Federal Minimum Wage Requirements Were Initiated in 1938 as Part

question 121

Multiple Choice

Federal minimum wage requirements were initiated in 1938 as part of:

• A) the Fair Pay Standards Act
• B) the Legal Pay Standards Act
• C) the Fair Labor Standards Act
• D) the Family and Medical Leave Act
• E) none of the other choices are correct

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Definitions:

Budget Ratcheting

The practice of setting future budget allocations based on the current period’s expenditures, discouraging under-spending in fear of budget cuts.

Budget Lapsing

A type of budgeting that does not allow managers to carry over budget surpluses from one year into the next year. Under a budget lapsing system, funds not spent are lost at the end of the budget period.

Master Budgets

Comprehensive financial planning documents that include both operational and financial budgets, providing a complete picture of organizational financial activities.

Quantities Purchased

The total number of units bought during a given period, often tracked for inventory or supply chain management.