The Currency Act of 1764

question 3

Multiple Choice

The Currency Act of 1764:

• A) prohibited the colonies from making their currency legal tender
• B) created terrible inflation in the colonies
• C) was designed to ease the shortage of hard money in the colonies
• D) said that lenders had to accept paper money in payment of debts
• E) changed the name of the basic monetary unit to "dollar" from "pound"

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Definitions:

Equity Method

An accounting technique used to record investments in associated companies.

Fixed Assets

Long-term tangible assets used in a company's operations, such as buildings, machinery, and equipment, which are not typically sold in the course of business.

Income Statement

A financial document that shows a company's revenues, expenses, and net income over a specific period.

Balance Sheet

A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.