The Fair Labor Standards Act (FLSA) includes provisions for:
A. personal finance.
B. minimum wage.
C. wage discrimination.
D. environmental hazards.
E. retirement plans.
Answer: B. minimum wage.
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If a firm issues common stock in return for services other than from employees, the firm records the transaction at the fair value of the services received if it can more reliably measure this amount. Otherwise, the firm records the transaction at the fair value of the shares issued
Indicate whether the statement is true or false
The sales commission incurred based on units of product sold during the month is an example of a product cost.
Answer the following statement true (T) or false (F)
Harry Kunz applied for a job as a data entry clerk with the Clark Foundation. The job ad stated the minim requirements as being a bachelor's degree
Harry, who only possessed a high school diploma, lied on his resume by stating that he had received a Bachelor's Degree from the University of British Columbia. Harry got the job and performed extremely well. Two years after he was hired, his supervisor discovered that Harry had lied about his qualifications and he was immediately fired. Harry wishes to take legal action against his employer for wrongful termination. Which of the following is TRUE? A) Harry will likely be successful in recovering damages for wrongful termination of his employment as he was an excellent employee irrespective of his true educational qualifications. B) Harry did not make a material misrepresentation as his job performance illustrated clearly that a Bachelor's degree was not a true prerequisite of the post. C) Harry's employer can no longer rely on his having lied about his qualifications as grounds for his dismissal as too much time has passed. D) The employer was justified in terminating Harry's employment as Harry had made a material misrepresentation. E) Harry's dismissal was justified as he lied and any lie told by an employee to his employer is always grounds for immediate termination.
This chapter presented a multitude of laws designed to protect consumers. Which three statutes do you think are most important and why? Make sure to define what protections the legislation affords consumers, and then explain the importance of the statute