Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 91-100 of 121 results for “B”

  • Budget Message

    A communication normally written by the chief executive that accompanies the financial estimate. Its purpose is to explain: (1) The main points of the financial plan; (2) The assumptions under which it was assembled; and (3) The major policy recommendations.

  • Budget Statutes

    Prohibit a governmental entity from spending funds beyond those that the legislative body appropriates for it.They are the impetus for encumbrance accounting that requires a purchase requisition or other form to be used which certifies that the entity has the funds.

  • Budget Surplus

    An excess of government revenues over government expenditures in a given time period. (Schiller, 2000)

  • Bulk Purchasing

    To purchase in volume with the expectation of reducing the unit price of an item. To aggregate quantities of material in hope of achieving deeper discounts and better pricing.

    See Also: Bundling

  • Bull Market

    A market in which average stock prices are increasing or advancing. Market indicators for a bull market trend upward. (Business, 2002)

    See Also: Bear Market

  • Bundling

    The practice of pooling or grouping smaller purchases to leverage purchasing power, thus obtaining the benefits of economies of scale or a reduction in administrative expenses. (NASPO, 2001)

    See Also: Bulk Purchasing

  • Burden


    See Also: Indirect Costs

  • Bureau of Economic Analysis

    A federal agency of the U.S. Department of Commerce that calculates and reports the gross domestic product (GDP). The Commerce Department also calculates personal income, corporate profits, and the current account balance.

  • Bureau of Labor Statistics

    A federal agency of the U.S. Labor Department that tracks all aspects of the labor market such as employment projections, unemployment numbers, employee compensation reports, and a host of other labor related information.

  • Business

    Any corporation, partnership, individual, sole proprietorship, joint stock company, joint venture, or any other private legal entity.

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