The correct answer is false.
It is false that the Virginia colony was founded on the principle that all people should be able to practice their religion freely.
The main purpose of the establishment of the Virginia colony in the Americas was economic. The firsts Europeans in Virginia considered wealth as the basic motivator. They were there for economic reasons They want to be wealthy. They were not driven by the wish to be free regarding religion, they were there to make a profit. That is why British King James I ordered the creation of the Virginia Company of London in 1606.