In 1624, the Virginia Company Declared Bankruptcy and

question 94

Multiple Choice

In 1624, the Virginia Company declared bankruptcy and

• A) was merged with New England to ensure stability and profitability.
• B) was taken over by the crown and made a royal colony.
• C) saw the end of the wealthy planter class in Virginia.
• D) henceforth prevented settlers from owning their own property.
• E) saw its land conquered by nearby Native American tribes.

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Definitions:

Capital balances

The amount of money that partners or owners have invested in a business minus any withdrawals they have made from the business.

Profits

The financial gain obtained when revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Losses

Financial conditions reflecting that expenses have exceeded revenues, resulting in a negative net income.

Annual Salary

The total amount of money an employee is paid over the course of a year for their work, typically expressed as a yearly sum rather than hourly wages.