[Solved] What is the major items of expenditure of the central govern (2024)

FAQs

What is the biggest item of government expenditure? ›

The highlights of expenditure of various ministry/department include the following: Defence: The Ministry of Defence has been allocated Rs 5,93,538 crore which is the largest across all ministries and accounts for over 13% of the total expenditure of the central government.

Answer and Explanation: Consumption, investment, government, and net exports make up the four types of expenditures. Consumption refers to the amount of money people spend on services and goods that are durable (lasting more than a year) and nondurable (lasting less than a year).

Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.

Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. For most governments around the world, the majority of government spending takes place at the federal/national level.

An expenditure represents a payment with either cash or credit to purchase goods or services. It is recorded at a single point in time (the time of purchase), compared to an expense that is recorded in a period where it has been used up or expired.

State and local governments spend most of their resources on education and health care programs.

Elementary and secondary education, utilities, public safety, health, roads, street lamps, signs, and traffic lights are the main areas of expenditure of the local governments.

Expenditure refers to payments made or liabilities incurred in exchange for goods or services. Expenditure increases the value of assets or reduces a liability. The three types of expenditure that a business can incur include capital expenditure, revenue expenditure, and deferred revenue expenditure.

Social Security: In 2023, 21 percent of the budget, or $1.4 trillion, will be paid for Social Security, which will provide monthly retirement benefits averaging $1,836 to 48.6 million retired workers.

What are some common expenditures? ›

The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.

The federal government's largest expenditures are Social Security, healthcare, national defense, and interest payments.

In 2023, major entitlement programs—Social Security, Medicare, Medicaid, Obamacare, and other health care programs—consumed 50 percent of all federal spending. Soon, this spending will be larger than the portion of spending for all other priorities (such as national defense) combined.

The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations. But you may be able to get a federal loan for education, a small business, and more. If you need help with food, health care, or utilities, visit USA.gov's benefits page.

The biggest items of Non-Plan Expenditure are interest payments and debt servicing, defence expenditure and subsidies. For defence services, both revenue and capital expenditure are incurred.

The biggest portions of Non-Plan Expenditure are interest payments and debt servicing.

At the present time, Social Security is the federal government's largest category of spending.