Which term 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

Budget surplus refers to the situation when the tax revenue of the federal government exceeds government spending. A budget deficit is when government spending exceeds tax revenue. The national debt is the total amount of money that the federal government owes to its creditors. A trade deficit occurs when a country imports more goods than it exports.

Which Term Refers to the Situation When the Tax Revenue