The U.S. Government Budget Was

question 35

Multiple Choice

The U.S. government budget was

• A) continuously in surplus from 1959 to the late 1990s.
• B) in surplus for most of the period from 1959-1970, but was in deficit for most of the period from 1970 to the late 1990s.
• C) in deficit for most of the period from 1959-1970, but was in surplus for most of the period from 1970 to the late 1990s.
• D) continuously in deficit from 1959 to the late 1990s.

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Definitions:

Capital Lease

A lease agreement that is classified as a purchase by the lessee for accounting purposes, effectively treating the leased asset as owned property.

Executory Costs

Costs related to the unperformed obligations under a lease, typically including insurance, maintenance, and taxes.

Minimum Lease Payments

The lowest amount that a lessee is obligated to pay over the lease term for the right to use an asset.

Rental Payments

Periodic payments made by a lessee to a lessor for the use of a property, vehicle, or equipment.