FDMAT 108-19, Group #5, Units 4D (4F) Helena Tse, Kori Honeywell, Jackie Young 2:00 in the Ricks Building on October, 21, 2011 We discussed the review questions for this unit that we needed to turn in for this group report. We also talked about any problems that we had issues with. 1) Receipts: income or represent money that has been collected. Outlays: expenses, or represent money that has been spent Surplus: The money you have left over after your outlays Deficit: If net income is negative you have a deficit. After subtracting your receipts and outlays, the number comes out negative. A deficit also represents money that is borrowed (or taken from savings) during a single year. 2) A deficit is taken out of what you already own and a debt is money borrowed from lenders which may result in deficit over many years. We’re currently at a 12 trillion dollar federal debt. 3) Because the more debt you have, the more calculations you have to do to get it to zero. 4)
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