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7.4

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TermDefinition
Percent a special ratio that means “per hundred” or percent/100. % is the symbol for percent. Percents can be written as decimals or fractions.
Commission A fee paid for services, usually a percentage of cost. Fields that often work on commission include real estate agents and sales of large items (car, furniture, electronics, art, etc.).
Discount A price reduction. Sometimes given as a dollar amount OR in percent, such as a 10% discount. When given a percent you need to do a calculation to find the price reduction. Subtracted from the original price.
Tax Money the government collects based on income, sales, and other activities. Sales tax is given in a percent, so you need to do a calculation to find the amount of tax paid. Added to the original price.
Tip Money given to someone who provides a service. It is based on a percent of money spent, so you need to do a calculation to find the amount of a tip. Added to the original price.
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