Which of the following statements are true about deficits versus debt?
The current year deficit can be subtracted from, the current year debt to find the previous year’s deficit.
The sum of all debts equal the deficit.
The sum of all deficits equal the debt.
If in year 1 the debt is $1 million and the deficit in year 2 in $200,000, the debt in year 2 is $800,000.
If in year 4 the deficit is $2 million and in year 3 the debt is $50 million, the debt in year 4 is $52 million.