Which of the Following Statements Holds True for the Internship

question 66

Multiple Choice

Which of the following statements holds true for the internship programs under the Fair Labor Standards Act (FLSA) ?

• A) The intern is entitled to a job at the conclusion of the internship.
• B) The intern is entitled to wages for the time spent in the internship.
• C) The intern generally displaces regular employees.
• D) The internship includes the actual operation of the facilities of the employer.
• E) The employer that provides the training derives an immediate advantage from the activities of the intern.

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Definitions:

Equity Method

The equity method is an accounting technique used to record investments in associate companies where the investor has significant influence but does not control the company outright, typically identified by owning 20-50% of the voting stock.

Deferred Intra-entity

Pertains to transactions between entities within the same company that are not settled immediately but are recorded and settled at a later date.

Markup Over Cost

The ratio or percentage by which a product’s selling price exceeds its cost, effectively representing the gross profit margin.

Consolidated Cost Of Goods Sold

The total cost of goods that have been sold by a parent company and its subsidiaries, presented as a single figure in consolidated financial statements.