Question

Suppose that your net income for the month is $1,500 and that your total expenses are $2,500. Which statement is accurate?
(1 point)
Responses

You have a surplus of $1,000.
You have a surplus of $1,000.

You have a surplus of $4,000.
You have a surplus of $4,000.

You have a deficit of $1,000.
You have a deficit of $1,000.

You have a deficit of $1,500.
You have a deficit of $1,500.

Answer 1

You have a deficit of $1,000.

(1500 − 2500 = −1000, so expenses exceed income by $1,000.)