If the Government's Total Budget Deficit Is $24 Billion and Its

question 17

Multiple Choice

If the government's total budget deficit is $24 billion and its debt-service payments are $20 billion,then its ________ is $4 billion.

• A)cyclically adjusted deficit
• B)primary budget deficit
• C)primary budget surplus
• D)government expenditure
• E)total tax revenue

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Definitions:

Balance Sheet Columns

Columns in a balance sheet that categorize and display assets, liabilities, and equity balances at a specific point in time.

Net Income

The net income a business earns following the deduction of all costs, taxes, and expenses from its total revenue.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used as the basis for preparing financial statements.

Ledger

A comprehensive collection of accounts that records all financial transactions of a business, categorized for reporting and analysis purposes.