What is Procurement? In business, procurement is the process of searching for, negotiating, and purchasing goods and/or services from suppliers. The procurement process frequently includes a formal bid to ensure the best possible price, quality, and terms. The process can also be referred to as buying or purchasing. Factors Considered in Procurement Purchasing decisions at…
What is Quid Pro Quo? In financial terms, a quid pro quo is a mutual agreement between parties that gives consideration to each member of the party in exchange for the goods or services which they have each benefited from receiving. It is similar to an exchange deal in which one company uses the services…
What is MM? In finance and accounting, MM (or lowercase “mm”) commonly denotes that the units of figures presented are in millions. The Roman numeral M denotes thousands. In this context, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000,” which equals 1,000,000 (one million). While Roman…
What is Belief Perseverance? Belief perseverance, also known as belief persistence, is the inability of people to change their own belief even upon receiving new information or facts that contradict or refute that belief. In other words, belief perseverance is the tendency of individuals to hold on to their beliefs even when they should not….
What is a Voyage Policy? According to the Indian Marine Insurance Act 1963, a voyage policy is a type of marine insurance policy that provides coverage for losses due to unforeseen risks to cargo during a specific voyage. It is also known as marine cargo insurance. How Voyage Policies Work Any insurance policy is designed…
What is Voluntary Conveyance? Voluntary conveyance is the intentional transfer of a title to a property from one individual to another through a deed. When such a transfer occurs without adequate consideration of the conveyor, the original owner who shall be making the transfer must be prepared to explain the transfer. The explanation must be…
What are Void Transactions? Void transactions are transactions that are canceled by a seller or trader before the transaction is settled through a customer’s card account. A void transaction cancels the initial transaction as if it did not take place and usually takes two to three business days to take effect. When a sale is voided,…
What is the Nixon Shock? The term Nixon Shock was popularized as a reference to the impact of a set of economic policies enacted by former U.S. President Richard Nixon. The New Economic Policy, announced by Nixon in 1971, market a systemic shift in domestic US economic and monetary policy. On a global level, the…
What are Non-Sufficient Funds? Non-sufficient funds, or insufficient funds, is a banking term used to indicate that the checking account does not have sufficient balance to cover a transaction or payment. Colloquially, NSF checks are also called “bounced” or “dishonored” checks. Suppose you have $500 in your account and attempt to make a…
