Legal Articles

MASTER PLAN

Several related subplans incorporated together to make one master plan.

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MATERIAL COST

Product production’s monetary investment. Things that incur material costs, for example, are the ingredients of a meal or the parts of a machine. The cost of labor to produce the product is separate from this cost. The total cost of a product and its eventual sale price are arrived at by combining the material cost with the cost of labor.

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MATERIALS QUANTITY VARIANCE (MQV)

In a manufacturing operation this is material’s standard cost minus material used actual cost. A company calculates that the materials needed to manufacture one of its products costs $5, as an example. The actual cost during a certain period is $6. The company discovers that The materials quantity variance is $1 times the number of units manufactured.

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MATURE MARKET

One that is functioning without change or innovation or has no growth.

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MAXIMIZATION

With no regard to cost or expense this is choosing the path with the best or highest expected outcome. By contrast, optimization is selecting the most cost-effective alternative. Also refer to satisficing.

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MBF

Board feet of lumber symbol for one thousand, not 1 million. One MBF equals 2.36 cubic meters or 83.33 cubic feet. Also refer to MCF.

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MEASUREMENT NOISE

slight price or volume upticks or downticks causing errors in determining the asset’s value. This type of noise is a short-term phenomenon. Also known as observational noise.

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MEDIA CHANNEL

Newspapers, radio stations, television stations, and the like used in reaching intended audience as this type of specific medium.

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MEDICAL EXAMINATION

Conducted by a doctor acting as the insured’s agent, a prospective insured receives this type of physical evaluation.

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MEDICARE SUPPLEMENT INSURANCE

Medicare supplemental insurance coverage cannot duplicate the benefits provided to the insured by Medicare, but often times the insured’s deductibles or copayments will be paid.

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MEMO ENTRY

No total increase or decrease occurs from this specific type of balance sheet transaction. Stock splits are a typical use.

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MERCANTILE AGENT

Agent who a principal authorizes to purchase and liquidate assets, and to raise funds by using the principal’s assets as loan collateral. Also refer to commercial agent.

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MERCHANT SERVER

Electronic commerce through services associated with this specifically configured type of dedicated computer.

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MESOTHELIOMA

Lungs and stomach lining disease caused by inhaling or ingesting asbestos fibers is this specific type of cancer. Also refer to asbestosis.

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METHODOLOGY

Broad principles or rules in this specific type of system. Used to guide a user to the specific methods or procedures needed to derive, interpret, or solve different problems within the scope of a particular discipline. A methodology is a set of practices. Contrast to an algorithm, a formula.

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MICROBIAL CONTAMINATION

Making food unfit for consumption by Clostridium botulinum inclusion in an item used as food, or growth of other harmful microorganisms.

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MICROFICHE

Film type of media. Microform of 4 x 6 inch or 105 x 148 millimeters. Typically contains a grid pattern equivalent to seven pages of text as several microimages. Is read by a microfilm reader. Also known as fiche.

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MICROSOFT EXCEL

Multiplan was the first software program similar to Excel, released in 1982. Software developed and manufactured by Microsoft (MS) Corporation developed and sells Excel. It is a widely used user tool to organize, format, and calculate data with formulas, using a spreadsheet format matrixed into rows and columns. MS-Excel comes bundled with MS- Office, compatible with the suite of products.

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MIDTERM BARGAINING

Contract terms negotiations occurring while the contract is in force, rather than waiting until the contract needs to be renewed or re-initiated. Only new issues or issues not in the in-force contract can be negotiated mid-term based on restrictions by most union contracts.

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MILLARD

For large volumes of water, this specific unit of measure is used. It is equal to about 810,767 acre-feet, one cubic kilometer, or one billion (109) cubic meters.

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