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Definition of Work Week

Work Week Image 1

Work Week

A fixed period of 168 consecutive hours that recurs on a consistent basis.



Related Terms:

Hourly Rate Plan

A method for calculating wages for hourly employees that involves
the multiplication of the wage rate per hour times the number of hours
worked during the work week.


Overtime

A pay premium of 50 percent of the regular rate of pay that is earned
by employees on all hours worked beyond 40 hours in a standard work week


Contract Work Hours and Safety Standards Act

A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.


Discouraged Worker

An unemployed person who gives up looking for work and so is no longer counted as in the labor force.


economically reworked

when the incremental revenue from the sale of reworked defective units is greater than
the incremental cost of the rework



Make-Work Project

A project, such as digging holes and filling them up again, that has no useful purpose other than to make work.


Net working capital

Current assets minus current liabilities. Often simply referred to as working capital.


Work Week Image 2

net working capital

Current assets minus current liabilities.


network organization

a flexible organization structure that
establishes a working relationship among multiple entities,
usually to pursue a single function


Personal Responsibility and Work Opportunity Reconciliation Act

A federal Act requiring the reporting of new hires into a national database.


Rework

Refers to a product that does not meet a company’s minimum quality standards,
but which is then repaired in order to meet those standards.


Rework

The refurbishment of a faulty part.


Weekend effect

The common recurrent low or negative average return from Friday to Monday in the stock market.


Work-in-process

Any items being converted into finished goods or released from
the warehouse in anticipation of beginning the conversion process.


Work-in-process inventory

Inventory that has been partially converted through the
production process, but for which additional work must be completed before it can
be recorded as finished goods inventory.


Work-in-progress

Goods or services that have commenced the production process but are incomplete and unable to be sold.


Work Week Image 3

Workers' Compensation Benefits

Employer-paid insurance that provides their employees with wage compensation if they are injured on the job.


Working capital

Defined as the difference in current assets and current liabilities (excluding short-term
debt). Current assets may or may not include cash and cash equivalents, depending on the company.



Working capital

Current assets less current liabilities. Money that revolves in the business as part of the process of buying, making and selling goods and services, particularly in relation to debtors, creditors, inventory and bank.


working capital

total current assets minus total current liabilities


Working capital

The amount of a company’s current assets minus its current liabilities;
it is considered to be a prime measure of its level of liquidity.


Working Capital

Current assets minus current liabilities


Working Capital

Funds invested in a company's cash, accounts receivable and inventory. Net working capital is current assets minus current liabilities.


Working Capital Cash

The cash component of working capital.


Working capital management

The management of current assets and current liabilities to maximize shortterm liquidity.


Working capital ratio

working capital expressed as a percentage of sales.


Workout

Informal arrangement between a borrower and creditors.


workout

Agreement between a company and its creditors establishing the steps the company must take to avoid bankruptcy.



Workout period

Realignment period of a temporary misaligned yield relationship that sometimes occurs in
fixed income markets.


Temporary Life Insurance

Temporary insurance coverage is available at time of application for a life insurance policy if certain conditions are met. Normally, temporary coverage relates to free coverage while the insurance company which is underwriting the risk, goes through the process of deciding whether or not they will grant a contract of coverage. The qualifications for temporary coverage vary from insurance company to insurance company but generally applicants will qualify if they are between the ages of 18 and 65, have no knowledge or suspicions of ill health, have not been absent from work for more than 7 days within the prior 6 months because of sickness or injury and total coverage applied for from all sources does not exceed $500,000. Normally a cheque covering a minimum of one months premium is required to complete the conditions for this kind of coverage. The insurance company applies this deposit towards the cost of a policy at its issue date, which may be several weeks in the future.



 

 

 

 

 

 

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