1) Your income is $32,000 per year; your expenditures are $47,000. You spend $15,000 of that $4?,000 for tuition. Is your budget in decit or surplus? Why? r" Deficit. Your expenditures exceed your income. r' Surplus. Tuition is an investment that will cause your future income to increase. Therefore, your income is greater than your expenditures. (i It depends on the accounting procedure used. 2) A counter debt is $601 billion at the end of Year 0. Using the information below {in billions of dollars), ll in the blanks for its budget balance and debt for the following years