Which of the following statements are true regarding 'debt' and 'deficit'? Select all that apply. A. Deficit is the opposite of Surplus. B. There is no difference between debt and deficit. C. A Deficit can occur without being in Debt. D. A deficit occurs when our expenses exceed our revenues. E. None of the above statements is true.

A. Deficit is the opposite of Surplus. - TRUE

Deficit occurs in a situation when our spends have surpassed our revenue. The amount of extra money spent is called the deficit. Surplus occurs when our spending has been less than the revenue we have earned. The extra money that we are left with is called surplus. Hence, these 2 are opposite to each other

B. There is no difference between debt and deficit. - FALSE

As indicated above, deficit is the amount of extra money spent. While debt is the amount of money we raise from different sources in order to fund the deficit. So in case there is a deficit, then we need to raise money through debts. Hence, debt and deficit even though are related to each other but are different from each other.

C. A Deficit can occur without being in Debt. - TRUE

Yes a deficit leads to debt, not the other way around.

D. A deficit occurs when our expenses exceed our revenues. - TRUE

As indicated above, when our spending goes beyond our funds, in the case of organizations / government it is the revenue.

E. None of the above statements is true. - FALSE

Since we have seen that some of the above statements are true