The Fair Labor Standards Act

question 37

Multiple Choice

The Fair Labor Standards Act:

• A) wage provisions do not apply to professional or managerial employees.
• B) limits the number of hours an employer can require a person to work in any given week.
• C) does not apply to children.
• D) preempts any state wage regulation.

---

Definitions:

Interest Annually

The amount of interest earned or paid over a one-year period.

Debt to Assets Ratio

A financial ratio that indicates the percentage of a company's assets financed by debt.

Current Assets

Resources anticipated to be turned into cash, disposed of, or utilized within a year or during the operational cycle, whichever period extends further.

Total Liabilities

The combined amount of obligations a company owes to external parties, including loans, accounts payable, mortgages, deferred revenues, and accrued expenses.