Outline the minimum wage requirement established by the Fair Labor Standards Act. How are wages calculated for a tipped employee?
What will be an ideal response?
The Fair Labor Standards Act establishes minimum wage and overtime pay requirements for workers. Workers whose daily job duties are managerial, administrative, or professional are exempt from the act's wage and hour provisions. FLSA requires that most employees in the United States be paid at least the federal minimum wage for all hours worked. The federal minimum wage is set by Congress and can be changed. The Department of Labor permits employers to pay less than the minimum wage to students and apprentices. An employer may reduce the minimum wage by an amount equal to the reasonable cost of food and lodging provided to employees. There is a special minimum wage rule for tipped employees. An employee who earns tips can be paid $2.13 an hour by an employer if that amount plus the tips received equals at least the minimum wage. If an employee's tips and direct employer payment does not equal the minimum wage, the employer must make up the difference.
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Term premium refers to
A. the interest rate on a long-term bond minus the average interest rate on future short-term bonds. B. the interest rate on a long-term bond plus the average interest rate on future short-term bonds. C. the average interest rate on future short-term bonds. D. the standard deviation of the interest rate on long-term bonds.
Companies providing global support must address the language and legal issues that come with working in an international environment; it is not so important to address technical and cultural issues.
Answer the following statement true (T) or false (F)
Fox Manufacturing At the beginning of the year, Fox Manufacturing had budgeted for the production and sale of 24,000 units. The standard sales price and variable costs per unit were budgeted to be $20.00 and $8.00, respectively. Actual sales for the year totaled 21,000 units, and the actual sales price and variable costs per unit were $19.50 and $8.00, respectively. Both budgeted and actual fixed
costs were $20,000. Refer to the Fox Manufacturing information above. What was Fox's sales price variance for the year? A) $10,500 F B) $10,500 U C) $12,000 F D) $12,000 U
Suppose X has a normal distribution with mean 40 and standard deviation 2 . Shifting all the X values to the right 10 units results in a normal distribution with mean ____________________ and standard deviation ____________________
Fill in the blank(s) with correct word