When Used in Relation to the Agency Relation- Ship, the Master

question 13

Multiple Choice

When used in relation to the agency relation- ship, the master

• A) retains some control over his or her servant (employee).
• B) gives his or her servant (employee) full discretion to act on the master's behalf.
• C) hires the employee for a specific task for which the master is not responsible.
• D) is not liable for any actions taken on his or her behalf by the servant (employee).

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Definitions:

Daily Closing Balance

The total amount of money in an account at the end of the trading day, reflecting all transactions processed that day.

Simple Interest Rate

A method of calculating interest where the interest charge is based on the original principal only.

Payments

Transfers of money in exchange for goods or services or as fulfillment of obligations under a contract.

Agreement

A mutual arrangement, typically in writing, between two or more parties detailing the terms and conditions of a deal or partnership.