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 : 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 budget deficit and a national debt?

Option 1: A budget deficit is the difference between government spending and revenue in a given year, while the national debt is the accumulation of all previous deficits

Option 2: A national debt is the difference between government spending and revenue in a given year, while a budget deficit is the accumulation of all previous deficits

Option 3: A budget deficit is a surplus in government spending, while a national debt is a deficit in government spending

Option 4: A national debt is a surplus in government spending, while a budget deficit is a deficit in government spending

Question : A government budget that includes provisions for an economic downturn is known as:

Option 1: A countercyclical budget
 

Option 2: A balanced budget
 

Option 3:  A deficit budget

Option 4: A surplus budget

Question : The total amount of money owed by a government is known as:

Option 1: The budget deficit

Option 2: The national debt

Option 3: The trade deficit

Option 4: The current account deficit