Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Tudors > Elizabeth and Finance > Flashcards

Elizabeth and Finance Flashcards

1
Q

How much debt did QE inherit from Mary?

A

£227,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How much of the debt inherited from Mary was owed to the Antwerp Exchange at what interest rate?

A

50% of debt owed at 14% pa

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Who was QE’s financial adviser?

A

Thomas Gresham

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What did Thomas Gresham say was causing financial difficulties?

A
  • Debasement
  • Resorting to loans
  • War
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What was Thomas Gresham keen for QE to maintain?

A

An excellent credit rating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What did a 1571 Act of Parliament allow?

A

A 10% interest rate to be charged on loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What did Thomas Gresham found in 1565?

A

The Royal Exchequer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When did QE clear the debt she inherited from Mary?

A

1576

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What was the surplus by 1584?

A

£300,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

SOURCES OF INCOME

A

SOURCES OF INCOME

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What were QE’s 4 sources of income?

A
  • Customs revenue
  • Efficiency savings
  • Crown lands
  • Taxes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What was QE’s revenue from crown lands at the start of her reign?

A

£86,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What was QE’s revenue from crown lands at the end of her reign?

A

£111,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What were the 2 ways taxation was collected?

A
  • Fifteenths and tenths
  • Subsidies
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What did QE not want to pay for, meaning income from taxation was minimal?

A

A professional tax collection service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How much did Fifteenths and tenths raise?

A

£30,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How much did a subsidy produce?

A

£100,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How much did the Subsidy Bill bring in?

A

£140,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What governed the collection of customs duties?

A

The Book of Rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How many imports were subject to tax before the Book of Rates was revised in 1557?

A

790

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How many imports were subject to tax after the Book of Rates was revised?

A

1170

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

How much was customs revenue in 1556-57?

A

£29,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

How much was customs revenue in 1558-59?

A

£82,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

How much was customs revenue in the 1590s?

A

£91,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What % of crown revenue was collected in the Exchequer of Receipt?

A

75%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

How much was defaulted on in the Exchequer in 1571?

A

£44,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What tax that used to go to the Pope went to the crown?

A

First Fruits and Tenths

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Why did QE keep bishoprics vacant?

A

So she could collect the income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What did QE increase in 1581?

A

Recusancy fines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

How much did the war with Spain cost?

A

£4.5 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

How many Parliaments were called from 1588 to 1603?

A

4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

How much did QE sell in crown lands from 1599 to 1601?

A

£200,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

How much had prices risen from 1500 to the 1560s?

A

198%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Who did the public blame for rising prices?

A

‘Greedy gulls’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

When were all debased coins recalled?

A

1560-61

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Why did the revaluing of the coinage not bring down inflation?

A
  • People did not trust the coins so didn’t bring down prices
  • Had to borrow from Antwerp to buy silver
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What did the Lord Treasurer, the Marquis of Winchester, tell the Council about inflation?

A

That the council did not know what they were doing but he did - he knew that the rising population was the cause of inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

When did Wednesday become a fish day?

A

1563

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What did QE forbid in times of rising prices?

A

The export of grain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

TRADE

A

TRADE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

What % of English exports were wool?

A

81%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Where was the majority of English wool sold to?

A

Europe via Antwerp

43
Q

Who controlled American trade?

A

Spain

44
Q

Who controlled the Near and Far East trade?

A

The Portugese and the Venetians

45
Q

When was the Muscovy Company set up?

A

1555

46
Q

What was the Muscovy Company given?

A

A monopoly of trade between London and Moscow

47
Q

Who heavily taxed the Muscovy Company’s woollen goods?

A

Ivan IV

48
Q

Where did England want to buy silks and spices?

A

Down the River Volga to Persia

49
Q

How many slaves did John Hawkins acquire in 1562?

A

300

50
Q

Who backed John Hawkins’ trip in 1563?

A

QE, Cecil and Dudley

51
Q

Where did English merchants begin directly trading with in the 1570s?

A

The Mediterranean

52
Q

What company was set up in the 1580s to trade with the Turkish Empire?

A

The Levant Company

53
Q

When did QE grant traders a monopoly to whale in Spitzbergen, the coast of Norway?

A

1577

54
Q

Why were the whalers in Spitzbergen unsuccessful?

A

The Norwegian whalers were far more experienced than them

55
Q

What company was formed in 1579 to try to break into the Baltic Trade?

A

The Eastland Company

56
Q

What English city benefited from the Eastland Company?

A

Hull

57
Q

Why was English trade with Persia unsuccessful?

A

The Shah of Persia refused to do business with non-Muslims

58
Q

When was the Persian route abandoned?

A

1573

59
Q

What vessel owned by QE was lost?

A

The Jesus of Lubeck

60
Q

How much did Sir Francis Drake rob from Spanish cargo ships in 1587?

A

£140,000

61
Q

What trading company was formed in 1600?

A

The East India Company

62
Q

PERSONAL FINANCES/PARLIAMENT

A

PERSONAL FINANCES/PARLIAMENT

63
Q

How much did QE borrow from her wealthy subjects in 1588?

A

£75,000

64
Q

How much did QE borrow from the City of London in 1588?

A

£56,000

65
Q

Why did QE grant monopolies?

A

They were a cheap way of rewarding courtiers and servants

66
Q

What was the main complaint about monopolies?

A

They caused rising prices

67
Q

In what Parliament did MPs protest about the abuses of purveyance?

A

1589

68
Q

What 2 things were the House of Commons concerned about in 1597?

A
  • Monopolies
  • Patents
69
Q

What was QE’s response to complaints about monopolies and patents?

A

She withdrew some grants

70
Q

When did monopolies become a serious issue in Parliament?

A

1601

71
Q

What was read out in the 1601 Parliament?

A

A list of grants that had been made since 1597

72
Q

What was issued soon after the 1601 Parliament?

A

A proclamation annulling the most contentious monopolies

73
Q

What speech did QE give to Parliament in 1601?

A

The Golden Speech

74
Q

POVERTY/VAGRANCY

A

POVERTY/VAGRANCY

75
Q

How many people did William Harrison estimate were vagrants?

A

10,000

76
Q

How much did living standards decline over QE’s reign?

A

25%

77
Q

What started increasing as living standards were decreasing?

A

Vagrancy

78
Q

What was the population in the 1540s?

A

2.7 million

79
Q

What was the population in 1601?

A

4.1 million

80
Q

How did London try to help poor people?

A

They bought St Bartholomew’s hospital

81
Q

How did Norwich help the poor?

A

The wealthiest 650 individuals made regular contributions for the relief of about 200 poor townspeople

82
Q

How did York try to help the poor?

A

A small daily payment was made available for the old and infirm

83
Q

What Statute was passed in 1563?

A

The Statute of Artificiers

84
Q

What did the Statute of Artificiers state?

A

People under 30 who were unmarried had to serve any employer who needed them

85
Q

What were the working hours in Kent?

A

5 am to 7 pm

86
Q

When was the Alms Act passed?

A

1563

87
Q

What did the Alms Act 1563 revive?

A

The statutes passed under Henry and Edward for the punishment of sturdy beggars

88
Q

What did the Alms Act distinguish between?

A

The idle and the deserving - people who needed it received help from a poor rate

89
Q

What Act was passed in 1572 to deal with poverty and vagrancy?

A

Vagabonds/Poor Relief Act

90
Q

What did the Vagabonds Act make compulsory?

A

Contributions towards the poor rate

91
Q

Where was begging licensed in the Vagabonds Act?

A

Parishes where relief could not be provided

92
Q

What happened to beggars over 14 without a licence?

A

They were whipped

93
Q

What happened to beggars aged 5 to 14?

A

They were sent to service in honest occupations

94
Q

What Act was passed in 1576 to deal with Poverty/Vagrancy?

A

Act for the Relief of the Poor 1576

95
Q

Where were persistent beggars sent to under the 1576 Act for the Relief of the Poor?

A

Houses of Correction

96
Q

What 2 acts were passed in 1598 to deal with vagrancy?

A
  • Act for the Relief of the Poor
  • Act for the punishment of Rogues, Vagabonds and Sturdy Beggars
97
Q

What was forbidden in the 1598 Act for the Relief of the Poor?

A

Begging

98
Q

What Act was passed in 1601?

A

Act for the Relief of the Poor

99
Q

What was made permanent in the 1601 Act for the Relief of the Poor?

A

The Elizabethan Poor Law - The 1598 Poor Law

100
Q

How many poor people received residential provisions from people bequeathing them?

A

40

101
Q

Who set up a hospital in Warwick for 12 poor men?

A

The Earl of Leicester

102
Q

What Archbishop of Canterbury gave contributions to a Canterbury hospital?

A

Matthew Parker

103
Q

What Archbishop of Canterbury founded almshouses in Croydon?

A

John Whitgift

104
Q

How much did Queen Elizabeth give after a great fire destroyed many houses in Nantwich, Cheshire in 1584?

A

£1000

Tudors (61 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions