Bangalore: In the middle of a state of economic slowdown, everybody is having an eye on the upcoming Union budget 2013-14. High expectations are set on the budget to boost up the economy from the jaws of a possible autonomous demote. While many factors in your day to day life too gets affected by the budget, there are few important terms which are a must know for all. Here is a list of few terms for many of you who are not familiar with the terms used to describe a budget.

1. Fiscal Deficit

The government collects its revenue through the revenue receipts like taxes, non-debt capital receipts and other similar ways. When the governments expenditure is more that its revenue collected, it is said that the government is having a fiscal deficit. If a government is having a big fiscal deficit, it is not considered as good news for the economy.

2. Revenue Deficit

Before any financial year and planning the budget, the government makes an estimate of how much revenue or income is likely to be collected. If the actual revenue collected is less than the estimated amount, it's a revenue deficit.

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