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In this video from Bullseye Money, the concept of quotes in business is explained. A quote is a financial document that represents a fixed price for goods or services, often referred to as a price quote or sales quote. Created by suppliers, quotes are provided to potential customers, such as those seeking services from plumbers, electricians, or lawyers. Upon receiving a quote, if the customer agrees to the price, it is accepted, locking in the cost. This summary helps business owners understand how quotes function in the purchasing process and their importance in securing agreements with clients.