Compare and contrast wage and salary
What will be an ideal response?
Answer: Most employees receive the bulk of their compensation in the form of salary, if they receive a fixed amount per year, or wages, if they are paid by the unit of time (hourly, daily, or weekly) or by the unit of output. The Fair Labor Standards Act, introduced in 1938 and amended many times since then, sets specific guidelines that employers must follow when administering salaries and wages, including setting a minimum wage and paying overtime for time worked beyond 40 hours a week. However, most professional and managerial employees are exempt from these regulations, so their employers don't have to pay them for overtime. The distinction between exempt employees and nonexempt employees is based on job responsibilities and pay level. In general, salaried employees are exempt, although there are many exceptions.
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Explain how the decision process in the business market and consumer market differs
What will be an ideal response?
What is a potential disadvantage of using ROI as a performance measure for management?
A restaurant with overscheduled staff on a slow night is an example of ______.
a. insufficient capacity in the form of busy resources and poor service quality b. excess capacity in the form of idle resources c. excellent service quality d. service recovery
Short-term production serves as a broad blueprint for operations and establishes the parameters within which aggregate planning decisions are made
Indicate whether the statement is true or false.