Exempt Professional Employees Are Exempt from All Provisions of the FLSA

question 72

True/False

Exempt professional employees are exempt from all provisions of the FLSA - minimum wages, overtime pay, and equal pay.

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Definitions:

Balance Sheet

A financial summary showing a company's assets, liabilities, and equity from shareholders at a designated time.

Prepared

The state of being ready for a specific event, action, or process, often involving prior planning or setup.

Unearned Fees

Income received by a company for services yet to be performed or goods to be delivered, recognized as a liability on the balance sheet until earned.

Current Liability

Obligations or debts that a company expects to settle within one fiscal year or the operating cycle, whichever is longer.