly through budget status ...
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71 Chapter 159 - Article 3 - North Carolina General Assembly
https://www.ncleg.net/enactedlegislation/statutes/html/byarticle/chapter_159/article_3.html
A budget ordinance is balanced when the sum of estimated net revenues and ... the activities supported by the expenditures that exceed estimated revenues.
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72 Meaning of Budget Surplus & Its Advantages/Disadvantages
https://khatabook.com/blog/budget-surplus/
A budget surplus happens when income exceeds expenditures, and a surplus indicates that a government is effectively managing its finances.
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73 U.S. deficit rises amid COVID-19 but public concern about it falls
https://www.pewresearch.org/fact-tank/2020/08/13/the-u-s-budget-deficit-is-rising-amid-covid-19-but-public-concern-about-it-is-falling/
In the April to July 2020 period, federal revenues were about 9.8% below the same period in 2019, while spending more than doubled, ...
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74 FISCAL STATUS REPORT - Napa County
https://www.countyofnapa.org/Archive/ViewFile/Item/301
time, that Forecast projected that, on average, expenditures would exceed revenues by approximately 2% to 4% each year during this period, and the General ...
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75 What Is a Budget Deficit? - GoCardless
https://gocardless.com/guides/posts/what-is-a-budget-deficit/
Budget deficits happen when the government's expenditures exceed revenue. Find out everything you need to know with our budget deficit definition.
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76 Big Increase in Federal Tax Revenues Drives Record Budget ...
https://www.frazierdeeter.com/insights/big-increase-in-federal-tax-revenues-drives-record-budget-surplus/
The surplus comes not only from record tax collections but also from a reduction in federal spending as pandemic programs expire.
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77 State Revenue and Spending - Texas Comptroller
https://comptroller.texas.gov/transparency/revenue/
1, 2013, state law requires Texas state agencies, including institutions of higher education, to publish the purpose of each grant exceeding $25,000 awarded ...
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78 §022d. (GAO) Deficit – Budget Counsel
https://budgetcounsel.com/%C2%A7022-government-accountability-office-gao/lexicon/deficit/
Deficit. The amount by which the government's spending exceeds its revenues for a given period, usually a fiscal year (opposite of surplus).
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79 Budget of the U.S. Government | USAGov
https://www.usa.gov/budget
The Deficit, the Debt, and the Debt Ceiling ... When the amount of money the government collects in taxes and other revenue in a given year is ...
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80 Tax revenue boom fuels steep budget deficit decline - Roll Call
https://www.rollcall.com/2022/05/09/tax-revenue-boom-fuels-steep-budget-deficit-decline/
Through the first seven months of fiscal 2022, total revenue hit $3 trillion, a whopping $843 billion or 39 percent more than during the same ...
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81 How does the federal government spend its money?
https://www.taxpolicycenter.org/briefing-book/how-does-federal-government-spend-its-money
The share of the budget going for discretionary spending has fallen from two-thirds in 1962 to about 30 percent now. More than half of FY 2019 discretionary ...
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82 History of the US Federal Budget Deficit - ThoughtCo
https://www.thoughtco.com/history-of-us-federal-budget-deficit-3321439
The opposite of a budget deficit, a budget surplus, occurs when the government's revenue exceeds current expenditures resulting in an excess ...
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83 Texas's pandemic budget shortfall disappears, as latest ...
https://www.texastribune.org/2021/05/03/texas-pandemic-budget-surplus/
The latest revenue estimate doesn't take into account all of the federal ... growth in excess of the national rate — if we haven't already.
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84 Economics of a Budget (Fiscal) Surplus - Tutor2u
https://www.tutor2u.net/economics/reference/economics-of-a-budget-fiscal-surplus
A government runs a budget surplus when total tax revenues exceeds government spending in any given year. This is also known as a fiscal ...
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85 New York's Balance of Payments in the Federal Budget
https://www.osc.state.ny.us/reports/new-yorks-balance-payments-federal-budget-federal-fiscal-year-2019
In FFY 2019, the federal government spent more than $4.4 trillion, and brought in $3.5 trillion in revenue, with a budget deficit of $984 billion. For the ...
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86 Primary Surplus Explained
https://slate.com/business/2011/11/primary-surplus-explained.html
Simply put, it means that tax revenues exceed program spending — i.e., spending if you ignore interest on outstanding debt.
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87 Mass. Taxpayers Foundation estimates 'historic' budget ...
https://www.wgbh.org/news/politics/2022/07/07/mass-taxpayers-foundation-estimates-historic-budget-surplus-of-3-6-billion
Much of last year's excess tax revenue was used to eliminate the need for these temporary revenues. The original FY 2022 budget did not rely ...
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88 Medicare Financial Status, Budget Impact, and Sustainability ...
https://www.cms.gov/research-statistics-data-and-systems/research/healthcarefinancingreview/downloads/05-06winpg127.pdf
Medicare on the Federal budget, and the ... may have little or nothing to do with wheth ... Security benefits has income exceeding.
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89 a budget deficit occurs when government expenditures ...
https://brainly.com/question/29492154
a budget deficit occurs when government expenditures exceed tax revenues. occurs when tax revenues exceed government expenditu. plus. Add answer+10 pts.
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90 Some states' coffers are flush with extra cash. Here's how they ...
https://www.cnbc.com/2021/05/17/some-states-are-flush-with-extra-cash-heres-how-theyre-spending-it.html
Despite revenue dropping precipitously at the start of the pandemic more than a year ago, most states have seen their tax inflows rise ...
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91 Government Spending - Our World in Data
https://ourworldindata.org/government-spending
Relative to low-income countries, government expenditure in high-income countries ... of PPP projects in low and middle-income countries more than doubled.
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92 What happens when revenues exceed expenditures? - Answers
https://www.answers.com/Q/What_happens_when_revenues_exceed_expenditures
What happens when revenues exceed expenditures? · Income Taxes · How many hours do you spend at work in a year · FICA tax is the same as federal income tax · What ...
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93 A Resident's Guide to the DC Budget - DC Fiscal Policy Institute
https://www.dcfpi.org/all/a-residents-guide-to-the-dc-budget-4/
A budget gap occurs when revenue is less than expenditures; a surplus occurs when revenue exceeds expenditures. A budget surplus can arise ...
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