To Be Considered a Professional Under the Fair Labor Standards

question 2

Multiple Choice

To be considered a professional under the Fair Labor Standards Act (FLSA) an individual must:

• A) Work on a straight-salary basis.
• B) Have at least a master's degree.
• C) Do work that requires the exercise of discretion and judgment.
• D) Always behave in a professional manner.

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Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, indicating the margin earned before accounting for operating expenses.

Sales

Transactions where goods or services are provided in exchange for payment.

Accounting Cycle

The process of recording and processing all financial transactions of a company, from when the transaction occurs, to its inclusion in the financial statements.

Merchandising Company

A business entity that purchases finished products and sells them to consumers without changing the form or nature of the goods.