Dictionary of Procurement Terms

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Search Results: 21-28 of 28 results for “Q”

  • Quasi-Judicial

    A term applied to the action, discretion, etc., of public administrative officers or bodies, who are required to investigate facts, or ascertain the existence of facts, hold hearings, and draw conclusions from them, as a basis for their official action, and to exercise discretion of a judicial nature. (Black’s Law Dictionary, Fifth Edition)

  • Quasi-Legislative

    A legislative-like act undertaken by an entity other than a legislature (e.g., rulemaking undertaken by an administrative agency). (Cornell U, 2016)

  • Quasi-Public Corporation

    Corporations owned and operated by federal, state, or local governments. A revenue authority or water authority are examples. (Business, 2002)

  • Quick Ratio (Acid Test)

    A stringent measure of liquidity that eliminates Inventory. A good tool to utilize when assessing the financial health of a business. (Business, 2002)

  • Quid Pro Quo

    A Latin phrase meaning, what for what or something for something. An equal exchange or substitution. Used to describe a negotiation technique where two or more parties agree to give something to receive something in return. (Harney, 1992)

  • Quota

    A limit on the quantity of a good that may be imported in a given time period. Example: Steel import quota. (Ferrell & Hirt, 2002)

  • Quotation

    A statement of price, terms of sale, and description of goods or services offered by a supplier to a prospective purchaser; may be non-binding if solicited to obtain market information for planning purposes.

  • Quote

    An informal purchasing process which solicits pricing information from several sources.
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