Small Business Glossary: W

wage: The amount paid by the hour to hourly employees.

wage freeze: A device employed by governments and businesses to hold employee wages at current levels for a specific period, usually as an attempt to overcome negative economic circumstances.

warranty: An assurance from the seller of a product or provider of a service specifying the quality and performance the buyer can expect from the purchase; clearly outlines the conditions under which the product can be returned, replaced, or repaired.

watermark: A translucent mark in paper, produced by pressing a projecting design during manufacture.

Web host: A company that makes its servers available to provide the systems and services required for clients to present their own Web sites on the World Wide Web. Such firms generally provide consultation, computer servers, hard disk space, maintenance support, security, credit card processing, and high-speed connectivity to the Web.

Web page: An electronic document with its own URL address that’s posted on the World Wide Web and is accessible via a Web browser to computers and mobile devices connected to the Internet. A Web page may feature text, graphics, data files, audio, video, and links to other Web sites.

Web site: A Web page or collection of Web pages generally under the control of a single individual, company, organization, or publisher and reached on the World Wide Web using a URL. The home page is the site’s first page.

Web site link: Text on a Web site traditionally underlined and presented in a contrasting color. When clicked by a mouse, a link takes the user to a different section of the page, a different page within the site, or a different site altogether.

Web site navigation: The processes and choices allowing a user to move easily from one Web page to another within the same site through the use of menus, submenus, icons, graphics, page design, type selection, and hyperlinks that can be clicked to access new site areas.

Webcast: A video or audio program that uses streaming media technology to broadcast business briefings, seminars, or events over the World Wide Web to a widely dispersed audience who can sometimes participate interactively in a two-way exchange of information.

Webinar: An interactive conference, workshop, or seminar transmitted live or on-demand to attendees who remain at their respective home or office computers and are connected via the Internet to the speaker or panel.

weight: A measure of the relative importance of a factor when compared to other factors.

wholesale price: The price of goods sold by a wholesaler who usually purchases the goods directly from a producer and who, in turn, sells to a retailer who adds a price mark-up to arrive at the retail price, which is the price consumers pay for goods in a retail store.

Wholesale Price Index (WPI): An economic measure of changes in wholesale prices based on an index of more than 2,400 commodities monitored on a monthly basis to provide a composite picture of whether pricing on critical goods is rising or falling; used in many countries as a measure of inflation, but now replaced in the U.S. and other countries by the Producer Price Index (PPI).

wholesaler: A business opportunity in which you buy products directly from manufacturers, mark up the price, and sell them to retailers.

wordmark: A type of logo that features the name of the business in a unique type presentation.

word-of-mouth advertising: Person-to-person communication through which individuals freely share the experiences, good or bad, they had with a business, product, or service. Originally, word of mouth was generated primarily by verbal exchanges, but it increasingly takes place online through blog posts and social media-enabled commentary.

work for hire; work made for hire: A legal designation stipulating that a work created by an employee or commissioned by a third party is owned, controlled, and copyrighted by the hiring party and not by the person who created or helped create the work.

work in progress (WIP): Uncompleted work for which a business has incurred costs but not yet invoiced to a customer, usually recorded as an asset on the balance sheet.

worker’s compensation law: State and federal laws designed to ensure predetermined financial awards for employees injured or disabled on the job or dependents of workers killed due to work-related accidents or illnesses, eliminating the need for litigation against the employer in order to collect damages.

workflow: A process or series of tasks designed to produce a product or outcome involving participation by more than one person. Workflow studies may be used for scheduling purposes, resource management, quality control enhancement, or efficiency gains.

working capital: Cash available for day-to-day operations. Calculated by subtracting current liabilities from current assets.

World Wide Web: Abbreviated as WWW and commonly known as the Web, a searchable global collection of Internet sites that usually use hypertext markup language (HTML) and browsing software to allow users to enter through a linked server to access and jump between documents called Web pages.

write down; write off: To reduce the book value of an asset, usually because of depreciation of a decline in market value.

wrongful termination; wrongful dismissal: Discharging an employee for an unlawful reason, in violation of the employee’s employment contract, or in a manner that fails to follow the employer’s termination procedures.

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