What is defined as a budget surplus? (1 point)

Responses

Spending exceeds income.
Spending exceeds income.

A spending necessity.
A spending necessity.

A spending desire or luxury.
A spending desire or luxury.

Take-home pay exceeds spending.

Take-home pay exceeds spending.

A budget surplus is defined as when the spending is less than the income. This means that the amount of money you have after paying all your expenses is greater than the amount you spent.