2006-11-09 13:05:01 · 5 answers · asked by bill 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Deficit=lack, less than what is needed.
Debt=what is owed.
2006-11-09 13:07:37 · answer #1 · answered by *babydoll* 6 · 0⤊ 0⤋
A debt is something you owe, for example when you take out a loan, you have a debt to the bank.
Deficit on the other hand means something is lacking, in dollars and sense that would mean an operation that fails to at least break even thereby running at a deficit. You may have savings to cover the deficit and thereby not go into debt, but the enterprise itself is running at a deficit.
2006-11-09 13:15:20 · answer #2 · answered by Magic One 6 · 0⤊ 0⤋
A deficit is a projected debt.
Usually a deficit is a term that describes a budget which spends more than it takes in. Since a budget is a guess about future income and outgo, it is not really a debt yet; but if things go as predicted in the budget, it will be a debt by the end.
2006-11-09 13:09:57 · answer #3 · answered by CAPTREE 4 · 0⤊ 0⤋
A deficit is how much you are lacking while a debt is what you owe. You may owe someone 20 bucks but only have $10. You're deficit then is $10; however, your debt is $20. Good luck!
2006-11-09 13:08:59 · answer #4 · answered by zphiv 2 · 1⤊ 0⤋
It's basically the same thing, only debt is used for individual consumers, and deficit is used for whole countries. Either way, it isn't good, and you are in the hole.
2006-11-09 13:08:11 · answer #5 · answered by cutegirl 3 · 0⤊ 0⤋