• A measure of how much expenses exceed net income, liabilities exceed assets, imports exceed exports, or losses exceed profits. For example, in government spending, a budget deficit happens when government spending exceeds tax revenue. The opposite of a deficit is a surplus.


Alternate Spellings

Related Terms and Acronyms

  • Exports Definition,
    • Products and services produced in Canada and sold in other countries.
  • Fiscal Deficit Definition,
    • When the government spends more money than it receives in revenue over the course of one year.
  • Fiscal Surplus Definition,
    • When the government receives more in revenue than it spends over the course of the year.
  • Imports Definition,
    • Goods and services produced in other countries and sold in Canada.
  • Loss Definition,
    • When expenses are larger than revenues.
  • Net Income (NI) Acronym, Very Important,
    • The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
  • Profit Definition,
    • When revenues exceed expenses.
  • Surplus Definition,
    • When an entity's income exceeds its expenses.
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