Dictionary of Procurement Terms

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  • Bribery

    The crime of offering, giving, receiving, or soliciting anything of value to influence action of an official or in the discharge of a public duty. (Garner, 2004)

  • Broker

    An intermediary entity that specializes in a particular commodity, represents either a buyer or a seller, and is likely to be hired on a temporary basis.

  • Budget

    A financial statement that projects income and/or expenditures over a specified period. Governmental budgets generally are classified as operating budgets or capital budgets.

  • Budget Deficit

    Amount by which government spending exceeds government revenue in a given time period. (Schiller, 2000)

  • 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