Which of the Following Is NOT Covered by the Fair

question 76

Multiple Choice

Which of the following is NOT covered by the Fair Labor Standards Act?

• A) Minimum wages.
• B) Hours of employment.
• C) Child labor.
• D) Defined benefit plans.

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Definitions:

Excess Fair Value

The amount by which the fair market value of an asset exceeds its carrying value on the balance sheet.

Franchise Contract

A legal agreement granting a person or group the rights to operate a business under the franchisor's model and brand for a specified period.

Controlling Interest

An ownership interest in an entity that gives the holder the power to direct or influence the management and policies of the entity through ownership of a majority of voting shares.

Deferred Income Tax Liability

A deferred income tax liability is a tax that is assessed or is due for the current period but has not yet been paid, pushing the obligation to future periods.