A budget is considered to be balanced when:

Total receipts = Total expenditures

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Total receipts > Total expenditures

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Total receipts < Total expenditures

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None of the above

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Solution

The correct option is A
Total receipts = Total expenditures

A budget is considered to be balanced when total receipts is equal to total expenditures.

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The difference between total expenditure and total receipts is ______.

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