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?
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?
Chapter3: Financial Statements, Tools, And Budgets
Section: Chapter Questions
Problem 1LTAI
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Financial Accounting
Transcribed Image Text: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?
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