The Navigation Laws Required That

question 37

Multiple Choice

The Navigation Laws required that

• A) all commerce to and from the colonies be carried only on British vessels.
• B) European goods going to the colonies had first to be put in at a British port and pay duties.
• C) certain goods produced in the colonies, like tobacco, be shipped only to Britain.
• D) the colonies could not sell goods in any country except Britain.
• E) the colonies had to use British paper currency.

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Definitions:

Fixed Overhead Budget

A fixed overhead budget outlines the expected costs of fixed overheads, such as salaries and rent, that are not influenced by changes in production volume.

Volume Variance

The difference between the planned volume of output and the actual volume of output, which affects costs.

Fixed Manufacturing Overhead

Indirect manufacturing costs that do not vary with the level of production, including salaries of production supervisors, rent for the factory building, and depreciation of manufacturing equipment.

Volume Variance

A financial metric that measures the difference between the planned volume of production or sales and the actual volume, affecting revenue and costs.