Business Dictionary :
Deficiency
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Deficiency : noun : lack : Money lacking
• There is a £ 10 deficiency in the petty cash.
• To make up a deficiency = to put money into an account to balance it
Deficit : noun : amount by which spending is higher than income
• The accounts show a deficit = the accounts show a loss.
• To make good a deficit = to put money into an account to balance it
Balance of Payments Deficit : situation when a country imports more than it exports
Trade Deficit : situation when a country imports more than it exports
Deficit Financing = planning by a government to borrow money to cover the shortfall between tax income and expenditure
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