Q

QA

See QUALITY ASSURANCE.

QC

See QUALITY CONTROL.

QUALIFICATION

In lending, the process by which a lender reviews a prospective borrower’s credit and payment capacity prior to a decision on making a loan. In general, a characteristic of a person or business that determines the ability to perform a contract or task.

QUALITY

The goodness or badness of a result; the degree of excellence a thing possesses. Quality without an adjective most often means quality better than normal, as contrasted with normal quality.

QUALITY ASSURANCE

That function within a business that reviews the product or service after completion for a determination of the degree of excellence that was accomplished. Follow-up for improvement of deficiencies and correction of the system that produced the errors should produce better quality products in the future.

QUALITY CONTROL

The process of assuring that products or services are made to consistently high standards. Inspection of goods at points in the manufacturing process to measure and report the excellence of manufacture in accordance with the specifications.

QUALITY OF RECEIVABLES

An approximation of those accounts (amounts due for sales made on credit) that can be collected and those that cannot be collected.

QUALITY SUPPORT

Those people in a company with the job of measuring and reporting the degree of excellence of products or services.

QUARTERLY

Occurring once each quarter or three-month period; four times each year.

QUARTERLY REPORT

A document prepared after each three-month period.

QUICK ASSET RATIO

See QUICK RATIO.

QUICK ASSETS

Cash and cash equivalents; things of value that can be sold for cash within one year, not necessarily all CURRENT ASSETS.

QUICK RATIO

Cash, liquid cash equivalents and accounts receivable (CURRENT ASSETS less INVENTORY) divided by CURRENT LIABILITIES (immediate debts due); a measure of the liquidity of a business. It helps to answer the question, “If sales stopped, could the business meet current obligations with assets that are readily convertible into cash to pay the obligations?” A quick ratio of 1:1 or better is usually satisfactory. Also called ACID TEST RATIO; CURRENT RATIO.

QUORUM

The minimum legal number of people required to be in attendance before a meeting can officially take place or business can be transacted.

QUOTA

Quantity restrictions placed on business transactions, usually by a government body, often on import of foreign goods. Also, the number of minorities that must be hired to secure a government contract.

QUOTATION

See QUOTE.

QUOTE

To specify a price for which a company will perform a given amount of work. See also BID; PROPOSAL.

 

All definitions were taken from www.small-business-dictionary.org.