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PCS Financial Math

Chapter 6 Vocabulary - Cash Purchases

TermDefinition
sales tax a tax charged by most states on the selling price of a good or service, usually expressed as a percent
sales receipt proof of purchase of a good or service from a store
total purchase price equal to the selling price plus the sales tax
unit pricing system that allows shoppers to compare the prices of various items quickly and easily
coupons discounts offered by businesses in the form of tickets that are redeemed at the time of purchase
rebates discounts offered by businesses in the form of money given back to the customer, usually through the mail
markdown the difference between the regular selling price of an item and its sale price, also called the amount of the discount
markdown rate the discount on an item expressed as a percent of its regular selling price, such as 20 percent off
sale price the regular selling price of an item minus the discount or markdown on the price
Created by: Ms.Sala