Question

Q5. Define the term ‘surplus budget’.

Answer 1

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Budget surplus is the amount by which a government's income which primarily comes from taxes and duties exceeds its total expenditures such as defense, social security, science, energy and expenditure on infrastructure, etc.

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Answer 2

Definition of fiscal deficit/surplus. The amount by which government expenses exceed income is the fiscal deficit. If income exceeds spending, the government has a budget or fiscal surplus. A balanced budget is one in which spending equals revenue.