Which of the Following Categories Accounted for the Largest Percentage

question 46

Multiple Choice

Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?

• A) income security
• B) national defense
• C) education and health
• D) interest on the national debt

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Definitions:

Entity's Profits

The financial gain that remains after subtracting all expenses, taxes, and costs from a company's revenue.

Residual Interest

The interest remaining in a trust or estate once all prior obligations, claims, or interests have been satisfied.

Equity Instrument

Any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

Derivative Instrument

A financial contract whose value is derived from the value of an underlying asset, index, or rate.