If a Family Planned to Spend $370 for Food During

question 97

Multiple Choice

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

• A)surplus.
• B)deficit.
• C)fixed living expense.
• D)budget reduction.
• E)contribution to net worth.

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Definitions:

Terms

Conditions and stipulations specified in an agreement or contract that outline the obligations, rights, and duties of the parties involved.

Offer

A proposal by one party to another regarding a potential contract, indicating a willingness to enter into an agreement under specified terms.

Mailbox Rule

A legal principle that considers a contract offer as accepted once the acceptance has been placed in the mailbox for return, even if it has not yet been received by the offeror.

Acceptance

In contract law, refers to the expression by the offeree to agree to the terms of an offer, resulting in a binding contract.