W

WAGE

Money paid to a person for work done, usually figured on an hourly or piecemeal basis; also a SALARY.

WAIVER

To give up or surrender a right voluntarily, such as to forgive a provision in a contract.

WAREHOUSE

A building used to store merchandise or other materials or equipment.

WARRANTY

A promise that certain facts are true. A promise by a seller covering title, performance and physical condition of a product or service.

WAYBILL

See BILL OF LADING.

WEEK

A period of time equal to seven calendar days; five working days and two weekend days; one-52nd part of a year.

WEEK DAY

The days of the week normally associated with working, i.e., Monday through Friday. As opposed to WEEKEND, Saturday and Sunday.

WEEKEND

The days of the week normally associated with non-working days, Saturday and Sunday. As opposed to WEEK DAY, Monday through Friday.

WHITE COLLAR

People who work in a “white shirt” office environment; generally people who work in offices. As opposed to BLUE COLLAR workers, people who work in a shop, factory or construction job.

WHITE-COLLAR WORKERS

People who work in a “white shirt” office environment; generally people who work in offices. As opposed to BLUE COLLAR workers, people who work in a shop, factory or construction job.

WHOLESALE

The sale of goods or services in large quantities and at lower prices to someone other than consumers. Sales to a retail businesses, jobbers, merchants, manufacturers, industrial firms, commercial, businesses and institutions or relating thereto. Sometimes called middleperson, middleman or distributor. As opposed to RETAIL.

WHOLESALE PRICE

The amount charged (price) for items sold to other companies, usually for resale at retail price. The wholesale price is higher than FACTORY PRICE but less than RETAIL PRICE.

WHOLESALE PRICE INDEX

See PRODUCER PRICE INDEX.

WHOLESALER

A business that deals in wholesale trade. See WHOLESALE.

WIDGET

An hypothetical product name used as an example during explanation of accounting, finance or economic theory. The symbolic American gadget.

WINDOW DRESSING

A ploy used in documents and pictures to make something appear more attractive than it actually is, often used in advertising, selling and marketing. If a distortion of the facts occur, window dressing may be unethical or illegal.

WITHHOLD

To keep back a portion of the total amount until the entire project or product is available to the purchaser; non-disclosure of pertinent facts, amounts or information.

WITHHOLDING

In employee wages, to deduct an amount required by law for payment of taxes or other amounts due.

WOMB-TO-TOMB

See LIFE CYCLE.

WORKERS’ COMP.

A commonly used term for WORKERS’ COMPENSATION INSURANCE or workers’ compensation payments. See WORKER’S COMPENSATION.

WORKERS’ COMPENSATION

Mandatory state and federal insurance programs under WORKERS’ COMPENSATION LAWs that pay a salary to employees who may be injured on the job.

WORKERS’ COMPENSATION INSURANCE

Mandatory state and federal insurance programs under WORKERS’ COMPENSATION LAWs that pay a salary to employees who may be injured on the job.

WORKERS’ COMPENSATION LAW

Both the federal and state governments have laws requiring employers to provide medical and lost-wage insurance coverage for their employees who may be injured on the job.

WORKFORCE

The aggregate of workers ready and able to perform jobs in a particular field or the total workers available in the region or even in the entire country.

WORKING CAPITAL

In accounting, CURRENT ASSETS less CURRENT LIABILITIES equals working capital; also called NET WORKING CAPITAL; NET CURRENT ASSETS. This measure serves as an indication of the amount of readily available funds that can be used in operation of the business. As such, working capital finances day-to-day business operation (called the CASH CONVERSION CYCLE), allowing bills to be paid while awaiting payment of cash for sales. Internal sources of working capital include RETAINED EARNINGS, allocation of POSITIVE CASH FLOW from sources such as DEPRECIATION or DEFERRED TAXES, and savings achieved through operating efficiencies. External sources of working capital include TRADE CREDIT, SHORT-TERM LOANS, TERM DEBT, EQUITY FINANCING not used for long-term assets.

WORKING CAPITAL RATIO

A measure of the volume of sales by a business that is conducted with its amount of WORKING CAPITAL; NET SALES divided by WORKING CAPITAL.

WORKING PAPERS

In accounting, the handwritten entries and transactions recorded in accounts; the basis for calculations relating to the accounts.

WORK IN PROCESS

In manufacturing or other long-term projects, those partially completed products that are still in the production process; products that have begun production as raw materials but not yet been completed as finished goods.

WORKMAN’S COMP.

A commonly used, but incorrect, term for WORKERS’ COMPENSATION INSURANCE.

WORKMEN’S COMP.

A commonly used, but incorrect, term for WORKERS’ COMPENSATION INSURANCE.

WORK SHEETS

Supporting papers used in the preparation of reports.

WORTH

Material value, especially when expressed in terms of money; the quantity or amount of something that can be exchanged for an amount of money; wealth; possessions; riches.

WRITE-DOWN

To reduce the value at which an asset is carried on the books to reflect a decline in value.

WRITE-OFF

To remove an asset from the accounting books, as an uncollectible debt. Also, a tax deduction.

W-2

See FORM W-2.

 

All definitions were taken from www.small-business-dictionary.org.