CHFM Finance and Administration questions with correct answers

What does the acronym FTE stand for? Correct Answer-Full Time Equivalent What are the number of hours that make up an FTE? Correct Answer-40 hours per week; 2080 hours per year 40 hours per week x 52 weeks = 2,080 hours What are budgeted hours? Correct Answer-Budgeted hours are estimated hours that an employee works per pay period in a particular assignment restricted by the planned expenditure for a fiscal year. How is overtime defined? Correct Answer-Overtime is defined as greater than 40 hours per week or greater than 2,080 hours per year. Who is eligible for overtime under the Fair Labor Standards Act (FLSA)? Correct Answer-Non-exempt Employee Exempt employee (salaried, not eligible for overtime) Non-exempt employee (eligible for overtime) eligibility, recordkeeping and child labor standards affecting full-time and part-time workers The Fair Labor Standards Act (FLSA) is a federal law which establishes minimum wage, overtime pay sector and in federal, state and local governments. What is the definition of productive Correct Answer-Productive time includes actual hours worked. This includes training hours, overtime hours, meeting time, work order entry time, field service work, etc.