Different areas in the LOB would view customers in different ways. Business glossaries ensure there is no miscommunication between departments by putting clear definitions that are applicable throughout the whole organization.

• The Great Recession and the years following it have brought business and financial terms more frequently to the pages of non-specialist newspapers.
• Special Events Center, The Performing Arts Center, and the Wildflower Center.
• Examples of special events include art shows, conferences, exhibits, festivals, weddings, and reunions.
• It also gives us information about the owners, subject matter experts, classification, and verification/validity status of the term.

Rating systems which attempt to grade or assess corporate governance quality. Rating systems might take the form of an index, where governance variables are quantified and the scores aggregated to arrive at a numerical value of governance quality.

Burn Rate

A business glossary must follow a standard structure. It should have a consistent hierarchy based on the general nature of data in the organization. The challenge is to keep the structure generic enough to incorporate glossary terms from multiple domains like finance, HR, sales, etc. A business glossary is a collection of unique business terms and definitions that helps understand the data assets’ key characteristics. It makes data discoverability easier for businesses because it consists of popular business terms rather than IT keywords.

Capitalization—a conversion of a single period of economic benefits into value. A strategy where multiple hedge funds, each with minority positions in a company, work together to force change on a target company. An issue of bonds derived from a pooling of like obligations that is differentiated from other issues especially by maturity or rate of return. Executive directors should not serve more than six years on the board. The appointment of independent directors to the board. The company adopts an “inside-outside model” which combines an internal horse race with an evaluation of the external job market to select the most qualified candidate from the total labor market. Guidelines that specify the minimum amount of stock that an executive is required to hold during employment, generally expressed as a multiple of base salary.

Clawbacks and Deferred Payouts

For specific advice applicable to your business, please contact a professional. Small Business Financing & Startup CostsSellers https://www.wave-accounting.net/ PermitCertificate of resale – this permit lets you collect sales tax from your customers which you, in turn, pay to the state.

The poison pill defense was first used in 1982 by General American Oil to prevent a hostile takeover by T. The defense was ruled legal in 1985 by the Delaware Supreme Court and subsequently has been imitated by numerous other firms. Amenities purchased or provided by the company, such as personal use of the company car or airplane, club memberships, or the purchase of a home or apartment. Required under Generally Accepted Accounting Principles reporting, where change in value is included in current net income even though the contracts specify that they cannot be exercised until expiration . The process of testing a hypothesis through real-world observation. Large sample statistical testing, field studies, and individual case studies are examples of empirical testing. The opposite of empirical testing is deductive reasoning based on theoretical principles.

RETURN ON INVESTMENT (ROI)

Assets are resources that businesses control, in which the owner expects assets to generate future cash flow. Examples include inventory, equipment, and land. A business glossary can prevent poor communication and unify the departments in your organization. A business glossary offers transparency and ensures that data and business terms are accurate and understood companywide. It’s also a useful tool for training new employees.

The person who has physical possession of a petty cash fund. Custodians are designated by the responsible person. Person at the federal agency whom approves the contract or grant.

It is called an ABC Agreement because it includes three possible options for the employee should he or she leave the firm one day. It’s a useful onboarding tool for new employees to learn the business vocabulary and refer back to moving forward. A sample business glossary can be downloaded from the attachments Glossary Of Business Terms at the end of this page. Top Of The Funnel — refers to the initial stages of the sales funnel, where the consumer is looking for answers to a problem that may involve your product or service. Click Through Rate tells you how many people are moving through your website toward purchasing your product or service.

• The area within the boundaries of the incorporated municipality in which a state employee’s place of employment is located.
• The process by which a company evaluates and reduces its risk exposure.
• Usually, they invest in exchange for part-ownership of the nascent company, or convertible debt.
• Set of accounting principles that dictate how companies are expected to record business transactions.
• Is the annual distribution rate used to ensure that the endowment’s distribution rate remains within a range of 3.5% to 5.5% of the Long Term Fund’s market value.

An official University of Texas entity, such as an academic department, administrative department, organized research unit, or project director responsible for a sponsored project. The percentage that is charged based on the taxable sale.

BUSINESS TERM DEFINITIONS

The shares held at a brokerage firm are registered under the name of the brokerage (“street name”), even though they are beneficially owned by the individual. Brokers are required to forward these shares to the beneficial owner and vote according to owner instructions. If the broker does not receive instructions within 10 days of the vote date, a broker nonvote is said to occur. New York Stock Exchange Rule 452 defines the situations in which a broker is allowed to use discretion in voting these shares and when he or she is disallowed. The treatment of broker non votes can be important in determining the outcome of closely contested proxy battles. The purposeful misapplication of generally accepted accounting standards in order to inflate reported financial results.

• Data Catalog Discover, understand and classify the data that matters to generate insights and drive business value.
• The likelihood and severity of loss from unexpected or uncontrollable outcomes.
• Existing shareholders bear the cost of backdating, because the company receives lower proceeds when the stock option is exercised.
• A price that is fair to both parties, considering the agreed-upon conditions, promised quality, and timeliness of contract performance.
• Similarly, a “busy” board is one in which a significant number of directors are busy.
• AI is becoming more common in business and production processes, as well as in our homes.
• Control mechanisms are put in place in society to deter such behavior by increasing the probability of detection and shifting the risk–reward balance so that the expected payoff from crime is decreased.

B2B transactions take place when a company sells goods or services to another company. Variable costs change proportionally to production.

MDOL has severalWage and Hour Compliance Assistance classesscheduled all over the state and we are scheduling additional sessions over the next six months. If you are interested in attending a class, would like a class in your area, or have general overtime questions, please Most employees must be paid the Maryland State Minimum Wage Rate. Reimbursed expenses – Payments from an employer to cover a worker’s out-of-pocket costs related to employment such as gas, food, lodging , and airfare. This section contains general information about worker misclassification and how D.C.

Texas mandates a minimum wage of $7.25 an hour which is based on the existing federal minimum wage rate at any point in time. TheTexas Workforce Commissionwebsite may have additional specific information on wage laws in the state. The minimum wage in Kentucky is $7.25 per hour, with an automatic https://www.bookstime.com/ increase if the federal minimum wage rises. Overtime pay is required for employees working over 40 hours in a week, and also for any employees who work seven days in a single work week . TheKentucky Labor Cabinetwebsite may have additional specific information on wage laws in the Commonwealth.

Who is required to pay minimum wage?

Therefore, employers should maintain employment records to comply with the FLSA and to ensure that, as employers, they have an adequate response to possible employee claims. RemediesEmployees who believe their FLSA rights were violated may file a complaint with the local office of the United States Department of Labor’s Wage and Hour Division.

Puerto Rico applies a variable minimum wage that differs between industries. Further, employers covered minimum wage and overtime pay by the federal wage and hour law, theFLSA, are required to pay the higher federal minimum wage.

Regular hourly rate

Service charges usually are added to a customer’s bill for services related to food, beverage, or entertainment, and may be payable to workers. However, because Alex is entitled to a minimum daily wage, the employer must pay him for at least 4 hours of work. Divide the weekly salary by 40 to get the regular rate. “Smoking breaks” – smoking breaks are not required under Texas or federal law, are in the same category as rest breaks , and may be controlled in any way with appropriate policies. Law does not regulate overtime, so employment contracts or collective bargaining agreements establish the rates – usually either 50% or 100% of pay or time off). For higher personnel, overtime is typically deemed to be part of their salary. Throughout 16 weeks, employees should work no more than 48 hours a week on average.

Special overtime rules also apply to government agencies, public works projects, canneries and some hospital employees. For more information see the Oregon Wage and Hour Laws Handbook.

Agricultural Overtime

Some exemptions are allowed under federal law but our state law prohibits the exemption or does not address it. Employers can define a workweek as any 7 consecutive days beginning on the same day and time every week. If an employer does not define a workweek, then it defaults to the calendar week – Sunday through Saturday.

The minimum wage in Nebraska is $9.00 an hour for employers with four or more employees. Overtime is required for time worked beyond 40 hours in a week. TheNebraska Department of Laborwebsite may have additional specific information on wage laws in the state. The minimum wage in Michigan is $9.87 per hour for employers with two or more employees.

Overtime pay is required for time worked over 40 hours, but state law exempts a variety of industries, including retailers, hotels, and restaurants, from the overtime rule. TheVermont Department of Laborwebsite may have additional specific information on wage laws in the state. Minnesota establishes two minimum wage rates lower than the federal minimum. For employers with annual receipts of $500,000 or more, the minimum wage is $10.59 an hour. For those with receipts of less than that amount, the minimum wage is $8.21 per hour.

• Any employee working more than 40 hours per week is entitled to at least 1½ times the regular hourly pay for every hour over 40 worked in a week.
• Overtime pay, also called “time and a half pay”, is one and a half times an employee’s normal hourly wage.
• After 90 days, the rate must be increased to $12.00 if not utilizing the tip credit.
• For example, a worker who works 10 hours on Monday may be allowed to only work six hours on Friday within the same work week to keep the total hours at or below 40 for that same work week.
• The following information only applies to non-exempt employees covered by COMPS Order #38 .
• Pay periods may be established for any period not exceeding 35 days, but overtime must be calculated based on a recurring, seven-day workweek.
• Employers who are not exempt from the federal minimum wage will have to pay $5.15 per hour and have documentation substantiating that the workers received at least this amount.

These employers include hospitals, schools, and government agencies. Most Massachusetts employers are subject to minimum wage and overtime laws.

This issue is somewhat complicated because federal and state laws address minimum wage but impose slightly different requirements. The FLSA and its regulations can often be quite complex and can involve very technical applications of the law. Recordkeeping Covered employers are required to keep certain records for each non-exempt worker. Payroll records, collective bargaining agreements, sales and purchase records must be retained for at least three years. Records on which wage computations are based – i.e., time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages – must be retained for two years. Meal and Rest Periods Federal law does not require lunch or coffee breaks. However, when employers do offer short breaks , federal law considers the breaks as compensable work hours that would be included in the sum of hours worked during the work week and considered in determining if overtime was worked.

• The employee and employer agree on exact daily and weekly hours.
• Reduce the amount of pay allocated to base salary and add pay to account for overtime for hours worked over 40 in the workweek, to hold total weekly pay constant.
• The FLSA applies to companies which have at least two employees and whose gross revenues exceed $500,000 per year.
• There are a few narrow exceptions to the minimum wage laws explained in more detail below.
• Generally, independent contractors are self-employed businesspeople who offer specialized skills and perform a service that is not part of the company’s overall business.
• Employees who are eligible for overtime pay may not waive their right to receive overtime.
• An employer may dictate an employee’s work schedule and hours.