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Term used for someone who has been fired or forced to resign from their job, hence there being no cake to eat at a going away party.
Person 1: Too bad about Frank resigning. When's the party? Person 2: There's isn't one. He's a no caker.
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Term used to refer to someone who has been fired from their job.
Person 1: Where's Ed? I haven't seen him.
Person 2: Oh, you didn't hear? He's an Effective Last Friday.
Person 1: Bummer.