An Agent Is a Party Who ________

question 48

Multiple Choice

An agent is a party who ________.

• A) agrees to act on behalf of another
• B) employs another person to act on his or her behalf
• C) directs a worker under an express or implied contract of employment
• D) receives the services of another for remuneration

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Definitions:

Bank Loan

A sum of money lent at interest by a bank to a borrower, usually on collateral security, for a certain period.

Collection Float

The time period between when a check is deposited and when the funds are made available.

Chequing Account

A bank account from which money can be withdrawn without notice, typically used for day-to-day spending and bill payments.

Deposit

A deposit refers to a sum of money placed into an account or given to another party as security for future transactions, often used in banking, leasing, and rental agreements.