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1.
The degree of formality when related to the workplace, most often with clothing.

formal > business formal > business casual > casual

Companies will require employees to wear business formal in corporate or financial environments, executive and management positions, or when interacting with high-caliber customers.

Business casual is more common in small cities and among mid- and entry-level employees. Some business formal companies have Business Casual Fridays.

When in doubt, it is better to overdress than to wear clothes too casual, so as not to be reprimanded by the suits.

"Dress for the job you want, not the job you have."
Business formal: Suits

Business casual: Sweater, collar without a necktie, polo, vendor swag, blouse, black/brown/navy/gray trousers, pressed khakis.

Casual: Dockers, denim jeans, shorts, t-shirts, linen.
de Coell 6 juillet 2005
 
2.
When you're starting to get a boner. This is also known as a chubby. A Business casual can be used to describe your dick by saying it is half way to business (boner) and half way to casual (limp).
Friend: Did you see the ass on that girl?

Yourself: Yeah dude, I'm sportin' business casual over here now.
de thatsgoodkarma 3 août 2010
 
3.
When a woman receives a lovely, fully bare bikini wax that appears great at first, but upon closer inspection one finds out -- to their horror -- that the wax has not touched her butt-hole at all...which remains hairy as hell.
I was so excited when my girl told me she got a bikini wax, but as I got up in her business I was horrified to see that her beautifully bare snatch led to a horrible pot of gold that resembled an old man's eyebrows. I realized my girl did not get a full wax at all, she was just going business casual. Bitch.
de Timmy the Greeks 17 avril 2010