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University Business Services
UC Santa Cruz
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Santa Cruz, CA 95064-1077

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Glossary - Q & R

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

quantity discount - A discount in unit price determined by either purchase quantity or dollar amount.

quote - An unsealed competitive offer conveyed by telephone, telegram, fax, or in writing and under conditions different from those required for formal bidding. Also known as a "quotation."
 
reasonable price - A reasonable price does not exceed that which would be incurred by a prudent person in the conduct of a competitive business. Reasonable price can be established by competition, market test, price or cost analysis, or the experience and judgment of the buyer. Such judgment considers total value to the University. There is value to the University in purchases which meet the University’s needs, such as those involving service, quality, quantity, and delivery. A reasonable price need not be the lowest price available, but is one which offers the highest total value to the University.
 
rebate - A rebate (aka incentive payment) is the return of a part of the payment by the vendor or manufacturer to the purchaser. Rebates, which are usually in the form of cash or credits, are discouraged by University Policy.

recharge - A recharge is an interdepartmental charge administered by a department/unit's Business Office. Recharge forms are available from Bay Tree Bookstore. Departments may request SC-15 recharge forms from slugbuy@ucsc.edu.
 
reconcile - To compare the results obtained from using two different sources of data, e.g. comparing the balance obtained from a financial report generated by a departmental shadow system to the same balance that is obtained using data from the official campus financial information system, FIS.

refund - A refund is a repayment owed to the orginal payee when an overpayment to the University has been made.
 
reimbursement - A reimbursement is a payment made to an indiviual for personal funds expended in the amount of $500 or less per individual item when a purchase order is unavailable or not accepted by the vendor. Reimbursements are limited to non-inventorial tangible goods, as allowed within the scope of University policies.
 
request for information (RFI) - The document used in informal, uncompetitive solicitation of information, data, comments, or reactions from possible suppliers preceding the issuance of a Request for Proposals.
 
request for proposals (RFP) - The document used to solicit competitive proposals.
 
request for quotations (RFQ) - The document generally used for soliciting informal quotations. 
 
reserves - Money set aside in anticipation of paying awards, settlements, costs of litigation (attorney fees, expert witness fees, etc.).
 
responsibility - To be entrusted with or assigned a duty or charge. In many instances responsibility is assumed, appropriate with one's duties. Responsibility is distinct from accountability. A supervisor can assign responsibility but cannot give away his or her accountability: the manager is ultimately responsible.
 
responsible bid/quotation - A bid/quotation submitted by a bidder who has the capability in all respects to fully perform the contract requirements and whose integrity and reliability will assure good faith performance.
Factors considered in evaluating responsibility may include: financial resources, past performance, delivery capability, experience, organization, personnel, technical skills, operations controls, equipment, and facilities.

responsive bid/quotation - A bid/quotation which conforms in all material respects with the requirements set forth in the request for bids/quotations.
 
restricted goods and services - Goods that are considered to be moderate to high risk are restricted and must be purchased by a buyer in Purchasing. This includes equipment, materials, supplies and services whose purchase is restricted 1) for regulatory or legal reasons or 2) because of the significant risk involved in the delivery or use of the product.
Examples include controlled substances, such as narcotics and dangerous drugs; firearms and explosives; equipment leases and rentals; and personal and professional services.
 
return on investment (ROI) - A figure of merit used to help make capital investment decisions. ROI is calculated by considering the annual benefit divided by the investment amount.
 
review - To scan ledgers, or transactions to determine the accuracy, appropriateness and reasonableness of an expenditure, budgetary balance, encumbrance or other financial data. This process may include verifying the accuracy of the data to supporting documentation.
 
risk - The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Risk is measured in terms of likelihood (frequency) and consequences (severity).
 
risk analysis - A technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop.
 
risk management - The identification, measurement, and treatment of property, liability, and personal loss exposures; includes analysis of potential risk situations and insurance needs, as well as the amount of financial coverage needed to protect the University.

RMS - Recruitment Management System (part of HRT)
 
royalties - including copyright fees - A payment made, pursuant to copyright or patent laws, to an author or composer for each copy of his work sold or to an inventor for each article sold under a patent. The definition of royalty also includes payments of a percentage of sales revenue paid to the author or copyright owner by a licensed publisher or distributor.

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Last revised: May 16, 2008 (am)