Passed by Congress in 1931,the ____ Required That Contractors and Subcontractors

question 42

Multiple Choice

Passed by Congress in 1931,the ____ required that contractors and subcontractors on federal construction contracts in excess of $2,000 pay the prevailing wage rates for the locality of a project.

• A) Fair Labor Standards Act
• B) Equal Pay Act
• C) Davis-Bacon Act
• D) Walsh-Healey Public Contracts Act

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Definitions:

Phantom Profits

Profits that are recorded on the books but do not result in an actual cash benefit, often due to accounting practices or non-cash expenses.

Paper

Paper refers to a thin material composed of processed cellulose fibers derived from wood, rags, or grasses, and used for writing, printing, or packaging.

Unit Price

The cost assigned to a single unit of a product or service, which helps consumers compare prices and make purchasing decisions.

LIFO Inventory Method

An inventory costing method that assumes the last items put into inventory are the first ones taken out, used in calculating cost of goods sold.