The amount found by the calculation of the regular rates on the insured’s payroll.

A uniform price that is pre-established for services or goods that is based on cost of replacement , historical prices or the analysis of it competitive market position .

Difference between actual cost of acquisition and inventory recorded amounts of the standard cost per unit.

Term for state mandated provisions appearing an policies issued in that state.

Written guidelines precisely defining operational, chemical, physical features along with quality and quantity of the item to be acquired.

The rate that is based on standard costing or standard practices.

Research firm publishing information on rates, closing dates, needs, circulation , markets serviced by different advertising media .

A pure risk that is normal or common and can be insured at standard premium rates.

A term used in the hotel industry for accommodation of a lower price and a lower quality.

The specification that is defined precisely and established with a standardization process to be used for purchases of a certain item.

An article that is approved for procurement , issue or storage and is normally kept at hand.

Benchmark temperature and pressure used to calculate varying values of pressure and temperature. Was called NTP, Normal Temperature and Pressure.

1. Reference time for a time zone or country. GMT, Greenwich Mean Time for example. 2. Time taken for an average worker qualified to complete a task at a rate […]

Compiling standard time values for each task element used to establish a standard time for tasks that are similar.

The size of inventory kept without compromising liabilities of operation.

Publication , implementation of rules, guidelines and specifications for repeated and common use in order to gain an optimum degree of order.

Bringing into conformity or compliance with a specific standard.

The cohort rate of death of the population crude rate of death that is standardized by factors such as age, education, income and marital status.

1. General. Written limit, definition or rule that is approved and monitored by an agency as the minimum benchmark acceptable. 2. GATT defection. “Technical specifications contained in a document that […]

Organization in a public or private sector , national or international that proposes, monitors, develops voluntary standards. For example ISO, ANSI.

Guidelines adopted to eliminate the use of standards as unnecessary trade barriers by Tokyo round of GATT, now known as WTO.

1. Held as a reserve, substitute or spare to use when needed. 2. Passenger ticket with no reservation but takes the next available seat.

After preemptive rights are exercised by the shareholders the remaining shares are purchased in agreement with a firm by underwriters of a rights issue guaranteeing the holdings by the firm […]

A bank is protected if a customer defaults on a transaction by a standby letter of credit giving the bank the authority to pay the beneficiary and go after the […]

Used in US where banks are not allowed to issue some guarantees.