What are the 3 types of budgets?

Three types of government budgets are balanced, surplus, and deficit.

A balanced budget means the government spends as much as it earns. This is the best way to manage money, but it's hard to do when the economy is bad.

A surplus budget means the government earns more than it spends. This is good because the government can pay off its debts, save money, lower taxes, or invest in infrastructure development.

A deficit budget means the government spends more than it earns. It borrows money to cover the difference. This can help the economy grow when it's not doing well, but it can't be done forever. Use an online budget calculator for a quick calculation for budgeting.