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In this video by Bullseye Money, the concept of quotes in business is explained. A quote, sometimes referred to as a price quote, sales quote, or quotation, is a financial document essential for the purchasing process. It is typically created by suppliers of goods or services for potential customers, exemplified by industries like plumbing, electrical work, landscaping, or legal services. The quote outlines a fixed price for the goods or services requested. If the customer agrees to the quoted price, it is accepted, thereby locking in the price for the supplier's delivery of the agreed goods or services. This process is crucial for effective financial planning in business transactions.