The Fair Labor Standards Act of 1938

question 165

Multiple Choice

The Fair Labor Standards Act of 1938

• A) did not include a provision regarding working hours.
• B) created an enforcement mechanism to protect unions' right to organize.
• C) signaled the start of a new round of New Deal legislation.
• D) established a national minimum wage.
• E) sought to eliminate hiring discrimination based on race, but not on gender.

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Definitions:

Discount on Bonds Payable

The difference between the face value of a bond and its lower selling price before maturity, reflecting investor perceptions of risk or interest rate differences.

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the correct period for a more accurate financial statement.

Face Value

The nominal value stated on a financial instrument, such as a bond or stock, representing its official worth.

Accrued Interest

Interest that has been incurred but not yet paid or received, often related to bonds or loans.