Definitions of "deficiency"
  1. A situation where what is available falls short of what is needed
  2. The gap created when the actual payment of tax falls short of the tax liability
  3. The gap between the outstanding loan amount and the funds received from selling a repossessed collateral
How to use "deficiency" in a sentence
  1. The deficiency in the financial reports caused major concerns among the stakeholders.
  2. After selling the repossessed car, the bank still noted a deficiency in repaying the total loan amount.
  3. Due to a deficiency in tax payments, there were penalties imposed.

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