if family planned to spend $370 for food during March but spent only $348,this difference would be referred to as a:
a)surplus
b)deficit
c)budget reduction
d)contribution to net worth
IS D RIGHT ANSWER? THANK YOU:))))
Are you sure this is psychology?
I disagree with your answer. Check your book again.
oh no this is personal finance,my fault and i think answer is A,:))))))
Right. A is the correct answer.
No, the correct answer is not D. The correct answer is B) deficit.
A deficit refers to the situation where expenses exceed the planned budget or the actual income. In this case, the family planned to spend $370 but ended up spending only $348. The difference between the planned amount and the actual amount spent ($370 - $348) is $22, which represents a deficit.
To arrive at the correct answer, you needed to understand the meaning of a deficit. By comparing the planned budget with the actual amount spent, you can determine if there is a deficit (expenses exceed the budget) or a surplus (budget exceeds expenses).