What are the 3 components of government spending?
Government spending or expenditure includes all government consumption, investment, and transfer payments.
What are the top 3 discretionary spending categories?
Discretionary Spending The rest must pay for all other domestic programs. The largest of these programs are Health and Human Services, Education, and Housing and Urban Development.
What are the main categories of the federal government outlays?
The categories of federal government outlays from largest to smallest are transfer payments, expenditure on goods and services, and debt interest.
What are the main areas of government spending?
The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending. When a government spends more than it collects in taxes, it is said to have a budget deficit.
What are there 3 different spending categories?
That spending can be divided into three categories: mandatory, discretionary, and interest.
What are the main categories of US Federal Government taxes?
The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include excise taxes, the estate tax, and other taxes and fees.
What are the three main categories of US Federal government spending quizlet?
What are the main categories of U.S. federal government spending? The main categories are national defense, Social Security and Medicare payments, and interest on the debt.
What are the main items of government revenues and outlays?
They include mainly wages, extra wages, welfare funds, pension for the retirees, stipend, expenses for official business, expenses for equipment purchases, expenses for repairs, business expenses and subsidies to the units which are unable to support their expenditures by their own earnings.
What are the main budget categories?
The Essential Budget Categories
- Housing (25-35 percent)
- Transportation (10-15 percent)
- Food (10-15 percent)
- Utilities (5-10 percent)
- Insurance (10-25 percent)
- Medical & Healthcare (5-10 percent)
- Saving, Investing, & Debt Payments (10-20 percent)
- Personal Spending (5-10 percent)