Match the terms with their definition. Budget surplus when government spending and taxes are equal Budget...

  

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Match the terms with their definition. Budget surplus when government spending and taxes are equal Budget deficit Answer Bank Balanced budget when the federal government spends more than it collects in taxes in a given time period the total accumulated amount that the government has borrowed and not yet paid back over time when the government receives more in taxes than it spends in a given time period Government debt The federal estate and gift tax was originally created in 2011. O is paid on certain commodities, such as gasoline or tobacco. must be paid on even small gifts. O is paid on property left as an inheritance when the owner dies. Estate and gift taxes as a percentage of GDP are between 2% and 3%. O less than 1%. about 20%. 0%, since the tax was repealed. Match the terms with their definition. Budget surplus when government spending and taxes are equal Budget deficit Answer Bank Balanced budget when the federal government spends more than it collects in taxes in a given time period the total accumulated amount that the government has borrowed and not yet paid back over time when the government receives more in taxes than it spends in a given time period Government debt The federal estate and gift tax was originally created in 2011. O is paid on certain commodities, such as gasoline or tobacco. must be paid on even small gifts. O is paid on property left as an inheritance when the owner dies. Estate and gift taxes as a percentage of GDP are between 2% and 3%. O less than 1%. about 20%. 0%, since the tax was repealed.