The Group Most Adversely Affected by the Passage of the Sugar

question 11

Multiple Choice

The group most adversely affected by the passage of the Sugar Act (1764) were

• A)Virginia planters.
• B)New England merchants.
• C)Pennsylvania farmers.
• D)New York manorial lords.
• E)backcountry traders.

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Definitions:

Current Liabilities

Obligations or debts that a company is expected to pay off within one year or within its normal operating cycle.

Quick Ratio

A measure of a company’s ability to meet its short-term obligations using its most liquid assets, excluding inventory.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business’ normal operating cycle, whichever is longer.

Current Liabilities

Obligations that are due for payment within the next operating cycle or year, including accounts payable and short-term loans.