The financial costs associated with operating a radio link
The sum of antenna gains minus system losses
The sum of transmit power and antenna gains minus system losses as seen at the receiver✓Correct answer
The difference between transmit power and receiver sensitivity
Explanation
A link budget accounts for everything between the transmitter output and the receiver input: transmit power plus all gains, minus all losses. The choice listing only antenna gains minus losses leaves out the transmit power, so it is not the budget.