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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 that suppliers create for potential customers as part of the purchasing process. It outlines a fixed price for goods or services that a customer intends to buy. When a customer agrees to the price, they accept the quote, thus locking in the price for the supplier. This ensures that both parties have a clear understanding of the costs involved before the transaction proceeds, making quotes an essential tool for business owners in managing client agreements.