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Vocabulary for Percent Problems Unit Grade 7

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Term
Definition
Annual Percentage Rate   The percentage of the principal that you either pay or earn per year.  
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Discount   An amount of money (calculated as a percent of a price) that gets subtracted from the original price.  
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Markup   An amount of money (calculated as a percent of a wholesale price) that gets added to the original price.  
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Percent   A ratio that compares a number to 100.  
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Percent of Change   A percent that describes the amount of change made from one quantity to another.  
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Percent of Decrease   A percent of change that occurs when the new amount is less than to original amount.  
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Percent of Increase   A percent of change that occurs when the new amount is greater than the original amount.  
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Principal   An amount of money that is either deposited or borrowed.  
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Retail Price   The price that a store puts on a product to sell.  
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Simple Interest   An amount of money (calculated as a percent of a principal over a specific amount of time) that is paid to someone for the use of money.  
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Tax   An amount of money (calculated as a percent of a final price) that gets added to the purchase and goes to the government.  
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Tip   A percent of a purchase that is paid to someone who provides a specific service; like waiters, waitresses, or taxi drivers.  
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Wholesale Price   The price a store pays to a manufacturer in order to get products on the shelves.  
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