The Difference Between the Budget Deficit and the National Debt

question 36

Multiple Choice

The difference between the budget deficit and the national debt is that the deficit is

• A) financed by borrowing; the debt is financed by selling bonds.
• B) a long-term concept; the debt is a short-term concept.
• C) the difference between the size of the debt and the amount of government revenues in a given year.
• D) the estimated revenue shortfall; the debt is the actual revenue shortfall.
• E) the difference between expenditures and revenues; the debt is the total amount owed by the government.

Recognize the societal and personal implications of diagnosing and treating psychological disorders.

Understand the importance of attributional styles in cognitive psychology and their impact on mental health.

Compare and contrast different psychological disorders based on symptoms, etiologies, and treatments.

Understand the prevalence and impact of depression in North America.

---

Definitions:

Deferred Income Taxes

Represents taxes that are owed but not yet paid, due to differences in the timing of recognition of revenue and expenses for tax reporting and financial accounting purposes.

Income Taxes Payable

The sum of income tax that a company is liable to the government but remains unpaid.

Income Tax Expense

The total amount of income tax that a company expects to pay in a given fiscal period, appearing on the income statement.

Contra-Asset Account

A contra-asset account is an account used in the financial accounting to offset against an asset account on the balance sheet.