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Variable Cost
A business expense such as raw
materials, utilities, or payment to hourly
employees that changes in proportion to the
level of output.
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Variable-Margin Pricing
A pricing strategy in
which a supplier is willing to sell a good or
service to a buyer at a lower profit margin or
even at a loss in the hope that the buyer will
purchase other goods or services at a higher
profit margin for the seller.
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Variety Reduction
The minimization and control
of new materials, parts, equipment,
procedures, and methods used to produce a
good or service through standardization,
simplification, and specialization.
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VAT
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VE
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Vendor
A seller of goods or services whereby the
exchange is solely transactional. “Supplier” is
the preferred term when a longer-term or
strategic relationship is involved. See also:
Supplier.
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Vendor Complaint Form
A form completed by the
using agency to document unacceptable
vendor performance.
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Vendor File
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Vendor’s Lien
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Verbal Contract
An agreement that is oral and
not in writing. Usually enforceable if under
$500.