Final answer:
The plan for government financial management is known as the federal budget, which can result in a deficit, surplus, or balanced status based on revenue and spending alignment.
Step-by-step explanation:
The plan for how the government will raise and spend money is known as the federal budget. All levels of government - federal, state, and local - have budgets that outline expected revenue from taxes and other sources, and detail the allocations for spending these funds. Fiscal policy involves these allocations related to government spending, taxation, and borrowing. Major areas of federal spending include national defense, Social Security, healthcare, and interest payments. The government may experience a budget deficit if it spends more than the collected taxes, a budget surplus if it collects more than it spends, or have a balanced budget if the expenditures and tax revenues are equal.