Authority That Is Conferred by the Principal Either Verbally or in Writing

question 8

Multiple Choice

Authority that is conferred by the principal either verbally or in writing is an example of:

• A)implied actual authority.
• B)express actual authority.
• C)retrospective actual authority.
• D)apparent or ostensible authority.

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Definitions:

Process Payments

The procedure of completing financial transactions by transferring funds from one party to another.

Zero-Balance Account

A bank account maintained with a balance of zero, where funds are transferred to cover checks presented for payment.

Chequing Account

A bank account from which money can be withdrawn without notice, usually through the issuance of checks.

Master Account

An overarching account that has the authority and capability to control other accounts within a financial or investment framework.