Briefly describe the origin and purpose of the Fair Labor Standards Act (FLSA)

The Fair Labor Standards Act was passed by Congress and signed into law on June 25, 1938. The FLSA deals with four areas: minimum wages, overtime pay provisions, child labor, and equal pay for equal work. The Equal Pay Act is an amendment to the FLSA. The FLSA, as amended, provides for three bases of coverage. Employees, who are engaged in interstate commerce, including both import and export, are covered. In addition, employees who are engaged in the production of goods for interstate commerce are subject to the FLSA. In 1966, the FLSA was extended to cover some federal employees and to include state and local hospitals and educational institutions. In 1974, FLSA coverage was extended to most federal employees, to state and local government employees, and to private household domestic workers.?

Business

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All of the following are examples of temporary differences that result in tax deductions in future years except:

a. depreciable property b. estimated liabilities related to discontinued operations c. product warranty liabilities d. litigation accruals

Business

Which of the following is a short-run objective of customer promotion?

A) awareness enhancement B) image enhancement C) induce retailers to display the brand D) increased purchase by current customers

Business