ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -When the revenue is more than the expenditure it is called as surplus budget whereas when the expenditure is more than the revenue it is called as deficit budget.

Detailed explanation-2: -A budget surplus is when income or revenue exceeds expenditures. Governments and companies with surpluses have additional money that can be reinvested or used to pay off debts. The opposite of a surplus is a deficit, which occurs when spending exceeds revenues.

Detailed explanation-3: -When the government incurs more public expenditure for governmental projects then its expenditure exceeds its revenue, and this is called deficit budget.