Dictionary of Procurement Terms

Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 41-50 of 115 results for “F”
  • Financial Audit

    An audit conducted to determine whether all funds are properly accounted for to verify the accuracy of financial statements and the facts they represent, and to ensure that financial transactions are recorded and shown accurately in all accounts.
  • Financial Interest

    1. The ownership of any interest in or involvement in a relationship that may result in a person receiving a sum of money or something of value. 2. To hold any management position in a business or any management position.
  • Financial Lease

    A form of purchase financing, usually long-term, in which a leasing company (lessor) purchases an asset on behalf of the customer (lessee) in return for a series of payments that are contractually agreed upon and usually include interest. See also: Operating Lease.
  • Financial Ratio

    A number that demonstrates the relationship between two elements of a firm’s financial statement.
  • Finished Good

    A good that has been manufactured or assembled and is ready for sale or distribution.
  • Firewall

    Security hardware or software for computers that provides a barrier between an entity’s internal (trusted) network and external (untrusted) network data. Firewalls provide a level of protection for the trusted network from malicious data (e.g., viruses, worms, spam) and unauthorized access. Most firewalls adopt a positive control model, in which the firewall monitors all incoming and outgoing network data based on rules, collectively referred to as “policy.” Network data that does not meet those rules is denied access to or is unable to be forwarded from the trusted network.
  • Firm

    A partnership or business unit of two or more persons not recognized as a corporation.
  • Firm Bid

    A bid that binds a bidder until a specified time of expiration.
  • Firm Fixed Price (FFP) Contract

    A contract that provides for a price that cannot change during the contract period.
  • First Article Testing




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