Final answer:
The statement is false. The Fair Labor Standards Act (FLSA) does not define an employee's professional status based on their wage rate.
Step-by-step explanation:
The statement that any employee who is paid at a rate higher than that specified in the Fair Labor Standards Act (as amended) is legally considered to be a professional is False. The Fair Labor Standards Act (FLSA) does not define an employee's professional status based on their wage rate. Instead, it defines exempt professionals as those who meet specific criteria related to their job duties, such as performing work that requires advanced knowledge and is predominantly intellectual or creative in nature.