The total amount of money that a government owes at a point in time is called:

Question

Quizplus · Accepted Answer

Public debt is the total amount of money that the government owes at a point in time. A budget deficit refers to the amount by which government spending exceeds government revenue in a fiscal year. A budget surplus, on the other hand, refers to the amount by which government revenue exceeds government spending in a fiscal year. National surplus is not a term commonly used in economics or public finance.

The Total Amount of Money That a Government Owes at a Point