Question

The table shows receipts (income) and outlays (spending) in billions of dollars for the U.S. government in selected years. $$ \begin{array}{|c|c|c|} \hline \text { Fiscal Year } & \text { Receipts } & \text { Outlays } \\ \hline 2001 & 1991 & 1863 \\ 2006 & 2407 & 2655 \\ 2011 & 2303 & 3603 \\ 2016 & 3268 & 3853 \\ \hline \end{array} $$ During which years did the budget show a surplus? A deficit? Explain the answers.

Name: Problem 142, Chapter 0: Algebra for College Students
Uploaded: 2022-02-11T18:31:25-08:00
Duration: 2 min 33 s
Channel: Dheeraj
Description: The table shows receipts (income) and outlays (spending) in billions of dollars for the U.S. government in selected years. Fiscal Year Receipts Outlays 2001 1991 1863 2006 2407 2655 2011 2303 3603 2016 3268 3853 During which years did the budget show a surplus? A deficit? Explain the answers.

   The table shows receipts (income) and outlays (spending) in billions of dollars for the U.S. government in selected years.
$$
\begin{array}{|c|c|c|}
\hline \text { Fiscal Year } & \text { Receipts } & \text { Outlays } \\
\hline 2001 & 1991 & 1863 \\
2006 & 2407 & 2655 \\
2011 & 2303 & 3603 \\
2016 & 3268 & 3853 \\
\hline
\end{array}
$$
During which years did the budget show a surplus? A deficit? Explain the answers.

Algebra for College Students

Margaret L. Lial,… 9th Edition

Chapter 0, Problem 142

Instant Answer

Solved by Expert Dheeraj

02/11/2022

Step 1

A budget surplus occurs when income (receipts) is greater than spending (outlays). A budget deficit occurs when spending (outlays) is greater than income (receipts). Show more…

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The table shows receipts (income) and outlays (spending) in billions of dollars for the U.S. government in selected years. $$ \begin{array}{|c|c|c|} \hline \text { Fiscal Year } & \text { Receipts } & \text { Outlays } \\ \hline 2001 & 1991 & 1863 \\ 2006 & 2407 & 2655 \\ 2011 & 2303 & 3603 \\ 2016 & 3268 & 3853 \\ \hline \end{array} $$ During which years did the budget show a surplus? A deficit? Explain the answers.

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Key Concepts

Budget Surplus

A budget surplus occurs when a government's total receipts (income) exceed its total outlays (spending) for a given period. This concept is crucial because it indicates that the government is bringing in more funds than it is spending, which can be used to pay down debt, invest in public projects, or save for future needs.

Budget Deficit

A budget deficit happens when a government's total outlays exceed its total receipts during a fiscal period. Understanding deficits is important in assessing the sustainability of fiscal policies, as ongoing deficits can lead to increased borrowing and a growing national debt.

Receipts and Outlays Comparison

Comparing receipts and outlays is the fundamental method for determining whether a budget is in surplus or deficit. This comparison involves analyzing the financial data over different fiscal periods to identify trends in income and spending, which is a key skill in governmental and economic analysis.

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