The Fair Labor Standards Act Was Significant Because It

question 112

Multiple Choice

The Fair Labor Standards Act was significant because it

• A)created the National Labor Relations Board (NLRB) to oversee union elections and collective bargaining between labor and industry.
• B)created the minimum wage.
• C)made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry.
• D)outlawed the so-called closed shop, but it permitted the "union shop" in those states that had right-to-work laws.

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Definitions:

Indirect Expense

Costs not directly linked to the production of goods or services, such as administrative expenses.

Insurance on Merchandise Inventory

A protection coverage for businesses against loss or damage to their stock of goods.

Service Department Charges

Costs allocated to the various service departments within an organization, typically for internal accounting purposes.

Income from Operations

The profit realized from a business's ongoing operations, calculated before taxes and interests, reflecting the efficiency of the core business activities.