Which of the following terms refers to the situation when the tax revenue of the federal government exceeds government spending?
A)budget deficit
B)budget surplus
C)national debt
D)trade deficit

Question

Quizplus · Accepted Answer

A budget surplus occurs when the government collects more in taxes than it spends. This is the opposite of a budget deficit where the government spends more than it collects in taxes. A surplus can be used to pay down the national debt or to fund other government programs.

Which of the Following Terms Refers to the Situation When