Examlex

Solved

When an Agent Pays for the Right to Have Authority

question 271

Multiple Choice

When an agent pays for the right to have authority for a business, a(n) ____ is created.


Definitions:

Capital Fund

Resources accumulated by an entity to finance long-term projects or investment, not intended for regular operational expenses.

General Fund

The primary operating fund of a governmental entity, covering most basic governmental functions and activities.

Endowment Fund

A financial asset donation made to an institution that uses the resulting investment income for a specific purpose.

Bequest

A gift of personal property by means of a will.

Related Questions