Daniel Webster's Famed Seventh of March Speech in 1850

question 10

Multiple Choice

Daniel Webster's famed Seventh of March speech in 1850

• A) resulted in the celebration of Webster as an antislavery leader.
• B) visibly strengthened Union sentiment and pleased northern banking and commercial centers.
• C) was condemnation by northern commercial interests.
• D) led to charges that he had accepted bribes from proslavery interests.
• E) initiated a movement to draft him for the presidency.

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Definitions:

Cost of Goods Sold

An accounting term denoting the direct costs attributable to the production of goods sold by a company.

FIFO

"First In, First Out," an inventory valuation method where the goods first added to inventory are the first to be sold.

Gross Profit Method

An estimating technique used to calculate inventory cost, based on the gross margin and cost of goods sold.

Gross Profit Ratio

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold; it is calculated by dividing gross profit by net sales.