Money Is "Liquid" Because

question 50

Multiple Choice

Money is "liquid" because

• A)It loses value with inflation
• B)Coins can be melted to use their metal to make goods
• C)It serves as a measure of value
• D)It does not have to be sold to buy goods and services
• E)It is a valuable asset

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Definitions:

Express Authority

An agent’s authority that the principal voluntarily and specifically sets forth as oral or written instructions in an agency agreement.

Apparent Authority

A situation where a reasonable person would understand that an agent had the power to act on behalf of a principal, even if the agent did not have actual authority.

Agency Relationship

A legal and principal relationship between two parties, where one (the agent) is authorized to act on behalf of the other (the principal) in business transactions.

Durable Power Of Attorney

A document that authorizes an agent to act on another’s behalf, with the power either surviving incapacity or becoming effective upon incapacity.