What Is the Category of Workers That Are Generally Exempt

question 29

Multiple Choice

What is the category of workers that are generally exempt from the overtime pay provisions of the Fair Labor Standards Act (FLSA) ?

• A) Tipped employees
• B) Salaried employees
• C) Unionized employees
• D) Hourly paid employees

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Definitions:

Lower-of-Cost-Or-Market

An accounting principle that dictates inventory should be recorded at either its historical cost or its current market price, whichever is lower.

Net Income

The amount of money that remains from revenues after all expenses, taxes, and costs have been subtracted; a crucial indicator of a company's profitability.

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Owner's Equity

The residual interest in the assets of a business after all liabilities have been deducted, often referred to as shareholder's equity or net worth.