Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter1: An Introduction To Taxation And Understanding The Federal Tax Law
Section: Chapter Questions
Problem 13DQ
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Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?

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