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TermDefinition
amount of error the direct difference between an observed value and the true or accepted value
commission a payment, a group of people, or an order to create something
discount a deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers
fee a payment made to a professional person or to a professional or public body in exchange for advice or services
gratuity a tip that is giving to someone
interest payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate
markdown a reduction in price.
markup the amount added to the cost price of goods to cover overhead and profit.
percent error measures how far an estimated value is from the true value, expressed as a percentage
percent of change a calculation that shows how much a value has increased or decreased, expressed as a percentage of the original value
percent of decrease subtract the new value from the original value to find the difference, then divide that difference by the original value and multiply by 100
percent of increase subtract the original value from the new value, divide the result by the original value, and then multiply by 100
principal first in order of importance; main.
sales tax a tax on sales or on the receipts from sales.
selling price the amount a customer pays for a product or service. It is calculated by adding the cost to the profit margin
simple interest a method of calculating interest on the principal amount of a loan or investment, without considering the effects of compounding
tip an extra amount of money given to a service worker, like a waiter or delivery driver, as a gesture of gratitude for their service in addition to the cost of the goods or services
wholesale cost the price a seller charges for goods purchased in bulk by another business, such as a retailer, for resale
Created by: user-1975238
 



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