Compared to 1960, by How Much Did the Share of Outlays

question 61

Multiple Choice

Compared to 1960, by how much did the share of outlays going to national defense drop in 2016?

• A) 25 percent
• B) 15 percent
• C) 40 percent
• D) 50 percent
• E) 60 percent

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Definitions:

Liabilities

Financial obligations of a business that represent debts or amounts owed to others, due to past transactions or events.

Assets

Economic resources owned by a business that are expected to benefit future operations.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities; represents the owner's claim on the business assets.