FDMAT 108-19, Group #5, Units 4D (4F)Helena Tse, Kori Honeywell, Jackie Young2:00 in the Ricks Building on October, 21, 2011We 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 spentSurplus: The money you have left over after your outlaysDeficit: 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.
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United States public debt, social security benefits