Choose the best answer to each of the following questions. Explain your reasoning with one or more complete sentences.
In 2014, Bigprofit.com had $1 million more in outlays than in receipts, bringing the total amount it owed lenders to $7 million. We say that at the end of 2014 Bigprofit.com had
a. a deficit of $7 million and a debt of $1 million.
b. a deficit of $1 million and a debt of $7 million.
c. a surplus of $1 million and a deficit of $7 million.
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