The Social Glue That Formed the Basis of Tightly Knit

question 54

Multiple Choice

The social glue that formed the basis of tightly knit New England society was  

• A) small villages and farms.
• B) black slavery.
• C) the wealthy planter-merchant class.
• D) the royal charter.
• E) none of these choices.

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Definitions:

Sales Tax

A tax on sales or on the receipts from sales, typically added to the purchase price by the seller.

Gross Profit

The difference between revenue and the cost of goods sold before deducting overhead, payroll, taxation, and interest payments.

Selling Expenses

Expenses that are incurred directly in the selling of merchandise.

Periodic Inventory

A system in which the inventory is physically counted at certain periods and the cost of goods sold is calculated thereafter.