What Was the "Royal Fifth

question 17

Multiple Choice

What was the "royal fifth"?

• A) a ceremony to worship the king
• B) the name of the royal fleet that crossed the Atlantic
• C) a 20% tax on mining, and the prime source of colonial revenue
• D) the name of the viceroyalty established in the New World by the Spaniards

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Definitions:

Depositary Bank

A financial institution that holds assets or securities in custody for its clients, facilitating trading and safekeeping of these assets.

Payor Bank

The bank on which a check is drawn, responsible for paying the check when it is presented for payment.

Intermediary Banks

Banks that act as mediators in financial transactions between counterparties, especially in international banking when a direct transaction is not possible.

Unconditional Promise

A pledge or commitment that is absolute and not subject to any conditions or contingencies.