1. Deficit Budget: Deficit budget is one where the estimated government expenditure is more than expected revenue.
Government's estimated Revenue < Government's proposed Expenditure.
2. Balanced Budget : - Balanced budget is a situation, in which estimated revenue of the government during the year is equal to its anticipated expenditure.
Government's estimated Revenue = Government's proposed Expenditure.
For individuals and families, it is always advisable to have a balanced budget.
