When government spending exceeds tax revenues, what is the term given to the difference?Select the correct answer below:budget deficitbudget surplusnational debtnone of the above

he deficit is what occurs in a given year when government spending is greater than tax revenues while the national debt is the accumulation of budget deficits over time.TrueFalse

If a government spends less money than it brings in through taxes in one year, that government has a _____.A.mandatory budgetB.budget surplusC.budget deficitD.discretionary budget

If the federal government spends $1.4 trillion more dollars than it collects in tax revenue, what occurs?Select the correct answer below:a profita budget surplusa balanced budgetA budget deficit.

If net tax revenues exceed government spending, which of the following would describe the government's situation?Multiple choice question.It has a positive balance which means there is a budget surplus.It has a positive balance which means there is a budget deficit.It has a negative balance which means there is a budget surplus.It has a negative balance which means there is a budget deficit.

With reference to Figures 1 and 2, explain the difference between a fiscal deficit and national debt.