If a State's Minimum Wage Is Higher Than the Federal

question 70

Multiple Choice

If a state's minimum wage is higher than the federal minimum wage, _____.

• A) employers must pay whichever wage is higher
• B) employers must pay whichever wage is lower
• C) employers are free to choose between either of the two
• D) employers must pay the difference as employee benefits

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Definitions:

Payments

Payments refer to the amounts of money transferred from one party to another as compensation for goods or services, or as fulfillment of an obligation.

Compounded Quarterly

The process where interest is added to the principal sum of a loan or deposit four times a year, resulting in a higher amount of interest being accumulated than if compounded less frequently.

Equivalent Economic Position

A financial strategy or situation where two different financial instruments or situations have the same economic value or return.

Payments

Transactions or exchanges of money between two parties, often for goods or services rendered.