The Government's First Independent Source of Revenue Under the Articles

question 87

Multiple Choice

The government's first independent source of revenue under the Articles of Confederation was

• A) land sales provided for in the Northwest Ordinances.
• B) the sale of British and Spanish ships captured during the Revolution.
• C) an import duty recommended by Robert Morris and approved by the Confederation Congress over the states' objections to avert collapse of the nation's monetary system.
• D) reparations from Great Britain provided for in the Treaty of Paris.

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Definitions:

Entry Record

The documented recording of a financial transaction in an accounting system.

Sales and Sales Taxes

Revenue from goods or services sold, and the tax collected on these sales, which is remitted to the government.

Gross Earnings

The total income earned by a business before deductions such as taxes, expenses, and costs.

Net Pay

The take-home pay an employee receives after deductions such as taxes and retirement contributions.