The Term Deficit Refers to

question 67

Multiple Choice

The term deficit refers to

• A) an excess of expenses over revenues for one given operating period.
• B) a Retained Earnings account with a debit balance.
• C) an excess of actual expenses over amounts budgeted for those expenses.
• D) income of a prior period that was overstated when it was first reported.

---

Definitions:

Stereotype

A generalized belief or assumption about the characteristics of a particular group or category of people.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Representative Heuristic

A mental shortcut that involves making judgments based on how similar something is to our typical idea of a particular category.

Primary Dimension

Fundamental categories or aspects that define the nature or characteristics of an entity, concept, or system.