Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 × 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Paying Less Than the Minimum Wage Under certain conditions, wages lower than the minimum wage may be paid to some employees. Tipped employees. A training wage allows employers to pay $4.25 per hour to newly hired employees under 20 years of age (opportunity wage). This only applies to the first 90 consecutive calendar days of employment. Retail or service establishments and farms may employ full-time students at 85 percent of the minimum wage ($6.1625 per hour, government rounds to $6.17 in favor of the employee). Institutions of higher education may employ their own full-time students at 85 percent of the minimum wage. Student-learners may be employed at 75 percent of the minimum wage if they are participating in a bona fide vocational training program conducted by an accredited school ($5.44 per hour). Firms whose principal business is the delivery of letters and messages may employ messengers at not less than 95 percent of the minimum wage. Persons whose earning capacity is impaired by age, physical or mental deficiency, or injury may be employed at special minimum wage rates. However, a certificate authorizing employment at such rates must first be obtained from the Department of Labor's Wage and Hour Division. Carson Beck has been working for the last 4 months at the local Worst Buy Shop. As a full-time student at the local university, he is being paid an hourly rate of $4.20 an hour. One week, Beck worked 37 hours. Round your answers to the nearest cent. a. Beck's earnings for the week are b. Is the hourly rate in violation of the FLSA? c. If the hourly rate is in violation of the FLSA, what is the amount the shop should pay Beck for the week? When computing the per hour rate, use the government's rounding rule in your calculation.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
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Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows:
1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827
Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62
Hourly rate $421.62/40 = $10.540 rounded to $10.54
O.T. rate $10.54 × 1.5 = $15.81Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Paying Less Than the Minimum Wage
Under certain conditions, wages lower than the minimum wage may be paid to some employees.
- Tipped employees.
- A training wage allows employers to pay $4.25 per hour to newly hired employees under 20 years of age (opportunity wage). This only applies to the first 90 consecutive calendar days of employment.
- Retail or service establishments and farms may employ full-time students at 85 percent of the minimum wage ($6.1625 per hour, government rounds to $6.17 in favor of the employee).
- Institutions of higher education may employ their own full-time students at 85 percent of the minimum wage.
- Student-learners may be employed at 75 percent of the minimum wage if they are participating in a bona fide vocational training program conducted by an accredited school ($5.44 per hour).
- Firms whose principal business is the delivery of letters and messages may employ messengers at not less than 95 percent of the minimum wage.
- Persons whose earning capacity is impaired by age, physical or mental deficiency, or injury may be employed at special minimum wage rates. However, a certificate authorizing employment at such rates must first be obtained from the Department of Labor's Wage and Hour Division.
Carson Beck has been working for the last 4 months at the local Worst Buy Shop. As a full-time student at the local university, he is being paid an hourly rate of $4.20 an hour. One week, Beck worked 37 hours.
Round your answers to the nearest cent.
a. Beck's earnings for the week are
b. Is the hourly rate in violation of the FLSA?
c. If the hourly rate is in violation of the FLSA, what is the amount the shop should pay Beck for the week? When computing the per hour rate, use the government's rounding rule in your calculation.
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