Which of the Following Statements Is True About the Fair

question 19

Multiple Choice

Which of the following statements is true about the Fair Labor Standards Act (FLSA) ?

• A) The overtime rate under the FLSA is two and a half times the employee's hourly rate.
• B) The FLSA permits federal contractors to pay less than the prevailing wage rate.
• C) The FLSA permits a subminimum training wage equal to 95% of the minimum wage.
• D) Nonexempt employees are covered by FLSA and include most hourly workers.
• E) Under the FLSA,executive,professional,and administrative employees are considered nonexempt employees.

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Definitions:

Another Company's Check

A form of payment issued by one company to another for goods or services rendered.

Electronic Funds Transfer

A system that allows the transfer of money between accounts via electronic signals, eliminating the need for physical checks.

Deposits In Transit

Funds that have been received and recorded by a business, but not yet processed or recorded by the bank.

Timing Difference

Differences between when transactions affect the book balances and bank balances, often seen in accounting reconciliations.