Which is not a correct statement regarding the Fair Labor Standards Act $($FLSA$)?$

Exemptions of overtime p$$y apply to professional, executive, and administrative employees.

Employees do not need to receive advance approval to work more than forty hours in a week.

Overtime pay can be avoided by giving employees compensatory time off instead.

All workers subject to the law's minimum wage coverage are eligible to receive overtime pay at the rate of $1\frac{\frac{1}{2}}{2}$ times their regular rate of pay.