Final answer:
An operating budget is a statement projecting income and expenditures for a future period, and it is used to manage financial activities, anticipate a budget surplus or deficit based on revenue and spending plans. The statement that projects income and/or expenditures over a specified future period is the d. operating budget.
Step-by-step explanation:
The statement that projects income and/or expenditures over a specified future period is the d. operating budget. An operating budget details an organization's projected revenues and expenses for a specific time period, often a fiscal year, which aligns with the concepts of receipts and expenditures. It reflects the expected financial performance based on the organization's planned income-generating activities and anticipated costs.
Government budgets, including the federal budget, anticipate both receipts (revenue from taxes and other sources) and expenditures (outlays on various programs and operations). A budget deficit occurs when expenditures exceed revenue for a fiscal year, leading to the need for the government to borrow money to cover the shortfall, whereas a budget surplus indicates that revenue is higher than spending.