A government's budget deficit or surplus is the difference between what it spends and what it collects in taxes in a year.

A) True

B) False

When the federal government runs a budget deficit, it is possible for current taxpayers to pass the tax burden to future generations.

A) True

B) False

In the United States, corporate profits are taxed twice.

A) True

B) False

In the United States, corporate profits are taxed twice.

A) True

B) False

In the United States, IRA, 401(k), 403(b), and Keogh plans are taxed twice.

A) True

B) False