Glossary of Industry Terms

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Value

The relationship between the benefits associated with a product or service and the costs of obtaining the product or service. See also perceived value.

Value-added tax (VAT)

A type of tax system which adds a fixed percentage of taxation on products and services at each step of production or service delivery.

Value-based pricing

Pricing a product based on buyer perceptions of value rather than actual product costs.

Variable costs

Costs that change with sales or production levels.

Variance report

A summary of how much a company has gone above or below budget.

Visa

Stamp of approval recorded in a traveler’s passport to enter a country for a specific purpose.

Volume purchase

The purchase of large quantities of a product or service.

Voucher

Documents that are exchanged for goods and service to substantiate payment that will be or already has been made.

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