Question : The difference between a government's total revenue and total expenditure is known as:

Option 1: National income
 

Option 2: Fiscal deficit
 

Option 3: Trade deficit

Option 4: Budget surplus

Question : The difference between total government expenditures and total government revenues is known as:

Option 1: The budget deficit
 

Option 2: The budget surplus
 

Option 3: The national debt

Option 4: The trade deficit

Question : When a government borrows money to finance its expenditures, it is known as:

Option 1: Deficit financing

Option 2: Balanced budget financing
 

Option 3: Surplus financing

Option 4: None of the above

Question : A government budget deficit occurs when:

Option 1: Revenues exceed expenditures
 

Option 2: Expenditures exceed revenues
 

Option 3: The budget is balanced

Option 4: There are no revenues or expenditures

Question : What is the difference between a balanced budget and a deficit budget?

Option 1: A balanced budget spends as much as it earns, while a deficit budget spends more than it earns

Option 2: A balanced budget earns as much as it spends, while a deficit budget spends more than it earns

Option 3: A balanced budget spends more than it earns, while a deficit budget earns more than it spends

Option 4: A balanced budget earns more than it spends, while a deficit budget spends as much as it earns