Week one managerial finance

Using the model to find the solution: It is a simplified representation of the actual situation It need not be complete or exact in all respects It concentrates on the most essential relationships and ignores the less essential ones. It is more easily understood than the empirical i.

Week one managerial finance

Determining whether an employee has management as the primary duty of the position requires case-by-case evaluation. A "rule of thumb" is to determine if the employee is "in charge" of a department or subdivision of the enterprise such as a shift.

One handy clue might be to ask who a telephone inquiry would be directed to if the called asked for "the boss.

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Thus, for example, if a "sergeant" and a "lieutenant" are each at work at the same time in the same unit or subunit of the organizationonly the lieutenant is "in charge" during that time.

For example, the night manager at a fast food restaurant may in reality spend most of the shift preparing food and serving customers. The final requirement for the executive exemption is that the employee have genuine input into personnel matters.

This does not require that the employee be the final decision maker on such matters, but rather that the employee's input is given "particular weight.

Exempt professional job duties. The job duties of the traditional "learned professions" are exempt. These include lawyers, doctors, dentists, teachers, architects, clergy. Also included are registered nurses but not LPNsaccountants but not bookkeepersengineers who have engineering degrees or the equivalent and perform work of the sort usually performed by licensed professional engineersactuaries, scientists but not technicianspharmacists, and other employees who perform Week one managerial finance requiring "advanced knowledge" similar to that historically associated with the traditional learned professions.

Week one managerial finance

Professionally exempt work means work which is predominantly intellectual, requires specialized education, and involves the exercise of discretion and judgment.

Professionally exempt workers must have education beyond high school, and usually beyond college, in fields that are distinguished from more "academic" than the mechanical arts or skilled trades.

Advanced degrees are the most common measure of this, but are not absolutely necessary if an employee has attained a similar level of advanced education through other means and perform essentially the same kind of work as similar employees who do have advanced degrees.

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Some employees may also perform "creative professional" job duties which are exempt. This classification applies to jobs such as actors, musicians, composers, writers, cartoonists, and some journalists.

It is meant to cover employees in these kinds of jobs whose work requires invention, imagination, originality or talent; who contribute a unique interpretation or analysis. Identifying most professionally exempt employees is usually pretty straightforward and uncontroversial, but this is not always the case.

Whether a journalist is professionally exempt, for example, or a commercial artist, will likely require careful analysis of just what the employee actually does. Exempt Administrative job duties.

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The most elusive and imprecise of the definitions of exempt job duties is for exempt "administrative" job duties. The Regulatory definition provides that exempt administrative job duties are a office or nonmanual work, which is b directly related to management or general business operations of the employer or the employer's customers, and c a primary component of which involves the exercise of independent judgment and discretion about d matters of significance.

The administrative exemption is designed for relatively high-level employees whose main job is to "keep the business running. Employees who make what the business sells are not administrative employees. Administrative employees provide "support" to the operational or production employees.

They are "staff" rather than "line" employees. Examples of administrative functions include labor relations and personnel human resources employeespayroll and finance including budgeting and benefits managementrecords maintenance, accounting and tax, marketing and advertising as differentiated from direct salesquality control, public relations including shareholder or investment relations, and government relationslegal and regulatory compliance, and some computer-related jobs such as network, internet and database administration.

To be exempt under the administrative exemption, the "staff" or "support" work must be office or nonmanual, and must be for matters of significance.

Clerical employees perform office or nonmanual support work but are not administratively exempt. Nor is administrative work exempt just because it is financially important, in the sense that the employer would experience financial losses if the employee fails to perform competently.

Administratively exempt work typically involves the exercise of discretion and judgment, with the authority to make independent decisions on matters which affect the business as a whole or a significant part of it.a.

Why is corporate finance important to all managers? Corporate finance is important to all managers as it helps to achieve the three goals of the company.

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