BANK GUARANTEE Definition

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BANK GUARANTEE is an irrevocable commitment by a bank to pay a specified sum of money in the event that the party requesting the guarantee fails to perform the promise or discharge the liability to a third person in case of the requestors default.

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W-2 FORM, Wage and Tax Statement, is the form U.S. employers are required by the IRS to issue for each employee before February 28th of the following year. The W2 form lists the employees total wages/compensation and taxes withheld within the calendar year of the year preceding.

CYCLE COUNT is a partial count of a single inventory location as opposed to a Complete Count, i.e., a complete count of a single inventory location. An organization should not wait to do a complete count; usually once a year. The best way to ensure that a minimum of 97% accuracy is maintained in inventory on an ongoing basis is to continually count your products. That is, count part of your inventory every day, and count each item several times per year. This process is called "cycle counting."

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