Occupational health and safety – (OH&S) is concerned with protecting the safety, health and welfare of people in the workshop.

Official receiver – a person appointed to investigate and manage the affairs of a company in receivership.

OHS/OH&S – See ‘Occupational Health and Safety’

Operating expense – all the expenses normally incurred in running a business, during an accounting period, excluding the cost of goods sold.

Option – an agreement, often for a consideration, which permits the purchase or sale of something within a stipulated time, in accordance with the terms of the agreement. For example, a right by a tenant to take up a further lease of premises, usually under conditions outlined in the original lease.

Overdraft – a form of loan by which a person with a trading bank current account is given permission to continue making drawings on the account up to an agreed limit, after the balance has been reduced to nil.

Overheads – expenses which cannot be attributed to any specific business activity, but are necessary for the business to function. Examples are rent, heating and lighting.

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