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Question
Fill in the blank with appropriate alternatives given below
When Government revenue exceeds, government expenditure it is known as __________ budget.
Options
surplus
balanced
deficit
unbalanced
Solution
When Government revenue exceeds, government expenditure it is known as surplus budget.
Explanation:
Surplus budget refers to the excess of government revenue over the expenditure. In other words, when the government revenue is greater than its expenditure, it is called a surplus budget.
That is,
Surplus budget = Government revenue – Government expenditure
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