The Sugar Act Alarmed Colonists, in Part Because It

question 80

Multiple Choice

The Sugar Act alarmed colonists, in part because it:

• A) increased the tax on molasses and made rum more expensive to produce.
• B) threatened the profits of colonial merchants already in economic trouble.
• C) mandated that violators of the act be tried in a court with a jury.
• D) eliminated the admiralty courts, which colonists had long favored.

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Definitions:

Installment Note Payable

A debt or loan that is to be returned to the lender in regular periodic payments.

Accrue Interest

The process of recognizing interest expense or income that has been incurred but not yet paid or received in cash.

Classified Balance Sheet

A detailed financial statement that separates assets and liabilities into current and long-term categories, providing a clearer picture of a company's financial position.

Effective Interest Rate

The realized return on a bond or loan, taking into account the effect of compounding interest as opposed to the nominal rate.