The Fair Labor Standards Act Instituted All of the Following

question 14

Multiple Choice

The Fair Labor Standards Act instituted all of the following changes EXCEPT it:

• A) banned goods produced by child labor from interstate commerce.
• B) established the fifty-hour workweek.
• C) set the minimum wage.
• D) required overtime pay.

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Definitions:

Payable

Amounts owed by a company to its creditors or suppliers that are due to be paid within the near future.

Inventory On Credit

A business practice where goods are acquired without immediate payment, with the understanding that payment will be made at a later date.

Receivables Balance

The total amount of money owed to a company for goods or services delivered or used but not yet paid for by customers.

Average Daily Sales

The average sales generated per day over a specific period, useful for analyzing business performance.