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In this video from Bullseye Money, the concept of quotes in business is explained. A quote, also known as a price quote or sales quote, is a financial document issued by suppliers to potential customers, outlining the fixed price for goods or services. Quotes are commonly encountered with service providers such as plumbers, electricians, landscapers, or lawyers. Once a customer agrees to the quoted price, it is locked in, ensuring that the supplier must provide the agreed-upon goods or services at that price. The video emphasizes the importance of understanding how to create and manage quotes within the purchasing process for business success.