What financial condition exists when a company's receipts exceed its disbursements?

When a company's receipts exceed its disbursements, it indicates that the company is generating more cash from its operations than it is spending on expenses and other outflows. This situation is characterized as positive cash flow. Positive cash flow is essential for a company's sustainability, as it allows the business to reinvest in operations, pay off debts, distribute dividends to shareholders, and build reserves for future growth.

In contrast, negative cash flow occurs when expenditures surpass revenues, leading to potential liquidity issues. Break-even refers to the point where total revenues and total costs are equal, resulting in neither profit nor loss. A balanced budget typically refers to a scenario where an entity's expenditures match its revenues, ensuring that over a certain period, the financial inflow and outflow are equal.

Therefore, positive cash flow reflects a healthy financial condition, making it the correct answer in this context.