Question

what is a deficit?
the annual budget shortfall between revenues and expenditures
the overall amount owed by government for past borrowing
all of the above
the cancellation of an entitlement program

Explanation:

A deficit specifically refers to the annual budget shortfall between revenues and expenditures. The overall amount owed by government for past borrowing is called the national debt. The cancellation of an entitlement program is not related to the definition of a deficit.

Answer:

The annual budget shortfall between revenues and expenditures.