ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Revenue is greater than expenses
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Revenue is less than expenses
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Revenue is equal to expenses
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Expenses is greater than revenue
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Detailed explanation-1: -A balanced budget is a budget (i.e., a financial plan) in which revenues are equal to expenditures, such that there is no budget deficit or surplus.
Detailed explanation-2: -In financial planning or the budgeting process, a balanced budget is one in which total anticipated revenues and total anticipated expenditures are equal.
Detailed explanation-3: -A balanced budget is a situation in financial planning or the budgeting process where total expected revenues are equal to total planned spending. This term is most frequently applied to public sector (government) budgeting.
Detailed explanation-4: -Governments’ balanced budgets are those in which their expenses and revenues are equal; for example, in fiscal year (FY) 2022, the federal government spent $1.38 trillion more than it received, creating a deficit.