What How When Where

Sabbatical – A period of leave which is granted to an employee, sometimes up to a year, in order for them to study, travel, rest, etc. Sabotage – To deliberately destroy or damage property, tools, or machinery in order to hinder production. To cause an obstruction to something in order to make it unsuccessful.  …

R-Value/U-Value – Refers to insulation effectiveness in buildings, and to materials used in construction. Either term may be used. U-Value is the reciprocal of R-Value. The higher the R-Value the better the insulation. The lower the U-Value, the better the insulation. Race Relations Act – A British government Act, introduced in 1976, making it unlawful to discriminate…

Qualified Opinion – A statement written by an independent auditor which accompanies a business’s financial statements, saying that the audit has been limited, e.g., because the auditor may not have been able to collect all the information required to carry out a full audit. Qualifying Period – The length of time an employee must serve in a…

Paid-Up Capital – The total amount of money which has actually been paid in full by shareholders for their shares. Paid-Up Policy – An insurance policy on which no more premiums are required, and the policy is considered paid in full and still remains in force. Paid-Up Share – A share for which the shareholder has paid the…

Objects Clause – A section in a company’s Memorandum Of Association which sets out the objectives of the company. Obsolescence – The state of becoming obsolete or out of date. Old-fashioned. Occupational Hazard – Aspects of a job which can be dangerous or pose a high risk of injury. Occupational Psychology – Also called Organisational Psychology. The study of…

Nagware – Also known as Begware. Computer shareware that periodically displays messages on your computer screen prompting you to register for a product and/or pay a fee. Naked Debenture – Also known as Uncovered Debenture. A company’s loan or debt which is not backed by any security, i.e., the company’s assets. Narrow Money – Also called M1. A…

Machine Code – Also known as Machine Language. A computer language, which consists only of numbers, that can be read and interpreted by a computer’s central processing unit (CPU). Macro – In a computer, a single instruction which results in a complete series of more detailed instructions being put into effect. Magic bullet – A simple effective solution…

Labour – Work, especially manual/physical work, for wages. Labour Intensive – A job requiring a lot of work, and often a lot of workers, in comparison to the costs of materials, equipment, etc. Labour Law – Also known as Employment Law. Legislation which defines the legal rights and obligations of employees in the workplace. Lading – Freight or cargo…

Kaizen – Japanese for ‘improvement’. When implemented in the workplace, Kaizen activities help to improve the running of a business. Kanban – Japanese for ‘visible record’. In industry, a manufacturing system which is regulated by the use of cards or boards which contain specifications and instructions for the production process of goods. Keiretsu – In Japan, an alliance…

Jasdaq – Japanese Association of Securities Dealers Automated System. Japanese securities exchange, the headquarters of which are situated in Tokyo. Job Costing – A system of calculating the cost of each individual job or project carried out by a business, includes time, labour, materials, etc. Job Lock – A situation in which a person feels they cannot leave…