Dictionary of Procurement Terms

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Search Results: 121-127 of 127 results for “F”

  • Full-Time Equivalent Position (FTE)

    The baseline is a full-time position. All part-time positions are converted to the decimal equivalent of a full-time position based on 2,080 hours per year.

  • Functional Description

    Functional descriptions are commonly used for technology-related commodities, and focus on observations or experiences during system usage (e.g., the program, computer peripherals, or other computers).

  • Functions of Money

    The roles played by money in an economy. These roles include the medium of exchange, standard of value, and the store of value. (Schiller, 2000)

  • Funds (Budgetary/Governmental)

    An independent legal fiscal entity with assets, liabilities, reserves, a residual balance, or equity, and revenues and expenditures for undertaking activities. Funds may be expendable, meaning the authorization for spending expires at the end of the fiscal period; or non-expendable or revolving, meaning that spending beyond the fiscal year is allowed without reauthorization. Governmental funds generally finance the activities most citizens associate with general-purpose governments, e.g., police, fire, public works, and procurement. Governmental funds may be subdivided into four categories: General Fund, Special Revenue Funds, Capital Project Funds, Debt Service Funds.

  • Furniture, Fixtures and Equipment (FFE)

    A supply management term that refers to commodity designations often procured by a buying team that specializes in this area. Relates to new construction and the commodities needed to furnish the structure. (ISM, 2000)

  • Future Option

    A contract entered into to buy or sell a currency, security, or commodity at a fixed price for delivery sometime in the future at a date to be determined. (Business, 2002)

  • Futures

    Contracts for immediate purchase or sale of something to be delivered at a definite time in the future at a specified price. Used as a hedging device against market price fluctuations or unforeseen supply shortages.

    See Also: Spot Price, Forward (Supply) Contract