A Fund with a Small Amount of Cash on Hand

question 63

Multiple Choice

A fund with a small amount of cash on hand for minor payments is called a:

• A) petty cash fund
• B) miscellaneous expense fund
• C) money market fund
• D) cash disbursement fund

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Definitions:

Sole Proprietorships

A business structure where a single individual owns and operates the business, enjoying complete control but also bearing unlimited personal liability for its debts.

Regulatory Requirements

Legal obligations that entities must follow, often established by government agencies to regulate industry standards and protect public welfare.

Agent's Authority

The scope of power given to an agent to act on behalf of a principal in legal or financial matters.

Termination

The act of ending or concluding something, such as a contract, employment, or agreement, through specific actions or by operation of law.