Tourism terms starting with V

11 terms

  1. Value In determining the monetary equivalent for assets and gifts, value is a good faith estimate of the fair market value if the exact value is neither known…
  2. Value season See off-season.
  3. Value-added tax (VAT) A type of tax system which adds a fixed percentage of taxation on products and services at each step of production or service delivery.
  4. Value-based pricing Pricing a product based on buyer perceptions of value rather than actual product costs.
  5. Variable costs Input costs that change as the nature of the production activity of its circumstances change; for example, as production levels vary.
  6. Variance report A summary of how much a company has gone above or below budget.
  7. Visa An official endorsement on a document or passport denoting that the bearer may proceed.
  8. Volume incentive See override.
  9. Volume purchase The purchase of large quantities of a product or service.
  10. Voluntary initiatives Initiatives within the tourism industry are not legally required or binding.
  11. Voucher Documents that are exchanged for goods and service to substantiate payment that will be or already has been made.