Financial Accounting Government tax revenue is $500,000,000. It's spending is$575,000,000. Is the government running a surplus, abalanced budget, or a deficit? If it is not running a balancedbudget, how large is the imbalance?

Step 1: Define Tax RevenueIn macroeconomics, the tax revenue is considered as the income of the…

Answered: Government tax revenue is $500,000,000.…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 1LTAI

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Suppose the government has a unified net income of$70biltion, but was supposed to deposit$180bilion in the Social Security trust fund. What was the on budget surplus or defici? Explain Select the correct choice below and fil in the answer box to complete your answer A. The on budget defict was 5 bilion because the government had excess income and even more money in the trust fund, al going towards the on budget portion B. The on-budgel surphs was 5 balion because the government underspent its unified net income on Social Security. C. The on-budget deficit wassbillion because the government overspent its unified net inconte on Social Security D. The on-budget surplus was$bilion because the government had oxcess money remaining for Social Security.
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Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?