For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).
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Definitions:
Marginal Tax Rates
The rate at which the next additional unit of income will be taxed, often increasing progressively with higher income levels.
Budget Deficit
The situation where a government's expenditures exceed its revenues, leading to the need for borrowing or spending cuts.
Tax Revenue
The income gained by the government through the imposition of various taxes, a crucial source for funding public expenditures.
Budget Deficits
The situation when a government's expenditures surpass its revenues within a specific time period.
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