Warranty A promise to the buyer that the product sold is of good quality and that, if not, certain repairs and replacements will be made.

Wholesale business Selling for resale. Wholesalers distribute manufacturers’ products to retailers and to other distributors in different regions. Usually, they are not permitted to sell to the end user.

Winding up The legal procedures of closing down a limited company.

Word-of-mouth advertising The positive things that people tell their friends or associates about a product or a business. The most powerful type of promotion because it is accompanied by a credible testimonial. Best stimulated by high satisfaction.

Work environment All those factors that are part of the work place (e.g., noise, space, lighting, heat, safety, etc.).

Working capital The funds available for carrying on day-to-day operation of a business after an allowance is made for bills that have to be paid within the year. Working capital is the excess after deduction of the current liabilities from the current assets of a firm, and indicates a company’s ability to pay its short-term debts.

Write down To reduce the value of an asset, old inventory for instance, in the company’s books to reflect the real loss in value on the market.

Write-off The removal of a worthless asset from a company’s books.