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A budget â–¼ deficit surplus is the amount by which government spending exceeds revenues in a given year. A budget â–¼ deficit surplus is the amount by which government revenues exceed government expenditures in a given year.

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Answer:

The correct answer is: deficit; surplus.

Explanation:

A budget deficit refers to the situation when the government expenditures are greater than government revenue. While a budget surplus is a situation where the government revenues are greater than government expenditure.  

When government expenditures are equal to government revenues, the budget is said to be in balance.  

A budget deficit is corrected by increasing taxes and decreasing spending.  

A budget surplus can also be referred to as government saving.

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