Wage and Salary Administration | The group of activities involved in the development, implementation and maintenance of a base pay system. |
Wager | A relationship between persons by which they agree that a certain sum of money or a thing owned by one of them will be paid or delivered to the other upon the happening of uncertain event. |
Wages | Compensation based on hours worked. |
Waiver | The intentional relinquishment or giving up of a known right. |
Warehouse Receipt | An instrument showing that the signer has in his possession certain described goods for storage. It obligates the signer (the warehouseman) to deliver the goods to a specified person or to his order or bearer upon the return of the instrument. |
Warehouseman | A person engaged in the purpose of storing goods for hire. |
Warehousing | Receiving, identifying and sorting goods. |
Warrant | 1. An order in writing in the name of the state signed by a magistrate, directed to an officer, commanding him to arrest a person; 2. To guarantee, to answer for, to assure that a state of facts exists; 3. A document that conveys the preemptive right to existing stockholders. |
Warranty | 1. An undertaking, ether expressed or implied, that a certain fact regarding the subject matter of a contract is presently true or will be true; 2. A document that states certain facts and conditions about a product’s operation and correct use and clarifies the limits of its performance under various circumstances. |
Warranty of Merchantability | A promise implied in the sale of goods by merchants that the goods are reasonably fit for the general purpose for which they are sold. |
Waste | Damage to the real property so that its value as security is impaired. |
Waterfall Diagram | A diagram showing how each successive stage of an information system project validates the conclusions from the previous stage. |
Wave | To wave at law is to relinquish or give up intentionally a known right or to do an act that is inconsistent with the claiming of a known right. |
What If Question | A question posed and answered (typically using a mathematical model) to understand the effect of different assumptions or different decisions. |
Wheeler-Lea Act | The law that gives the Federal Trade Commission the power to issue cease-and-desist orders against firms that make false or misleading advertising claims. |
Whole Life Insurance | Life insurance that remains in effect for the insurer’s entire life and pays on death. |
Wholesaler | A business that purchases goods from a manufacturer and sells to retailers. |
Wide Area Network (WAN) | A telecommunication network that links geographically separate locations. |
Windfall Profit | An unforeseen profit in excess of a normal profit. |
Winner’s Curse | The plight of the winning bidder for an asset of uncertain value who has overestimated the asset’s true value. |
Wire Fraud | The use of wire, radio or television to defraud. This statute is used in conjunction with mail fraud in federal fraud charges. |
Wire Transfer | The means of making payment to another party electronically verses a paper-based payment. |
With Recourse | Endorsement of a negotiable instrument on which the endorser remains responsible should the obligation not be paid. |
Without Recourse | A term used in endorsing a negotiable instrument excluding the endorser from responsibility should the obligation not be paid. |
Work in Process | The direct material costs, the direct labor costs and the factory overhead costs, that have entered into the manufacturing process but are associated with products that have not been finished. |
Work Teams | Groups of individuals that cooperate in completing a set of tasks. |
Workers’ Compensation | Provides benefits to a person injured on the job. |
Working Capital | Excess of current assets over current liabilities used to finance current business activities. |
Workout | An agreement between the debtor and creditors; a compromise to avoid bankruptcy. |
Workstation | A powerful single user computer that can be used for complex data analysis and design work. |
World Price | The price at which a good or service is traded internationally; it is determined by the world supply and demand for a product. |
WORM | Acronym for Write Once, Read Many. An optical storage device that permits storing data in particular locations but not changing data once stored by the user. |
Writ | An instrument in writing under seal in the name of the state, issued out of a court of justice at the commencement of or during a legal proceeding. |
Writ of Certiorari | A discretionary proceeding by which an appellate court may review the rulings of an inferior tribunal. |
Writ of Habeas Corpus | A court order to one holding custody of another, to produce that individual before the court for the purpose of determining whether such custody is proper. |
Write-Off | Transferring or eliminating an uncollectable account or other asset from the books to an expense or profit and loss account because that asset no longer has any value. |
Our Platinum Partners