Option 1 -> Fiscal Deficit is total expenditure minus total receipts excluding borrowing.
Option 2 -> Primary Deficit is Fiscal Deficit minus interest payments.
Option 3 -> Revenue Deficit is revenue expenditure minus revenue receipts only.
Option 4 -> Monetary Deficit is not a standard budgetary term.
Hence, Fiscal Deficit -> Fiscal Deficit represents the total borrowing requirements of the government. It is calculated as: Fiscal Deficit = Total Expenditure - Total Receipts (excluding borrowings). This shows how much the government needs to borrow to meet its expenses. It includes both revenue and capital expenditure minus revenue and capital receipts (excluding borrowings). A higher fiscal deficit indicates greater government borrowing needs. -> correct