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| Icelandic | English |
| fullbúin vara | finished good (An item assembled for sale using a bill of materials) |
| fullunnin vara | output product (The physical products that result from an activity) |
| kostnaður seldra vara | cost of goods sold (An accounting category used to sum the financial consequences of manufacturing products and carrying inventory) |
| kostnaður seldra vara | COGS (An accounting category used to sum the financial consequences of manufacturing products and carrying inventory) |
| samsett vara | kit item (A single item with an item number that consists of one or more component items from inventory or a product catalog) |
| skattskyld vara | taxable product (A product that is subject to taxation) |
| vara rennur út | item expiration (The date after which an item is no longer usable) |
| viðurkennd vara | qualifying product (During software upgrades, the product that is already installed on the machine, i.e. the version to be upgraded) |