The Following Questions Refer to the Excerpt Below

question 46

Multiple Choice

The following questions refer to the excerpt below.
"Be it enacted…That from and after [December 25,1733] there shall be raised,levied,collected and paid,unto and for the use of his Majesty…upon all rum or spirits of the produce or manufacture of any of the colonies or plantations in America…the sum of nine pence,money of Great Britain…for every gallon thereof,and after that for any greater or lesser quantity: and upon all molasses or syrups of such foreign produce or manufacture…"
The Molasses Act,May 17,1733
-Which of the following historical trends is not reflected in the passage?

• A) The growth of an Atlantic economy in the 17^th century
• B) The growth of autonomous political communities in the British colonies
• C) British attempts to consolidate mercantilist policies and colonial control
• D) Economic interactions between Europe, Africa, and the British colonies

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Definitions:

Owner Drawings

Withdrawals of cash or other assets from a company by the owner for personal use.

Revenue

The total income generated by a business from its normal business operations.

Post-Closing Trial Balance

A list of all accounts and their balances after closing entries are made, used to check the equality of debits and credits and prepare for the next accounting period.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a specific period.