Final answer:
The statement is true. Colonists were more concerned about lack of representation in Parliament and their inability to influence tax decisions, not the principle of taxation itself.
Step-by-step explanation:
The statement that colonists did not necessarily object to the principle of taxation, but rather how the tax money would be applied is true. During the period leading up to the American Revolution, the colonists were more concerned with the lack of representation in Parliament, which meant they had no say in how their taxes were spent. This perspective gave rise to the phrase "no taxation without representation", signifying that the colonists' main issue was not with taxation itself, but with their inability to influence tax decisions that affected them.