Nondefense Discretionary Spending Refers

question 111

Multiple Choice

Nondefense discretionary spending refers

• A)only to what the government spends on Medicare.
• B)only to what the government spends on Social Security.
• C)to everything on which the government spends money outside of defense.
• D)to everything on which the government spends money outside of defense and mandatory programs such as Social Security and Medicare.

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Definitions:

Ledger

A book or collection of financial accounts in which transactions are recorded and summarized.

Net Loss

Occurs when a company's total expenses exceed its total revenues, indicating a negative profit for a specific time period.

Prepaid Insurance

An asset account that represents benefit expenses that have been paid in advance and are gradually recognized as expenses over the policy period.

Unearned Revenue

Money received by a company for goods or services yet to be delivered or provided, considered a liability until the goods or services are delivered.