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Explain the purpose and method of establishing a wealth replacement trust.
Balance Surplus
An economic situation where the income or supply exceeds the expenditure or demand, leading to a surplus.
Balance Deficit
The economic condition where total expenditures exceed total revenues in a given period, often in reference to national budgets or trade balances.
Current Account Deficit
Occurs when a country's total imports of goods, services, and transfers are greater than its total exports, indicating that it is spending more on foreign trade than it is earning.
Capital Account Deficit
Occurs when a country's total payments from its capital account transactions exceed its total receipts.
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