difference between phrasal verb 'cut back' and 'cut off'?

[hoofy]

Business English Lesson, Advanced Level

ESL/EFL Test #202 "Tourism after 9/11", question 2

Meanwhile, corporations cut ......... their budgets, reducing the volume of business travel.

(a) across
(b) back
(c) into
(d) off

Business English Lesson, Advanced Level

ESL/EFL Test #202 "Tourism after 9/11", answer 2

Meanwhile, corporations cut back their budgets, reducing the volume of business travel.

Correct answer: (b) back

Your answer was: incorrect
Meanwhile, corporations cut off their budgets, reducing the volume of business travel.
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what does cut back and cut off mean?

hoofy

[Mister Micawber]

.
Cut back (the answer here) means reduce, restrict, Vicky. Cut off means stop, remove, sever.
.
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Native English teacher at Mister Micawber's