A budget surplus is defined as: A. a shortfall of revenues compared to expenditures. B. a shortfall of expenditures compared to revenue. C. accumulated deficits minus accumulated surpluses. D. accumulated surpluses minus accumulated deficits.

B. a shortfall of expenditures compared to revenue.

Explanation:

A budget surplus -

It is the duration where the receipt or the income is more than the expenditure, is referred to as a budget surplus.

The budget surplus is exactly opposite of the budget deficit, where the expenditure is more than than the income.

For an individual it is referred to as the savings, instead of budget surplus.

The term budget surplus is mainly used for the financial statement of the government.

Hence, from the given options,

The correct option for budget surplus is B.