Here is a helpful glossary of quote-to-cash acronyms you will hear in the Salesforce Ecosystem.

ACVAnnual Contract ValueThe annual revenue generated from each customer contract, each year.
ARRAnnual Recurring RevenueThe annual revenue generated from all customer contracts (ie. the company-level revenue), a metric used by subscription-based businesses (such as those offering SaaS – software as a service).
CLMContract Lifecycle ManagementCLM tools manage the complexities of the contract lifecycle: the creation of the contract itself, which can range from a simple, single-page agreement to a massive list of specifications and amendments. Then you have the negotiation process and the approval process. And finally, you must manage the post-approval period, which generally consists of administering the contract, enforcing terms, and data reporting (source).
CPQConfigure Price QuoteCPQ tools enable sales teams to quickly and accurately generate quotes. Salesforce CPQ is an add-on product that sits on top of Sales Cloud.  There are multiple CPQ tools that can be integrated with Salesforce.
MDQMulti-Dimensional QuotingCommonly used for quoting with multiple years/terms/segments where you may have a ramp-up in price over the course of the segments and/or a ramp-up in the quantity of the product being sold.
SKUStock Keeping Unit“A unique number assigned by a retailer to items in their inventory” (source).  A SKU in the computer system ties directly to a physical product through a bar code.
TCVTotal Contract ValueThe total revenue generated from each customer contract, for all years. For example, a 3-year contract with $1 mil ACV will be $3 mil in TCV.
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