Validity

This is to determining how reliable is, it is therefore always advisable to compare the findings of any primary research with any finds from secondary research.  We can assume that if the result is the same that the data is valid.

Value Added

The is the difference in price that customers pay between the cost of the raw materials and other inputs and the cost of the finished product.

Value Added Tax (VAT)

This is a government tax added on to the price of goods and services, it currently stands at 17.5%.

Variable costs

Costs which change according to the amount of goods sold. e.g. raw materials.

Variance

This is the amount that an actual figure differs from one that has been budgeted.

Venture Capital

This is risk capital, usually provided to a small or medium sized company in the form of a loan.  The venture capitalist will require significant return on this investment.

Verbal Warning

The first stage in the process by which an employee can legally be dismissed from their place of employment.

Video conferencing

Where meetings can take place via the Internet using computers, video cameras and sound cards.

Voluntary Organisation

This is a non-profit making organisation such as a charity or a youth group.