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In this video tutorial from Bullseye Money, viewers learn about quotes in business. A quote is a financial document used in the purchasing process, also known as a price quote, sales quote, or quotation. Suppliers generate quotes for potential customers, commonly seen with service providers like plumbers, electricians, and lawyers. A quote typically outlines a fixed price for goods or services that both parties can agree upon. If the customer accepts the quote, the price is locked in, meaning the supplier is now committed to delivering the agreed-upon goods or services at that price. This ensures clarity and agreement before the transaction proceeds.