Topic 1; Theme C Finance

Question 1

What was ordinary revenue?

Answer 1

Revenue from crowns lands

Question 2

What was extraordinary revenue?

Answer 2

Tax

Question 3

When did Wolsey establish Subsidy?

Answer 3

1513

Question 4

How much debt did Elizabeth have in 1603?

Answer 4

£350,000

Question 5

When did the royal household have to ask for loans for the servants wages?

Answer 5

1521

Question 6

What are the rest of Cromwell’s financial courts almagamated into and by who?

Answer 6

Rest combined into Exchequer under Mary and Edward.

Question 6

What four financial courts did Cromwell establish?

Answer 6

Court of Augmentation
Court of First fruits and 10ths
Court of Wards and Liveries
Court of General surveyors.

Question 7

Which of Crowmell’s four financial courts survives?

Answer 7

Court of Wards and Liveries

Question 8

How did Edward deal with the crown’s debts?

Answer 8

sold off crown’s lands to help reduce debt.

Question 9

How did Mary deal with the crown’s debts?

Answer 9

she raises customs tax and earns more from duties on imports and exports.

Question 10

Why did Elizabeth die in debt?

Answer 10

She did nothing to reform the taxation system and while she avoided war for most of her reign she entered a very costly one with Spain in 1585.