Final answer:
A deficiency is a shortfall or lack of something. In payments and adjustments, it refers to an inadequate amount of money to cover a payment or adjustment. In government budgeting, a deficiency can occur when there is a budget deficit.
Step-by-step explanation:
A deficiency refers to the situation where there is a shortfall or a lack of something. In the context of payments and adjustments, a deficiency is when there is an inadequate amount of money to cover a payment or adjustment.
For example, let's say you owe someone $100, but you only have $80. In this case, you have a deficiency of $20 because you don't have enough money to cover the full payment.
In the context of government budgeting, a deficiency can occur when there is a budget deficit, which means that the government is spending more money than it is collecting in taxes. This can lead to a shortfall in funds and the need for adjustments to be made, such as borrowing or cutting spending in other areas.