A Budget Deficit Would Result When a Person's or Family's

question 19

Multiple Choice

A budget deficit would result when a person's or family's:

• A)actual expenses are less than planned expenses.
• B)actual expenses are greater than planned expenses.
• C)actual expenses equal planned expenses.
• D)assets exceed liabilities.
• E)net worth decreases.

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Definitions:

Co-op

A cooperative, which is an organization owned and operated by its members who share the benefits.

Cooperative Corporation

A business entity owned and operated by a group of individuals for their mutual benefit, where profits and earnings are distributed among the members.

Shares

Represents units of ownership in a company or financial asset, giving the holder a portion of the corporation's earnings and assets.

Gross Income

The total income received before any deductions or taxes are subtracted.