Match the terms below with their definition Solution1 Budget

Match the terms below with their definition.

Solution

1.) Budget surplus: When the government receives more in taxes than it spends in a given time period.

2.)Budget deficit: When the government spends more than it collects in taxes in a given time period.

3.) Balanced budget :When government spending and taxes are equal.

4.)Government Debt : The total accumulated amount that the government has borrowed and not yet paid back over time.