A fakeation is a fake vacation, where you turn on your email autoresponder and change your outgoing voicemail message to show that you're out of the office. Really, though, you're in the office, catching up on work.
"That guy was so far behind in his work he had to declare a fakeation to try and catch back up."
A Lazcation is where you do absolutely NOTHING during your time off work.
A Lazy Vacation.
You don't go anywhere or do anything, intentionally.
Although there is some debate regarding Lazcation activities. Some approve of Reading or Sleeping or Watching movies. Others rely on a pure view on doing little to nothing.
Q- "I see you are taking time off on Monday, do you have plans to go somewhere"
A- "Nah, I think I'm going to go have a Lazcation instead"