How Did the Virginia Company Reshape the Colony's Development

question 164

Multiple Choice

How did the Virginia Company reshape the colony's development?

• A) It instituted the headright system,giving fifty acres of land to each colonist who paid for his own or another's passage.
• B) It fired John Smith and brought in a more popular leader.
• C) It gave control back to the king,who straightened out its problems.
• D) It required all settlers to grow tobacco,a highly profitable crop.
• E) It created an executive committee that really ran the colony and a committee of colonists who thought they were running it.

---

Definitions:

Cost Flow Assumption

An accounting principle that determines the method used to assign costs to inventory and to cost of goods sold, including FIFO, LIFO, and average cost methods.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company. This includes the cost of materials and direct labor.

LIFO Liquidation

The process of selling older inventory items purchased at lower costs, which can lead to an artificially higher reported profit due to inflation.

Pre-tax Effect

The impact of an event or transaction on a company's financials before taking into account the effects of income tax.