If the forces acting upon an object are balanced, then the object:

When an object experiences balanced forces, it means that the net force acting on it is zero. This condition allows for two scenarios involving the object's motion: it can either be at rest or moving with a constant velocity.

In the case of constant velocity, the object's speed and direction remain unchanged over time because the forces acting on it are counteracting each other perfectly. For example, if a car is traveling straight down a flat road at a steady speed without changing direction, the driving force produced by the engine balances the resistive forces such as friction and air resistance.

This understanding clarifies that while an object can indeed be at rest when balanced forces are present, the option that states the object could also be moving with a constant velocity captures the broader range of possibilities allowed by balanced forces. Thus, the correct choice emphasizes that balanced forces do not solely require the object to be stationary; they can also permit steady movement.