Discretionary Expenditures Account for Approximately

question 11

Multiple Choice

Discretionary expenditures account for approximately

• A)One-fifth of the federal budget.
• B)One-half of the federal budget.
• C)One-third of the federal budget.
• D)Three-fourths of the federal budget.

---

Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, ending with the net income or loss for the period.

Holding Gain

The increase in value of an asset held over a period, not realized until the asset is sold.

LIFO

An inventory valuation method, "Last In, First Out," where the most recently produced or acquired items are recorded as sold first.

Current Cost Profits

The earnings achieved by a company based on the replacement costs of the assets used in its operations rather than historical cost accounting.