The First Breach in the Monopoly of the Cádiz Merchant

question 53

Multiple Choice

The first breach in the monopoly of the Cádiz merchant guild over trade to Spanish America was the

• A) organization of the Caracas Company.
• B) replacement of the fleet system by register ships.
• C) organization of the Havana Company.
• D) decree of free trade of 1778.

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Definitions:

Gross Profit

The difference between the revenue earned from selling goods or services and the cost of goods sold, not including overhead or other indirect expenses.

Cost of Goods Sold

The direct monetary requirements for producing goods that a company sells, involving both materials and workforce.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.

Increases

An upward adjustment or rise in an account value, assets, revenue, or profits within a company's financial statements.