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Mod 2 Vocab
| Term | Definition |
|---|---|
| amount of error | the postive difference between the estimate and the actual amount. |
| commision | a payment equal to a percent of the amount of goods or service that an employee sells for the company |
| discount | the amount by which the regualr price of an item is reduced |
| fee | a payement for a service it can be a fixed amount, a percent of the charge, or both. |
| gratuity | Also known as a tip. it is a small amount of money in return for a service. |
| intrest | The amount paid or earned for the use of the principal |
| mark down | An amount by which the regular price of an item is reduced |
| mark up | The amount the price of an item is increased above the price the store paid for the item |
| percent error | A ratio that compares the inaccuracy of an estimate (amount of error) to the actual amount |
| percent of change | A ratio that compares the change in a quantity to the orginal amount |
| percent of decrease | A negative percent of change |
| percent of increase | A positive percent |
| principal | The amount of money deposited or borrowed |
| sales tax | An additional amount of money charged on items that people buy |
| selling price | The amount the customer pays for an item. |
| simple interest | The amount paid or earned for the use of money. The formula for simple interest is l=prt |
| tip | Also known as a gratuity, it is a small amount of money in return for a service |
| wholesale cost | The amount the store pays for an item |
Created by:
user-1975170