Under Which of the Following Does a Principal Give Authority

question 96

Multiple Choice

Under which of the following does a principal give authority to an agent only for the specific areas or purposes listed in the agency agreement?

• A)A general power of attorney
• B)A specific power of attorney
• C)A localized power of attorney
• D)A durable power of attorney
• E)An equitable power or attorney

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Definitions:

Salvage Value

The estimated value at sale of an asset following its period of utility.

Book Value

The net value of an asset as recorded on the balance sheet, calculated as the original cost minus accumulated depreciation or amortization.

Salaries Payable

An account that represents the amounts owed to employees for work performed that has not yet been paid.

Salary Expense

The total amount paid by a business to its employees for the work done over a specific period, often monthly or annually.