Which of the Following Is a Federal Law That Sets

question 48

Multiple Choice

Which of the following is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans?

• A)Workers' compensation laws
• B)The Employee Retirement Income Security Act
• C)The Family and Medical Leave Act
• D)The Fair Labor Standards Act
• E)The Benefits Protection Act

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Definitions:

Materials Requirements Planning

A production planning and inventory control system used to manage manufacturing processes by determining material requirements.

Derived Demand

Demand for a commodity, service, etc., that is a consequence of the demand for something else; for instance, the demand for steel is derived from the demand for automobiles.

Just-In-Time

An inventory strategy that aligns raw-material orders from suppliers directly with production schedules to minimize stock levels.

EOQ

Economic Order Quantity; the ideal order quantity a company should purchase to minimize its inventory costs, including holding, shortage, and order costs.