Economic Development

Question 1

What was ordinary revenue?

Answer 1

Money that came in regularly that he can rely on

Question 2

Name 3 example of ordinary revenue

Answer 2

Crown lands
Feudal Dues
Custom duties
Legal dues

Question 3

What were crown lands?

Answer 3

Held by king by inheritance. He took back land via Act of Resumption and attainders

Question 4

How did the worth of Crown lands increase from Ed4s reign to H7?

Answer 4

Ed4 - £15,000pa

1509- £42,000pa

Question 5

What were feudal dues?

Answer 5

Wardships (land gained from minors)
Relief
Marriage of heirs and heiresses

Question 6

What was the difference in wealth gain from wardships and marriages from 1487 to 1507?

Answer 6

1487= < £350pa
1507= >£6,000pa

Question 7

What were custom duties ?

Answer 7

Taxes on exports on wool
Tonnage on wine
Poundage on other goods

Question 8

example of increase in custom duties?

Answer 8

1485- £33,000pa

1495- £40,000pa

Question 9

What was extraordinary revenue?

Answer 9

money in addition to ordinary revenue that came in on one-off occasions

Question 10

Give 4 examples of Extraordinary revenue

Answer 10

Bonds and recogs
Loans and benevolences
Feudal dues
Clerical taxes

Question 11

Evidence of Increase in bonds and recogs

Answer 11

1493- £3,000

1505= £35,000

Question 12

What were loans and benevolences ?

Answer 12

Benevolences- Forced loans that were not repaid

Question 13

Between 1485-1509 how much money was taken as benevolences?

Answer 13

£203,000.

Question 14

Example of an extraordinary revenue feudal due

Answer 14

knighting of Arthur - £30,000

Question 15

What were Clerical taxes?

Answer 15

Money given to the crown from the church

Question 16

How much did the clergy give in 1489 for the war against france?

Answer 16

£25,000

Question 17

what was Bishop Mortons rationale (Mortons Fork)?

Answer 17

Form of unfair taxation- taxed people heavily for wealth and if the wealth wasnt found you were to be taxed anyway for ‘hiding’ it

Question 18

How much was henry’s income a year?

Answer 18

£113,000

Question 19

Name 3 ways in which henry was careful with money

Answer 19

He avoided wars at all costs
He didnt spend money in land form for rewarding allies
He recovered lots of land after being crowned

Question 20

Name 3 examples of henry being careless with money

Answer 20

From 1491-1505 King spent between £200,000 to £300,000 in jewels and plates
Gambling - in 1492 he lost £40 during a game of cards
May 1491, paid £3,800 for cloth

Question 21

How much did Henry have to pay to deal with the Cornish revolt and Perkin Warbcek?

Answer 21

£13,155

Question 22

What was the ‘New’ Chamber?

Answer 22

Financial system that allowed Henry to exert more personal control over finances

Question 23

Who were the treasurers of the Chamber?

Answer 23

Sir Thomas Lovell and Sir John Heron

Question 24

What was the role of the Exchequer?

Answer 24

To receive and pay out money and to inspect accounts

Question 25

What was the difference between mixed and pastoral farming ?

Answer 25

Mixed- growing of crops and raising of animals as livestock

Pastoral - Rearing of animals for animal byproducts (milk and eggs)

Question 26

How much did the volume of cloth exports increase by during Henry’s reign?

Answer 26

60%

Question 27

Who were the Merchant adventurers?

Answer 27

Trading organisation founded in 1407

Question 28

Who was John Cabot?

Answer 28

explorer commissioned by H7 in 1497 and who discovered ‘Newfoundland’ in Canada

Question 29

What was enclosure?

Answer 29

This was where land was fenced-off and common rights over land were abolished