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Working-Age Population: Definition, Importance, and Example What is the working-age population? The working-age population is the count of people within a predetermined age range who are considered able and likely to work. Common ranges used by researchers and governments are 15–64 or 18–64, though specific boundaries vary by country and legal framework. This measure estimates…

Workflow: What it is and how it works What is workflow? A workflow is the sequence of steps a piece of work follows from initiation to completion, governed by rules that determine how tasks are executed and handed off. Workflows can be: * Sequential — each step depends on the previous step’s completion. * Parallel…

Workers’ Compensation Coverage B (Employers’ Liability) What it is Workers’ Compensation Coverage B—commonly called employers’ liability—is the portion of a workers’ compensation program that responds to additional damages when an injured employee sues the employer (for example, alleging employer negligence). Part A of a workers’ compensation policy satisfies state statutory requirements; Part B provides supplemental…

Workers’ Compensation Coverage A Workers’ Compensation Coverage A is the core employer insurance that satisfies state workers’ compensation laws. It provides medical care, wage replacement, disability benefits, rehabilitation, and death benefits for employees who are injured, become ill, or are killed on the job. Benefits are generally paid on a no‑fault basis—without regard to employer…

Workers’ Compensation Workers’ compensation is a state-mandated insurance system that provides benefits to employees who are injured or become ill because of their job. It typically covers medical care, partial wage replacement, disability and rehabilitation services, retraining, and death benefits for dependents. In exchange for these guaranteed benefits, employees generally give up the right to…

Workable Indication A workable indication is a non‑binding price quote, usually expressed as a range, that a dealer or broker provides when buying or selling a specific bond—most commonly in the municipal (muni) bond market. It serves as an estimate or starting point for negotiation rather than a firm commitment. Key takeaways A workable indication…

Work Ticket A work ticket is a record that documents the time an employee spends performing a specific job or task. It serves as the basis for billing customers for direct labor and for calculating wages for hourly employees. Work tickets can be paper forms or digital records and are often used interchangeably with timesheets…

Work Cells A work cell is a deliberate arrangement of people, machines, and tools organized to complete a specific set of tasks or produce a specific product. Rooted in lean manufacturing principles, work cells aim to streamline process flow, reduce waste, lower costs, and improve quality and responsiveness. Key takeaways Work cells group resources to…

WordPress (CMS) WordPress is an open-source content management system (CMS) used to create and manage websites, blogs, and e-commerce stores. Launched in 2003, it has grown into a dominant web platform—powering roughly one-third of websites—and a large developer ecosystem that has produced tens of thousands of plugins and themes. Key takeaways WordPress is a flexible,…

Word-of-Mouth Marketing Word-of-mouth (WOM) marketing is a promotional strategy in which customers share their experiences with a company’s products or services with other people. When those conversations are positive and widespread, they act as highly trusted and cost-effective promotion. Why WOM Matters Consumers trust personal recommendations: a 2021 Nielsen study found 88% of people trust…

Wolfe Wave: Definition, Pattern Examples, Trading Strategies What is a Wolfe Wave? A Wolfe Wave is a five-wave price pattern used in technical analysis to identify a natural equilibrium price and potential breakout targets. When correctly identified, the pattern provides a setup for entering a trade at the start of the fifth wave and targeting…

WM/Reuters Benchmark Rates What they are WM/Reuters benchmark rates are standardized spot and forward foreign-exchange rates used for portfolio valuation and performance measurement. The service—originally launched as the WM/Reuters Closing Spot Rate in 1994—provides intraday and closing FX rates so valuations across portfolios and indices can be compared consistently without adjusting for currency differences. Who…

What Is “Without Recourse”? “Without recourse” (also called non‑recourse) is a contract term that releases the seller, endorser, or transferor from liability if the primary payer or obligor fails to pay. The buyer or assignee assumes the loss risk instead. Common contexts include promissory notes, loan sales, check endorsements, real estate loans, and certain securities…

Without Evidence of Insurability: What It Means and How It Works Without evidence of insurability (also called without evidence of good health) means an insurer issues or increases insurance coverage without requiring medical exams, health questionnaires, or other proof that the applicant qualifies. This provision commonly appears in group employee plans, certain low‑limit individual policies,…

Withholding Tax: What It Is, Types, and How It’s Calculated Key takeaways Withholding tax is the portion of an employee’s wages an employer deducts and sends directly to the government as a prepayment of income tax. Withheld amounts are reported on Form W-2 and credited against the employee’s annual tax liability; excess withholding yields a…

Withholding Allowance: What It Is and How It Works Overview A withholding allowance was an exemption used to reduce the amount an employer withheld from an employee’s paycheck for federal income tax. It was tied to the personal exemption that existed before 2018. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated personal exemptions…

Withholding: Definition, How It Works, and Key Rules Overview Withholding is the portion of an employee’s pay that an employer deducts and remits directly to tax authorities on the employee’s behalf. It covers federal income tax and payroll taxes (Social Security and Medicare), and often state and local income taxes where applicable. Withholding is an…

Withdrawal Plan: Meaning, Advantages, Disadvantages Key takeaways A withdrawal plan (or systematic withdrawal plan) specifies periodic cash withdrawals from an investment account, commonly used to fund retirement. It can be structured with a mutual fund or implemented by liquidating portions of a broader portfolio on a schedule. Benefits include a steady income stream, continued exposure…

Withdrawal Penalty What it is A withdrawal penalty is a fee or tax charged when you take money out of an account before allowed or expected. Common examples include early withdrawals from time deposits (like certificates of deposit, CDs), retirement accounts (IRAs, 401(k)s), and deferred annuities. How it works Penalties vary by account type and…

Withdrawal Credits: Pension Plans Overview A withdrawal credit in a pension plan is the portion of an employee’s retirement assets that they are entitled to take when leaving a job. It typically includes the employee’s own contributions and, depending on vesting rules, a share of the employer’s contributions. How withdrawal credits work Pension assets are…

Withdrawal Benefits: What They Are and How They Work Withdrawal benefits are the rights employees have to claim the funds that have accumulated in employer-sponsored retirement plans (such as 401(k)s or pensions) when they leave an employer. The amount an employee can withdraw depends on plan type, years of service, salary, and whether the employee…

Withdrawal: Definition, How It Works, and Rules What is a withdrawal? A withdrawal is the removal of money or assets from a financial account — for example, a checking or savings account, pension, trust, certificate of deposit (CD), or retirement account. Some accounts allow unrestricted withdrawals; others impose timing rules or penalties for early withdrawals….

Discretionary Orders: Meaning, Examples, and Discretionary Investment Management Key takeaways A discretionary order (also called a “not-held” order) gives a broker limited latitude to execute an order — for example, to adjust timing or price within pre‑set bounds. Discretion commonly attaches to conditional orders (limit, stop‑loss) via a small discretionary amount (often quoted in cents)….

With Benefit of Survivorship: What It Is and How It Works “With benefit of survivorship” is a legal arrangement that lets a deceased co-owner’s share of property pass immediately to the surviving co-owner(s), avoiding probate. It most commonly appears in joint tenancy arrangements where ownership automatically vests in the survivor(s) when one owner dies. How…

With Approved Credit (WAC): What It Means and How It Works A “With Approved Credit” (WAC) statement is a common qualifier in advertisements for financing. It signals that the promotional price or terms shown—such as low or deferred interest, minimal down payment, or special lease offers—are conditional on the buyer successfully obtaining credit approval from…

Witching Hour: What it Means and How It Works The “witching hour” in financial markets refers to the final hour of trading on the day when derivatives expire—most commonly the last hour before options or futures contracts expire. This period often sees heavier trading volumes and heightened volatility as market participants close, roll, or adjust…

Wisdom of Crowds Wisdom of crowds is the idea that large groups of people can make better decisions, solve problems, and forecast outcomes more accurately than individual experts—provided certain conditions are met. The collective average of diverse, independent judgments often cancels out individual errors and biases, producing a more accurate or robust result. Core idea…

Wisconsin School of Business Overview The Wisconsin School of Business (WSB) is the business school of the University of Wisconsin–Madison, founded in 1900. It emphasizes applied learning, integrating real-world business problems into coursework across undergraduate and graduate programs. The MBA program is consistently ranked among the top business schools in the United States. Programs and…

Wirehouse Broker Key takeaways “Wirehouse” is an older term for a large, full-service brokerage firm whose branches were once linked by telegraph and telephone lines. Wirehouse brokers provide research, investment advice, proprietary products, and trade execution as employees of these large firms. Today there are four firms commonly described as wirehouses: Morgan Stanley, Merrill Lynch…

What Is a Wirehouse? Role, Impact, and Evolution in Modern Finance A wirehouse is a full-service broker-dealer that provides a broad range of financial services—investment banking, trading, research, and wealth management—under one roof. The name originates from a time when firms connected their branches by dedicated telegraph and telephone wires to share market information. Although…

What Is a Wire Transfer? A wire transfer is an electronic method for moving funds between banks or transfer agencies. It enables fast, secure transfers—domestic or international—without exchanging physical cash. Wire systems include bank-run networks (e.g., Fedwire, SWIFT) and non-bank services (e.g., Western Union). Key takeaways Wire transfers move funds quickly and securely between financial…

Wire Room: What It Is and How It Works A wire room is a department within a financial institution that processes client fund transfers and executes order requests received from brokers or other registered representatives. Traditionally staffed by teams who routed trade orders to traders and relayed confirmations back to brokers, wire room functions are…

Wire Fraud Key takeaways * Wire fraud is a federal crime that uses electronic communications (phone, email, messaging, internet) to carry out schemes to defraud. * Core elements: a scheme to defraud, intent to defraud, foreseeable and actual use of interstate wire communications. * Penalties are severe — decades in prison and substantial fines; harsher…

Winsorized Mean What it is The winsorized mean is a robust measure of central tendency that reduces the influence of extreme values by replacing the smallest and largest observations with the nearest non-extreme values, then computing the arithmetic mean of the modified dataset. How it works (formula) Let N be the sample size and k…

Winner’s Curse Definition The winner’s curse describes a situation in auctions or competitive bidding where the highest bidder wins but pays more than the item’s intrinsic or common value. This overpayment usually stems from incomplete information, overly optimistic estimates, or emotional and strategic errors among bidders. How it works Many auctions involve some element of…