Practicing Success
When tax collection _________ the required expenditure, the budget is said to be in _________. |
Exceeds, Surplus Less than, Surplus Exceeds, deficit Equal to, Surplus |
Exceeds, Surplus |
When tax collection exceeds the required expenditure, the budget is said to be in surplus. However, the most common feature is the situation when expenditure exceeds revenue. This is when the government runs a budget deficit. |